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||
|Maximum Maturity Age||75 Years|
|Policy Term||9,12 and 15 Years|
|Min.Basic Sum Assured||
|Max.Basic Sum Assured||No limit|
|High Sum Assured Rebats
|12 Years Term||
|15 Years Term||
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.
Durations the following benefits as a % of S.A shall be payable depending on the policy Term
|Survival Benefit end of policy year|
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 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.