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.
Sum Assured only.
Sum Assured + Loyalty Addition, if any.
For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year. For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year. For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year. At Maturity Time : Single Premium Paid + Loyalty Additions, if any.
The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Loan Facillity is available under this plan, after completion of one policy year.
Premium paid under this plan is eligible for TAX rebate under section 80c.
