Product Summary :
LIC Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode:
Minimum Entry Age :
15 Year Completed
Maximum Entry Age :
Term 9yr then 66yr (Nearest Birthday)
Term 12yr then 63yr (Nearest Birthday)
Term 15yr then 60yr (Nearest Birthday)
Maximum Maturity Age :
Minimum Sum Assured :
Term 9yr then 35,000
Term 12yr then 50,000
Term 15yr then 70,000
Maximum Sum Assured :
NO LIMIT (Depending upon Income)
Policy Benefits :
On Death :
During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.
At Maturity Time :
Single Premium Paid + Loyalty Additions, if any.
Surrendered Value :
The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Guaranteed Surrender Value :
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.
Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.