This policy is a very unique one where the assured sum of money is given on the unfortunate demise of the person or a certain amount of money at regular intervals until the maturity period ends. LIC Bima Bachat Plan (T-916) is a Single Premium with Profits Money Back Type Plan. Policy Term Available Are 9 Year, 12 Year & 15 Year.
Why Bima Bachat Plan
It gives you survival benefits along with the assured sum when the policyholder dies, unfortunately.
When you need a loan, there is a liquidity feature that comes with the plan.
- Cover age group from 15 Years to 50 years.
- Single Premium Plan Means No Future Premium Burden.
- Survival Benefits At Regular Interval (Every Three Year) Helps For Time To Time Expenses.
- Easy Liquidity Plan.
- The Policy Can Be Surrendered At Any Time During The Policy Term.
- Loan Facility Is Available Under This Plan After Completion Of One Policy Year.
You will receive the sum assured as well as the loyalty addition, in some cases.
- On death during the first five policy years: Sum Assured.
- On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.
You will be getting 15% of the sum assured every three years till the end of your insurance or till the policyholder dies, unfortunately.
- 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.
If the policyholder is alive at the end of the policy term, the premium amount is payable excluding the taxes.Eligibility Criteria:
|Minimum Age to Apply||15 Years (Completed)|
|Maximum Age to Apply||50 Years for 9 Year Term|
|Maximum Maturity Age||75 Years|
|Policy Term (Premium Payment Term)||9,12 & 15 Years|
|Minimum Sum Assured||35,000 for 9 Year Term|
|50,000 for 12 Year Term|
|70,000 for 15 Year Term|
|Premium Paying Mode||Single Premium Plan|
|Loan||After 1 year|
|Surrender||At Any Time|