New BIMA BACHAT (Single Premium)- Plan 816

New BIMA BACHAT (Single Premium)

Introduction

1. LIC released “New Bima Bachat (T816)” on 7th January, 2014 as per new guidelines of IRDA.
2. In New Bima Bachat Service tax is added which is 3.09%.
3. New Bima Bachat is a type of Single payment Endowment Plan where some percentage of Sum assured will be paid back to the policy holder in the form of survival benefit periodically.
4. New Bima Bachat participates in Profits and non linked.
5. In New Bima Bachat policyholder have an option of setting term of the policy like 9 years, 12 years, 15years.
6. Survival benefits will be given to the policy holder at completion of 3 years of the policy.
7. At end of the term of the policy Policyholder receives Maturity Benefit which is SUM ASSURED – Survival Benefits paid + BONUS +FAB etc…
8. If he dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
9. We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
10. In New Bima Bachat there is High Bonus and High liquidity and saving point.

NEW Bima Bachat Parameters

Age:
Minimum age :  15 years (completed)

Maximum age:  66 years (nearest birthday) for term of 9 years

63 years (nearest birthday) for term of 12 years

60 years (nearest birthday) for term of 15 years

Policy Term
Policy Term:  9, 12, 15 years

Sum Assured
Minimum SUM ASSURED:        Rs. 35,000 for term of 9 years

                                                    Rs. 50,000 for term of 12 years

                                                    Rs. 70,000 for term of 15 years

Maximum SUM ASSURED:       No Limit

Premium Paying Mode
Single Premium Payment

Rebates

New Bima Bachat Benefits 

Survival Benefit
Policy holder will be paid survival benefits at end of specific durations depend upon the policy term.

For Policy Term of 9 years:15% of the sum assured at the end of each of 3rd and 6th policy year.

For Policy Term of 12 years:
15% of the sum assured at the end of each of 3rd, 6th, 9th policy year.

For Policy Term of 15 years:
15% of the sum assured at the end of each of 3rd, 6th, 9th and 12th policy year.

Maturity Benefit
Single Premium +  Loyalty addition if any

Death Benefit:
On death during the first five policy year: – Sum assured shall be payable.

On death after completion of five policy year: – Sum assured along with Loyalty Addition, if any shall be payable.

Loyalty Addition
Depend upon the corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, shall be payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the corporation. 

Additional Information

Risk Coverage
Till end of Term of the Policy

Date of Commencement of Risk
In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Locking period
3 years

Loan Facility
Available

Income Tax Reduction
Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns

Housing Loan Surety
Available

Riders available
Yes

Policy Revival
Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause
If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.

Proposal Forms
Proposal Form no. 300 or 340 will be used under this plan.

Service Tax
3.09% service tax is applicable

Cooling-off Period
If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest
The policies can be dated back within the same financial year.

Assignments/Nominations
Assignment and nominations is possible under this plan.
 

 

 

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