lic policy

life insurance of india




LIC NEW BIMA BACHAT PLAN-816

LIC NEW BIMA BACHAT  PLAN-816

Lic new mima bachat plan is a not-linked single premium,  with profits Money Back  Plan in which Survival Benefits (15% of Sum Assured) are paid at 3rd , 6th ,9th and 12th year depending on the Policy Term.

General Conditions of the policy

Minimum Age entry 15 Years (complited)
Maximum Age entry
For 9 Years Term 66 Years(nbd)
For 12 Years Term 63 Years (nbd)
For 15 Years Term 75 Years (nbd)
Maximum Maturity Age 75 Years
Policy Term 9,12 and 15 Years
Min.Basic Sum Assured
9Years 35,000
12 Years 50,000
15  Years 70,000
Max.Basic Sum Assured No limit
Mode Single Premium
Policy Loan Yes
Assignment Yes
Surrender Yes
Nomination Yes
High Sum Assured Rebats

9 Years

Upto 70,000 NILL
75,000 to 1,45,000 6%
1,50,000 & above 8%
12 Years Term
Upto 95,000 NILL
1,00,000 to 1,95,000 4%
2,00,000 & above 6%
15 Years Term
Upto 1,45,000 NILL
1,50,000 to 2,95,000 3%
3,00,000 5%

Policy Benefits :

On Death Benefits :

During 1st five years policy years : Sum Assured only.

After completion of five policy years : Sum Assured + Loyalty Addition, if any.

Survival Benefits:

Durations the following benefits as a % of S.A shall be payable depending on the policy Term

Survival Benefit end of policy year
Term 3rd 6th 9th 12th
9 15% 15%
12 15% 15% 15%
15 15% 15% 15% 15%

Maturity Benefits :

Single Premium Paid + Loyalty Additions, if any.

Surrendered Value :

The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrender Value :

First year: 70% of the Single Premium excluding taxes and extra premium,if any.

Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.

Loan :

Loan facility is available under this plan at any time after completion of one policy year.

Income Tax Benefit :

  • Premium paid under this plan is eligible for TAX rebate under section 80c.



ads

Check Page Rank Copyright © 2014 - 2018 policyforum.in knhweb