This is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.
Death Benefits:
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.
Survival benefits:
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid along with Loyalty addition if any will be paid back.
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid along with Loyalty addition if any will be paid back.
Survival benefit /Maturity Benefit for 1 lakh S.A. Proposer’s Age is 30 Years
Policy Term | Survival Benefit at the end of Policy Year | Total Survival Benefit | Single Premium paid is returned back | Total Amount | |||||
3rdYear | 6thYear | 9thYear | 12thYear | ||||||
9 Yrs | 15000 | 15000 | - | - | 30000 | + | 66816 | = | 96816 + L.A. If any |
12 Yrs | 15000 | 15000 | 15000 | - | 45000 | + | 71922 | = | 116922+ L.A. If any |
15 Yrs | 15000 | 15000 | 15000 | 15000 | 60000 | + | 74967 | = | 134967+ L.A. If any |
Eligibility Conditions and Restrictions:
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available
Surrender Values
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.
Cooling off period
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
Illustration
Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. Apart from this, On Maturity, he will receive Rs 1,48,322 being the single Premium paid by him. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any.
If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.
How to Apply for LIC Of India’s Bima Bachat?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
refer About Me section on this page at the top right
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