Mumbai : LIC launched yet another plan i.e. “LIC’s New BIMA BACHAT Plan”. This is a participating non-linked savings cum protection plan, where premium is paid in lumpsum 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 term of the policy. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any.
On unfortunate death during the first five year, Sum Assured is payable and in case of death after completion of five policy years Sum Assured along with Loyalty Addition, if any, is payable.
Policy Term available is 9, 12 and 15 years. Minimum age at entry is 15 years (completed) and maximum age at entry is 66 years (nearest birthday) for term of 9 years, 63 years (nearest birthday ) for term of 12 years and 60 years (nearest birthday ) for term of 15 years. Maximum maturity age is 75 years (nearest birthday)
It is a single premium policy with minimum sum assured of Rs 35000/- for term 9 years, Rs 50000/- for term 12 years and Rs 70000/- for term 15 years and thereafter in multiples of Rs 5000/-.There is no limit on Maximum Sum Assured.
This plan also takes care of liquidity needs through its loan facility. Loan can be availed any time after completion of one policy year and loan amount equal to 60% of the surrender value as on date of sanction of loan can be availed. Survival Benefit of 15% of sum assured is payable at the end of 3rd & 6th policy year for 9 year term policy, at end of each of 3rd,6th & 9th policy year for 12 year term policy and for 15 year term at the end of each 3rd,6th , 9th & 12th policy year.