It is a single premium payment money-back policy that is specially designed to meet the financial needs of those who want to invest money for a short period of time with guaranteed periodic returns. For the age group of 15 to 66 years, policies with durations of 9 years, 12 years, and 15 years are available.
One time Premium
Pay once and forget it. Enjoy premium benefits such as money back and insurance benefits for a longer period of time.
Assured Money Back
It pays out 15% of the Basic Sum Assured in Assured and Guaranteed returns every three years. You will also be reimbursed for the entire premium you paid.
Loyalty Addition as Additional Benefit
LIC will pay a loyalty addition in addition to the refund of premiums at the end of the term. This is known as a Bonus, and it is added on a yearly basis.
Plan Benefits
Loan at Concessional Rate
Tension Free Claim Settlement
- Death Benefits
- Survival Benefits
- Maturity Benefits
- Loyalty Additions
Illustration:
Entry Age | 35 |
Policy Term | 9 |
Mode of premium payment | Single |
Basic Sum Assured | 1,00,000 |
Single-Premium (excluding taxes) | 72,540 |
Minimum entry age | 15 years |
Maximum entry age | 50 years (Closer birthday) for terms 9, 12, and 15 years |
Maximum maturity age | 59 years (Closer birthday) for term 9 years 62 years (Closer birthday) for term 12 years 65 years (Closer birthday) for term 15 years |
Policy Term | 9, 12, and 15 years |
Minimum Sum Assured | 35,000 for term 9 years 50,000 for term 12 years 70,000 for term 15 years |
Maximum Sum Assured | No limit |
S.A.(Sum Assured) is in multiples of rupees 5,000 | |
Premium payment mode | Single-Premium only |
The following additional options are available under the LIC New Bima Bachat Plan:
- Accidental Death and Disability Benefits for Riders
- New Term Assurance Rider
- Rider Maturity Benefits
- Maturity Benefit in installments over a 5-, 10-, or 15-year period rather than a lump-sum payment
Mode of Installment payment | Minimum installment amount |
Monthly | 5,000 |
Quarterly | 15,000 |
Half-Yearly | 25,000 |
Yearly | 50,000 |
Documents Required:
- Medical history
- Address proof
- Know your customer documents
- Medical examination (depending on your age or the sum assured)
- Medical examination (depending on your age or the sum assured)
