New BIMA BACHAT (Single Premium)
- LIC released “New Bima Bachat (T816)” on 7th January, 2014 as per new guidelines of IRDA.
- In New Bima Bachat Service tax is added which is 3.09%.
- 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.
- New Bima Bachat participates in Profits and non linked.
- In New Bima Bachat policyholder have an option of setting term of the policy like 9 years, 12 years, 15years.
- Survival benefits will be given to the policy holder at completion of 3 years of the policy.
- At end of the term of the policy Policyholder receives Maturity Benefit which is SUM ASSURED – Survival Benefits paid + BONUS +FAB etc…
- If he dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
- We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
- In New Bima Bachat there is High Bonus and High liquidity and saving point.
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: 9, 12, 15 years
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
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.
Single Premium + Loyalty addition if any
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.
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.
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.
Income Tax Reduction
Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns
Housing Loan Surety
Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
Proposal Form no. 300 or 340 will be used under this plan.
3.09% service tax is applicable
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.
The policies can be dated back within the same financial year.
Assignment and nominations is possible under this plan.
For more information and talking and making security of your and family future than call me on 09819490416 or contact us