Bima Bachat Summary:
LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.
Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)
Eligibility Conditions and Restrictions LIC Bima Bachat: Min. age at entry: 15 years (completed). Max. age at entry: 66 years (Nearest). Min. S.A.: Rs. 20,000 Max. SA.: Any Amount. SA in multiples: Rs. 5000 Max. Maturity age: 75 years (Nearest). Terms Available: 9, 12 or 15 years. Modes Allowed: All Dating Back @ 8%: Allowed Term Rider Option: Not available Critical Illness Rider: Not available Policy Loan: Available
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.
Bima Bachat Examples:
Let me give you an example to understand this policy. Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.