- LIC’s Money Back Plan 20 years: In case the insured survives by the end of the specified duration 20% of the basic sum assured at the end of each 5th, 10th and 15th policy year.
- LIC’s Money Back Plan 25 years: In case the insured survives by the end of the specified duration 15% of the basic sum assured at the end of each 5th, 10th, 15th and 20th policy year.
- LIC’s New Bachat Plan: A money bank plan that offers financial protection against death along with the provision of payment of survival benefits at specified durations during the policy term.
LIC Money Back Plans Info : LIC Bima Bachat Plan
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.
Benefits of Bima Bachat
Bima Bachat comes with a wide range of benefits during the policy tenure and upon maturity. Benefits of the plan include:
- The policyholder will receive 15% of the sum assured for a term of year 9 years at the end of 3rd and 6th policy year.
- The policyholder will receive 15% of the sum assured for a term of 12 years at the end of 3rd, 6th, and 9th policy year.
- The policyholder will receive 15% of the sum assured for a term of 15 years at the end of 3rd, 6th, 9th, and 12th policy year.
- The policy offers additional benefits such as, if the policyholder survives the duration of the policy, a single premium payment will be made along with loyalty additions (if any) upon maturity.
- The policy also offers guaranteed surrender value which is available only after completion of 1 year with the policy. Guaranteed surrender value offered by Bima Bachat plan is equal to 90 % of the single premium paid, excluding extra premium.
- This is the only money back policy that offers loan facility at low-interest rates. Currently, the rate of interest is 9% p.a. However, this rate of interest is subject to change by LIC. Interest can be paid at half yearly basis.
- Bima Bachat also offers other related benefits such as a 15 day cooling off period, grace period and revival.
- For higher sum assured, the policy offers 5% rebate on premiums.
Premiums
You can buy this policy by paying affordable premiums. For higher sum insured, you can get 5% rebate on your premiums. Premiums vary depending on the sum assured.
Eligibility
The eligibility criteria for Bima Bachat include:
- Minimum entry age needs to be 15 years.
- Maximum age should not be more than 65 years.
- The policy will mature when the person is 75 years old.
- The minimum sum assured needs to be Rs. 20,000.
- There is no limit on the amount that can be assured.
How to get a Bima Bachat Policy?
You can buy a Bima Bachat money back policy by contacting any branch of LIC or any of its representatives.
more info please visit licindia
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