Detailed Review & Our Recommendation on LIC Bima Bachat Plan. Compare Premiums, Key Features & Benefits of this Single Premium Money Back Policy. LIC Bima Bachat – Compare features and benefits of Bima Bachat No. from LIC. Also check other latest plans from LIC and check your eligibility with similar.
|Published (Last):||3 March 2007|
|PDF File Size:||5.53 Mb|
|ePub File Size:||3.29 Mb|
|Price:||Free* [*Free Regsitration Required]|
LIC Bima Bachat Plan – Review, Key Features & Benefits
On death during the first five policy years: Read on to find out. Application Form filled in with correct medical history and attested. The loyalty addition promised is payable upon maturation of policy or on earlier demise.
Benefits Policy Document LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. The dynamics are fairly easy to understand, possibly adding to its lure: There are three choices of policy term offered to the investor depending on their age and requirements — 9, 12 and 15 years, among which the applicant must choose at the time of application.
LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. Are there other conditions or restrictions? Take a look at the features that this policy entails:.
Lic Bima Bachat Plan
On death after completion of five policy years: NBB has three variants – 9 years, 12 years, and 15 years. For Policy Term Of 9 Years: Surrender Benefit or Policy Termination: As mentioned previously, there is a rebate available for high sum assured.
Benefits What is Bima Bachat? Does locking in Rs. Let’s talk about that next. Things you must know. YYYY What other benefits does this insurance cover offer? To be paid at the termination of 9th year. For a term 15 years: Depending upon the Corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition.
Not at all – you could achieve a similar death benefit by paying roughly Rs. Ever come across a large pile of banknotes? I’m sure you’ll agree that this is a small price to pay for your family’s security.
The policy holder is insured for an amount equal to the sum assured. The minimum sum assured varies as the term of the policy.
Know Your Customer Documents 4. The latest recipient of an aggressive chunk of their promotional budget seems to be “New Bima Bachat”, a single premium, “non-linked” plan. Investors who are committing money to this product merely owing to their risk aversion, need to put inflation into perspective and realize that with NBB, the purchasing power of their capital will get eroded over the years.
These returns are taxable to boot, because the sum assured bimq exceed 10X the premium paid.
The guaranteed surrender value is available only after completion of at least one policy year. After all, not every life insurance plan is synonymous with each other. And hey – you’ll have Rs. Loyalty Additions start accruing from the sixth year onwards – traditionally, they’ve ranged from per cent of the sum assured for LIC. What about the installment received bi,a As per section 80C, income tax is excused for the premium paid and on the claims received, according to the Income Tax Act.
If the policyholder dies before the end of 5 years of the policy tenure, then only the sum assured is returned to the nominee. Bima Bachat requires the policy holder to pay only one premium. Cheque for the Single premium 2. You know, by winning the lottery or hitting the jackpot at your favourite casino?
For a term 12 years: Why should you revoke your desire to spend all your money in one go and become a dull person bimma in policies?
LIC Bima Bachat
It also offers other benefits like the 15 day cooling off period, grace period and revival. Inflation Risk is a very real risk too! When am I eligible for the guaranteed surrender value? This plan also takes care of liquidity needs through its loan facility. Payment of Single Premium excluding taxes and extra premium, if any along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
Inclusions There are a few honourable mentions, when it comes to the prime benefits of the LIC Bima Bachat Plan, making it one of the most sought after life insurance policies.
Application Form filled in with correct medical history and attested 9.
Also, the applicant must keep in mind that the amount assured must be a multiple of Rs Combine a simple term plan with a well-diversified portfolio of financial assets such as stocks, bonds, and mutual funds instead. Who is eligible for the policy? Bima Bachat is the only money-back policy that offers a loan facility.