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New Bima Bachat |
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LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
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Death Benefit :
On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.
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Maturity Benefit :
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
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Eligibility conditions and other restrictions: |
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| Minimum entry age |
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15 years (completed) |
| Maximum entry age |
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66 years (nearest birthday) for term 9 years
63 years (nearest birthday) for term 12 years
60 years (nearest birthday) for term 15 years
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| Maximum maturity age |
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75 years (nearest birthday) |
| Minimum policy term |
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9, 12 or 15 years. |
| Minimum Sum Assured |
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Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years
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| Maximum Sum assured |
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No limit |
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