LIC New Bima Bachat policy 816 – Assured Returns

LIC New Bima Bachat Plan is a typical single premium money back policy from LIC of India. This is a non-linked insurance plan where 15% of the Sum Assured is paid at the end of every 3 years. On survival till the end of the policy term, the single premium paid along with loyalty additions would be paid to the policyholder. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit. In addition to the Maturity benefit, on maturity of the policy, the single premium shall be returned along with Loyalty Addition, if any. In this page you will find every details like LIC New Bima Bachat plan review, LIC New Bima Bachat plan features & benefits, LIC New Bima Bachat plan premium calculator, LIC New Bima Bachat plan maturity benefits and return on investment and many more details.

LIC New Bima Bachat policy review

Eligibility conditions for LIC New Bima Bachat Plan 816

Find out the key eligibility criteria to buy LIC New Bima Bachat plan from LIC of India.

  Minimum Maximum
Sum Assured (in Rs.) 35,000 for 9 Years Tenure

50,000 for 12 Years Tenure

70,000 for 15 Years Tenure

No Limit
Policy Term (in years) 9, 12 15
Premium Payment Term (in years) Single
Entry Age of Life Insured (in years) 15 66 for 9 Years Tenure

63 for 12 Years Tenure

60 for 15 Years Tenure

Age at Maturity (in years) 75
Payment modes Only Single Premium

Benefits of LIC New Bima Bachat plan

Death benefit: In case of death during the first five policy years, then family or nominee will get only Sum Assured value as per the policy term. On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

Survival Benefits: Survival benefits will be provided as per money back policy period rules only. Please check below

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

Maturity Benefit: 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. Generally the remaining amount after paying all the previous money back installments + bonus / LA whatever is applicable as per policy term.

Lic New Bima Bachat Plan 816 Rebates:

As usual for higher sum assured policy there will be rebates on premium payment as per table below.

Term

Sum Assured

Rebate

9 years Less than Rs. 75,000

NIL

Rs. 75,000/- to Rs. 1,50,000/-

6%

Rs. 1,50,000/- and above

8%

12 years Less than Rs. 1,00,000

NIL

Rs. 1,00,000/- to Rs. 2,00,000/-

4%

Rs. 2,00,000/- and above

6%

15 years Less than Rs. 1,50,000

NIL

Rs. 1,50,000/- to Rs. 3,00,000/-

3%

Rs. 3,00,000/- and above

5%

Lic New Bima Bachat policy Premium Calculator

Now you can also know your premium with Lic Bima Bachat policy premium calculator available at lic of India website. Simply use the calculator and provide necessary information like Name,Email id,Number,Age,Term and Sum Assured and get how much premium you need to pay.

For more details please visit Lic new Bima Bachat policy official page.

 

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