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Bima Bachat Plan Plan No. 175 New Bima Bachat plan Plan No. 816 Maturity Benefit Single Premium Paid along with loyalty addition less extra premiums,if.

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Presentation on theme: "Bima Bachat Plan Plan No. 175 New Bima Bachat plan Plan No. 816 Maturity Benefit Single Premium Paid along with loyalty addition less extra premiums,if."— Presentation transcript:

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2 Bima Bachat Plan Plan No. 175 New Bima Bachat plan Plan No. 816 Maturity Benefit Single Premium Paid along with loyalty addition less extra premiums,if any. Single Premium Paid along with loyalty addition less Taxes and extra premiums,if any Death Claim Benefit Payment of Sum AssuredFirst 5 years: Sum Assured shall be payable. After completion of 5 years: Sum Assured and Loyalty Additions, if any shall be payable. LIC’s New Bima Bachat Plan Benefits Death Benefit Modified

3 Year-> Term ↓ SURVIVAL BENEFIT ( as a percentage of Sum Assured ) 3 RD 6 TH 9 TH 12 TH 15th 915% MATXXX 1215% MAT 1515% MAT LIC’s New Bima Bachat Plan - Benefits There is no change in the percentage of Survival Benefit payable under Bima Bachat – Plan 175 and New Bima Bachat Plan No Change in SB

4 Particulars Description Plan No 175 Bima Bachat Plan No. 816 New Bima Bachat Age at entry 15 to 66 years irrespective of the policy term MinimumMaximum 15 years Term = 9Term = 12Term = yrs63 yrs60 yrs Age at Maturity Maximum 75 Years Maximum 75 Years Policy Term 9, 12 and 15 years Basic Sum Assured Minimum and in multiple of Rs 5000 No upper limit MinimumMaximum Term = 9Term = 12Term = 15 Term = 9/12/ No upper Limit SA shall be in multiple of Rs.5000 LIC’s New Bima Bachat Plan Eligibility Conditions and Restrictions Age at Entry and SA based on policy term

5 New Bima Bachat Plan 816 Policy Term Sum Assured Band % of Tabular Premium 9 years Less than Nil to less than % and above 8% 12 years Less than Nil and less than % and above 6% 15 years Less than Nil and less than % and above 5% LIC’s New Bima Bachat Plan High Sum Assured RebatE Bima Bachat Plan No. 175 Policy Term Sum Assured Band % of Tabul ar premi um Policy term – 9,12 and 15 years Less than Nil and less than % and less than % And above 8% High Sum Assured rebate based on Term and SA Band

6 LIC’s Bima Bachat Plan No 175 LIC’s Bima Bachat Plan No. 816 Available after completion of 1 year. Available at any time during the policy term subject to realisation of the premium cheque. No Loyalty Addition payable. Higher of GSV or SSV payable Guaranteed Surrender Value (GSV) GSV is equal to 90% of the single premium paid excluding extra premium and less amount of Survival benefits paid earlier. 1 st Year ~ 70% of Single Premium excluding taxes and extra premium,if any. Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any. Special Surrender Value (SSV) Discounted value of Single Premium paid excluding extra premium, if any. Discounted value of Single Premium paid excluding taxes and extra premium,if any. LIC’s New Bima Bachat Plan Surrender Value SV available at any time. GSV modified

7 LIC’s Bima Bachat Plan No 175 LIC’s Bima Bachat Plan No. 816 Loan available after payment of first premium. Loan facility available after completion of 1 policy year Loan can be granted upto 90% of the Special Surrender Value Loan can be granted upto 60% of Surrender Value. LIC’s New Bima Bachat Plan - Loan Loan ~ Modified

8 Table No 175 Bima Bachat Plan Table No 816 New Bima Bachat Plan Service Tax was borne by the corporation. Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Paid-up Value Assignment/Nomination LIC’s New Bima Bachat Plan


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