LIC Bima Bachat for New Buyers:
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Minimum
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Maximum
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Sum Assured (in Rs.)
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20,000
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-
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Policy Term (in years)
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9 or 12
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15
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Premium Payment Term (in years)
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Once only
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Life Insured Entry Age (in years)
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15
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66
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Age at Maturity (in years)
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-
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75
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Premium (in Rs.)
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Nothing Specified
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and SSS
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Why to Buy LIC Bima Bachat?
The LIC Bima Bachat is a life insurance plan which is typically a savings plan coupled with liquidity offering during the plan’s tenure by providing certain money return benefits. Thus, it includes insurance cover, liquidity and savings by utilizing cash-backs.
Benefits of The LIC Bima Bachat Plan
The key aspects of the LIC Bima Bachat which lure in a potential investor are the following:
Survival Benefits:
- For a policy term of 9 years: 15% of the sum assured is billed at the end of 3 years and 6 years, totaling to a gross amount of 30% of the sum assured.
- For a policy term of 12 years: 15% of the sum assured is billed at the end of 3 years, 6 years and 9 years, totaling to a gross amount of 45% of the sum assured.
- For a policy term of 15 years: 15% of the sum assured is billed at the end of 3 years, 6 years, 9 years and 12 years, totaling to a gross amount of 60% of the sum assured.
Maturity Benefit:
If the insured person does not decease during the entire term of the plan, then loyalty additions along with the single premium remunerated are returned to the insured person.
Death Benefits:
- If the insured deceased within 5 years of the policy term, the nominee receives the entire sum assured irrespective of the survival benefits paid.
- If the insured deceased after 5 years of the policy term, the nominee receives the entire sum assured irrespective of the survival benefits and loyalty additions paid.
Features of The LIC Bima Bachat Plan
The salient features of the LIC Bima Bachat plan include the following points:
- The policy term includes a minimum period of 9 years, 12 years or 15 years.
- LIC Bima Bachat plan is a money regenerative life insurance scheme with many additional cash-back options.
- Loyalty additions are payable upon policy maturity.
- The Survival Benefits allow the surviving insured person to benefit from the reimbursement of 15% of the sum assured at regular intervals depending on the policy term.
- The Death Benefits allow the nominee chosen by the deceased insured person to claim the entire sum assured.
- The LIC Bima Bachat Plan is a single premium plan.
A Few Relevant Points Regarding LIC Bima Bachat
- Payment of premium is obstructed – As it is a single premium plan, payment of premium is absolute and should remain unhindered.
- Surrender of policy – The tenure of 1 year should be completed to gain some guaranteed surrender value on the policy.
- Guaranteed Surrender Value – 90% of the single premium paid.
- Loan against policy – This facility is available under this scheme and goes by the interest rate of 9% per annum which is to be paid at an interval of 6 months.
Inclusions
The loan against policy available in LIC Bima Bachat is up to sixty percent of the surrender worth.
Exclusions
Only 90% of the single premium paid is reimbursed to the nominee in case of a suicide by the insured person.
Documents Required
Along with the application form, in which the policy applicant must specify their medical history accurately, the following documents shall be necessary to complete the application process:
- Address Proof
- KYC related documents
- Medical exams may be required depending on the sum assured and the age of the policy applicant.
Who Are Eligible?
The LIC policies applicants must be belonging to the age group of 15 years to 66 years of age, not higher or lower than this set. The policy matures when the policy holder reaches the age of 75 years.
So, as demonstrated by this article, the LIC Bima Bachat plan provides many opportunities for the policy holder to benefit from the investment. It is an advantageous option for many who are looking for life insurance policies.
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