LIC Bima Bachat is a non-unit linked insurance traditional single premium money back Plan. In this plan as pre-decided intervals, a certain amount of money is paid. The premium is paid only once in this plan and after every 3 years a 15% of the Sum Assured is paid. Moreover, on the maturity of the policy the loyalty additions plus the entire single premium is paid. However, in case of demise of policy holder during the tenure of policy, the whole lump-sum amount as sum assured is paid to the beneficiary of the policy irrespective of the amount of money paid as Survival Benefit.
To know more about LIC Bima Bachat policy, the insured can calculate the amount that you can receive under accidental coverage, death benefit and maturity benefit by using LIC BIma Bachat premium calculator. To make you understand the significance of this policy, here we have briefly discussed about some of the key features and benefits offered policy. Key Features of LIC Bima Bachat Plan
After the policy has completed a tenure of 5 years’ loyalty addition is declared under LIC Bima Bachat policy. As a money back plan this is a great benefit for the insured as they can have good return at the end of the policy tenure. Moreover, loyalty benefit is applicable in both death and maturity benefit. Survival Benefit- 15% of the Sum Assured is paid to the insured in every three years as survival benefit under LIC Bima Bachat plan. The policy continues till the entire tenure after the survival benefit is paid. For 9 years of policy tenure
For 15 years of policy tenure
Maturity Benefits- At the maturity of the policy tenure the insured receives the entire single premium paid plus the loyalty additions are paid. Death benefit- In case the policy holder dies during the tenure of the policy a sum assured amount is paid to the beneficiary of the policy at the end of the policy tenure as the entire single premium paid plus loyalty additions. If the Life Insured dies within the first 5 policy year’s only sum assured would be paid, after completion of 5 years the sum assured along with loyalty addition is paid as death benefit. Under this plan high sum assured discount is available. Income Tax benefit- The premium paid under this plan is exempted from tax deduction under section 80 C of income tax act. The income tax benefit can help you to save bundles and under section 10D the insured get tax benefit in maturity proceeds. However, the plan does not provide any add-on benefits as riders. As one of the best LIC life Insurance, the money back plan has many benefits. This is one of the best type of life insurance plan available in the market. Besides providing insurance and investment, a money back plan provides guaranteed return at regular interval of time by way of redemption of money with a much lower degree of risk. Money back plan is best for those who requires financial support at different stages in life to meet the important needs such a buying car, getting married, having child birth, for studying, paying heath expenses, etc. In order to fill the application form of LIC Bima Bachat policy the insured should keep handy with the documents like accurate id proof of the insured, address proof, medical history along with address proof and other KYC documents. The key advantage of money back policies are:
With the help of LIC Bima Bachat Premium Calculator you can choose the best plan for yourself and secure your family from any unforeseen and emergency situation.
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