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. This plan also takes care of liquidity needs through its loan facility.
Income Tax Benefit
Premium paid under this plan is eligible for TAX rebate under section 80c.
For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year
For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year
For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year
Upon death during the first five policy years Sum Assured.
Upon death after completion of five policy years Sum Assured along with Loyalty Addition, if any.
Policy Term 9, 12 or 15 Years
Minimum Basic Sum Assured Rs. 30,000, Rs. 50,000 and Rs. 70,000 respectively.
Maximum Basic Sum Assured No Limit
Minimum Policy Term 9 years
Maximum Policy Term 15 years
Premium Paying Term Single Premium
Minimum Entry Age 15 years (completed)
Maximum Entry Age 66, 63 or 60 years (nearest birthday) respectively.
Maximum Age at Maturity for Life Assured 75 years
Mode of Premium Payment Single Premium