LIC Bima Bachat Plan is a Money Back Plan with a single premium and regular benefits to meet growing needs. It is a participative non-linked plan offering savings and protection.
Key Features of LIC Bima Bachat Policy:
LIC Bima Bachat Policy is a single premium plan
3 policy tenures of 9, 12 and 15 years
Minimum age of entry is 15 years while the maximum is 66 years
The policy matures at 75 years of age
The minimum Sum Assured is Rs. 20,000
LIC Bima Bachat Plan Benefits are:
Survival Benefit of 15% of Sum Assured is paid every 3 years of the policy term under LIC Bima Bachat Plan as depicted in the table below: Assured is paid every 3 years of the policy term under LIC Bima Bachat Plan as depicted in the table below:
Policy Term (Years)
Payable at (Years)
Total % of Sum Assured
3 and 6
3,6 and 9
3,6,9 and 12
Maturity benefits equivalent to the entire single premium amount and loyalty additions is paid in case the policyholder survives the policy tenure. The LIC Bima Bachat policy participates in the Company’s profits and declares loyalty addition after the policy has completed 5 years, payable at maturity.
The death benefit of total sum assured along with the accrued bonus is paid to the beneficiary in the unfortunate event of the death of the policyholder after completion of five policy years. In case of death within five years of the policy term, the sum assured is paid to the nominee.
The guaranteed Surrender value of 70% of the premium is paid if surrendered within the first year. Second year onwards, surrender benefit of 90% of single premium excluding any extras can be availed.
Promising Rebates are offered on high Sum Assured amounts