1. No category

LIC’s New Bima Bachat Plan
Benefits
Bima Bachat Plan
Plan No. 175
New Bima Bachat plan
Plan No. 816
Maturity Benefit
Maturity Benefit
Single Premium Paid along
Single Premium Paid along with loyalty
with loyalty addition less
addition less Taxes and extra premiums
extra premiums ,if any.
,if any
Death Claim Benefit
Payment of Sum Assured
Death Claim Benefit
First 5 years:
Death
Benefit
Modified
Sum Assured shall be payable.
After completion of 5 years:
Sum Assured and Loyalty Additions, if
any shall be payable.
LIC’s New Bima Bachat Plan - Benefits
There is no change in the percentage of Survival Benefit payable
under Bima Bachat – Plan 175 and New Bima Bachat Plan - 816
SURVIVAL BENEFIT
Year->
No Change
in SB
(as a percentage of Sum Assured )
Term
3RD
6TH
9TH
12TH
9
15%
15%
MAT
XXX
12
15%
15%
15%
MAT
15
15%
15%
15%
15%
↓
15th
MAT
LIC’s New Bima Bachat Plan
Eligibility Conditions and Restrictions
Description
Particulars
Age at
entry
Age at
Maturity
Policy
Term
Plan No 175
Bima Bachat
15 to 66 years
irrespective of
the policy term
Plan No. 816
New Bima Bachat
Minimum
15
years
Maximum
Term = 9
Term = 12
Term = 15
66 yrs
63 yrs
60 yrs
Maximum
75 Years
Maximum 75 Years
9 , 12 and 15
years
9 , 12 and 15 years
Minimum
Basic
Sum
Assured
Minimum 20000
and in multiple
of Rs 5000 No
upper limit
Term = 9
35000
Term = 12
50000
Age at Entry
and SA based
on policy term
Maximum
Term = 15
Term =
9/12/15
70000
No upper Limit
SA shall be in
multiple of
Rs.5000
LIC’s New Bima Bachat Plan
High Sum Assured RebatE
New Bima Bachat
Plan 816
Bima Bachat Plan No. 175
Policy
Term
Policy
term –
9,12 and
15 years
Sum Assured
Band
% of
Tabul
ar
premi
um
Less than
50000
Nil
50000 and
less than
100000
5%
100000 and
less than
200000
200000
And above
7%
Policy
Term
Sum Assured Band
Less than 75000
9
75000 to less than
years 150000
Nil
6%
150000 and above
8%
Less than 100000
Nil
12
100000 and less than
years 200000
4%
200000 and above
6%
Less than 150000
Nil
150000 and less than
15
years 300000
8%
% of
Tabular
Premium
300000 and above
3%
5%
LIC’s New Bima Bachat Plan
Surrender Value
LIC’s Bima Bachat
Plan No 175
LIC’s Bima Bachat
Plan No. 816
Available after completion of 1
year.
Available at any time during the policy
term subject to realisation of theSV available
premium cheque.
at any time.
No Loyalty Addition payable.
No Loyalty Addition payable.
Higher of GSV or SSV payable
Higher of GSV or SSV payable
Guaranteed Surrender Value (GSV)
GSV is equal to 90% of the
single premium paid excluding
extra premium and less amount
of Survival benefits paid earlier.
Special Surrender Value (SSV)
Discounted value of Single
Premium paid excluding extra
premium, if any.
Guaranteed Surrender Value (GSV)
1st Year ~ 70% of Single Premium
excluding taxes and extra
premium,if any.
GSV
Thereafter ~ 90% of Single
modified
Premium excluding all Survival
Benefits paid earlier, taxes and
extra premium, if any.
Special Surrender Value (SSV)
Discounted value of Single
Premium paid excluding taxes and
extra premium,if any.
LIC’s New Bima Bachat Plan - Loan
Loan ~ Modified
LIC’s Bima Bachat
LIC’s Bima Bachat
Plan No 175
Plan No. 816
Loan available after payment of
Loan facility available after
first premium.
completion of 1 policy year
Loan can be granted upto 90%
Loan can be granted upto 60%
of the Special Surrender Value
of Surrender Value.
LIC’s New Bima Bachat Plan
Table No 175
Bima Bachat Plan
Service Tax was borne by the
corporation.
Table No 816
New Bima Bachat Plan
Service Tax shall be applicable
at the prevailing rates and
borne by the policyholder as
per rules.
There shall be no change
in the following Items
Back Dating
Paid-up Value
Assignment/Nomination