LIC Bima Bachat Plan Details, Features of LIC Bima Bachat Plan, Benefits of LIC Bima Bachat Plan, Eligibility Criteria for LIC Bima Bachat Plan
Bima Bachat is a single premium policy. IT is a non-linked money back policy which offers financial protection to the policyholder.It can also be termed as a saving cum protection plan. It ensures financial protection against death during the policy term where survival benefits are paid regularly at specified intervals during the policy term.The premium is to be paid only once in this policy. It pays 15% of the sum assured after every 3 years and the whole premium is paid at the maturity along with the loyalty addition, if any. The amount of the premium paid depends on the duration of the policy taken.
Features of LIC Bima Bachat Plan:
There are various reasons to answer why one should adopt this policy like:
- Money back plan in which single premium is to be paid.
- On maturity of the policy loyalty addition is also paid.
- Includes three policy tenures 9 years, 12 years and 15 years term.
- It pays survival benefits after every 3 years which is 15% of the sum assured.
- After completing 1 policy year loan can be taken.
Benefits of LIC Bima Bachat Plan:
Several benefits associated with this Bima Bachat policy are as:
- Death Benefits: If the policyholder dies during the first 5 years of the policy then entire sum assured is payable to the nominee of the policy.If the policyholder survives till first 5 years of the policy and dies afterwards during the policy term then sum assured shall be paid to the nominee along with loyalty addition.
- Survival Benefits: If the policyholder survives till the end of various terms defined above then survival benefits will be paid as:
- For policy term 9 years:15% of the sum assured will be paid at the end of each 3rd and 6th policy year.
- For policy term 12 years: 15% of the sum assured will be paid at the end of each 3rd, 6th and 9th policy year.
- For policy term 15 years: 15% of the sum assured will be paid at the end of each 3rd, 6th, 9th and 12th policy year.
- Maturity Benefits: When the policy matures the single premium paid + loyalty addition will be paid to the policyholder if he survives till maturity.
- Income Tax Benefit: Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D).
Eligibility Criteria for LIC Bima Bachat Plan:
Minimum sum assured in Bima Bachat policy is Rs. 20000 and there is no maximum limit. Minimum policy term is 9 years while maximum is 15 years. Whole premium is to be paid in one go. The insured should be of minimum 15 years to adopt this policy.
Bima Bachat plan from LIC is really worth it as it provides financial protection to the family of the insured person after his death. For more details you can visit the official website of lic.