Whether it is term insurance or savings plans, LIC has an insurance solution for every customer. Founded in the year , LIC has been serving individuals for more than 60 years. During its course of operation, the company has issued various attractive insurance plans which help individuals in meeting their financial requirements. Bima Bachat is one such policy offered by LIC which helps individuals create a corpus for their financial needs. The plan provides money back benefits at specified intervals thereby giving the policyholder liquidity to meet his financial needs.
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The New Bima Bachat Policy is a great option for anyone who is looking for the dual benefits of savings as well as protection from a plan. This plan offers financial protection to the nominees in case of death of the policyholder. Additionally, it also provides money-back or survival benefits at particular intervals during the policy tenure.
One-time premium: Policyholder needs to pay the premium as a lump sum at the beginning of the policy term. Premium cashback: On completion of the policy term, the one-time premium is returned back to the policy holder along with the applicable loyalty bonus. Liquidity: The New Bima Bachat plan offers liquidity to the policyholders in the form of a loan facility.
This clause becomes applicable once the policy is at least one-year old. The loan facility is subject to production of relevant documents and title by the policy holder. Rebates for higher sum assured: Policy holders who opt for higher sum assured are offered rebates by the Corporation. The rebate rates are as follows:. There are four types of benefits which are paid to LIC New Bima Bachat policy holders at various stages of the policy term.
These are:. Death Benefit: This benefit becomes payable to the nominee s in the event of death of the insured. In case the death takes place within the first five years of the policy term, then an amount equal to the sum assured is given to the recipients. Post completion of the five-year period, then in addition to the sum assured, the applicable loyalty bonus is also paid to the nominees of the policy holder.
Survival Benefit: These benefits become payable at specified intervals to the policy holder. Maturity Benefit: The maturity benefit becomes payable when the insured life survives the duration of the policy term.
An amount equivalent to the premium paid one-time lump sum along with the applicable loyalty addition is paid to the life assured. This payment is done after taking into account the applicable taxes and any extra premium paid by the policy holder. Loyalty Benefit: The loyalty additions are paid at the discretion of the Corporation.
Based on the profits of the Corporation, it declares loyalty additions for policyholders. To be eligible for this, the policy should have completed minimum five years. It is paid either on maturity of the policy or on the death of the life insured.
Death Benefits: Claim amount paid on the death of the life insured is also completely tax-free. In case the policy holder commits suicide within a period of 12 months from the start of the plan term, the policy is declared null and void by the Corporation.
This applies to all cases including individuals who were declared mentally fit and sane at the time of policy issuance. In such cases, any benefit payable to the policy holder will be as per the Provisions of Section 45 of the Insurance Act as prevailing at that time. One can surrender the policy at any time in exchange for cash. The surrender value that is guaranteed to the policy holder is:. In case someone is dissatisfied with the terms of the policy, he or she can cancel the policy within a period of 15 days from the receipt of the policy.
The Corporation on receiving such application, returns the amount paid by the policy holder towards the one-time payment. The only deductions from the payment are medical test charges, stamp duty and the proportionate premium for the policy duration.
The New Bima Bachat Plan is currently available only through the offline mode. In order to buy this policy, individuals need to visit the Corporation office or branches. Alternatively, one can also seek the help of intermediaries such as LIC agents or brokers to purchase the plan.
The starting point for sum assured under this plan is Rs. The Corporation has not placed any upper limit for sum assured. It offers the twin benefit of security along with insurance cover. Additionally, it is a highly liquid plan which ensures that you can get immediate cash whenever you need it.
This plan offers financial protection in case of death and awards cashbacks or survival benefits at specified intervals during the policy term. In case of death due to an accident or declared unnatural, additional documents such as police records, FIR Statement, post-mortem reports may also be required.
In case of a maturity claim, the policy holder needs to send the duly filled in claim discharge form to the Corporation along with the original copy of the policy document, Mandate form for NEFT and age proof if not shared earlier. The policy holder should be at least 15 years completed old at the time of entry into the plan. The maximum age for buying the plan varies basis the tenure of the policy. Also, at the time of maturity the policy holder should not be more than 75 years.
The key highlights of the New Bima Bachat plan by LIC are: One-time premium: Policyholder needs to pay the premium as a lump sum at the beginning of the policy term.
These are: Death Benefit: This benefit becomes payable to the nominee s in the event of death of the insured. Also, the Corporation has the right to forfeit the policy in certain situations: It is discovered that any material information is withheld by the policy holder at the time of policy issuance Documents submitted by the policy holder are false Any other information provided is untrue.
What does the New Bima Bachat Plan cover? What are the documents required for claim process? The following documents are required in case of a death claim: Original Policy document Claim Forms stating the details of the life insured and the nominees Death certificate issued by a recognized body Details of medical treatment if the policy holder was hospitalized NEFT details for payment In case of death due to an accident or declared unnatural, additional documents such as police records, FIR Statement, post-mortem reports may also be required.
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LIC New Bima Bachat Plan
This is a non unit-linked insurance traditional plan where a certain amount of money is paid as pre-decided intervals. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit. Compare Money Back Plans. Income Tax Benefit — Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 10D.
LIC’s New Bima Bachat
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