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SUMEET PAWAR( INSURANCE ADVISOR )

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(+91) 7738546484(+91) 9773757120

New Bima BachatPlan No. 816

Features

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. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.

Benefit

Death Benefit: (deal with sudden financial crisis)

On death during the first five policy years: Sum Assured.On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

Benefit

Survival Benefit: (near Term-End Benefit)Payable as given below in case of Life Assured

surviving to the end of the specified durations: 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

Benefit

Maturity Benefit: (Term-End 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.

Loyalty Addition: Depending upon the Corporation's experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.

Benefit Illustration

Details ValueAge 30 yearsTerm 9 yearsPremium Paying Term SingleSum Assured Rs 1,00,000Premium Paid (incl. ST) for 1st yr per month

Rs 74,592 (Rs 72,357 + Rs 2236)

Rs 15,000 on 3rd & 6th yr – Money Back @ 15%

Rs 30,000

Loyalty Additions Rs 11,000TOTAL Maturity Amount Rs 1,13,356Notes :

This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

In preparing this benefit illustration it is assumed that the Projected CAGR ie Compounded Annual Growth Returns will be 6% p.a. to 10% p.a., as the case may be.  The Projected CAGR is not guaranteed.

Eligibility Conditions & Other Restrictions

Details ValueMinimum Entry Age 15 years (completed)Maximum Entry Age for 9 yr term 66 years (nearest birthday)Maximum Entry Age for 12 yr term

63 years (nearest birthday)

Maximum Entry Age for 15 yr term

60 years (nearest birthday)

Maximum Maturity Age 75 years (nearest birthday)Policy Term 9, 12 and 15 yearsMinimum Sum Assured for 9 yr term

Rs 35,000

Minimum Sum Assured for 12 yr term

Rs 50,000

Minimum Sum Assured for 15 yr term

Rs 70,000

Maximum Sum Assured No LimitSum Assured will be in multiple of Rs 5,000Premium Payment Mode Single

Sample Premium Rates

Following are single premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured

Age Terms9 years 12 years 15 years

15 767.95 771.00 771.5525 768.95 772.00 772.7035 771.70 775.35 776.8045 782.65 787.15 789.2555 803.80 808.10 810.7065 836.85 - -

Rebate for High Sum Assured & Payment Mode

Sum Assured (in Rs) for 9 yr term Rebate (in Rs)Less than 75,000            Nil

75,000 to 1,45,000 6% of tabular premium1,50,000 and above 8% of tabular premium

Sum Assured (in Rs) for 12 yr term Rebate (in Rs)Less than 1,00,000            Nil

1,00,000 to 1,95,000 4% of tabular premium2,00,000 and above 6% of tabular premium

Sum Assured (in Rs) for 15 yr term Rebate (in Rs)Less than 1,50,000            Nil

1,50,000 to 3,00,000 3% of tabular premium3,00,000 and above 5% of tabular premium

Surrender Value

Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.

The Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium excluding taxes and extra premium, if any.

Thereafter: 90% of the Single premium excluding taxes, extra premium, if any and all survival benefits paid earlier.

The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

Loan

Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 60% of the surrender value as on date of sanction of loan.

Cooling-off Period

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.

Claims Settlement Report of all Life Insurance Companies in India (IRDA Annual Report 2012-13)

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