LIC New Bima Bachat (Plan No: 916)

LIC New Bima Bachat is a Single Premium, participating, non-linked, Individual Life Assurance, savings, Money Back plan.

Premium is paid in a lump sum at the start of the policy and money-back is paid to the policyholder after every 3 years consecutively. It provides financial protection against death during the policy term with the provision of payment of survival benefits at specified duration and maturity which includes a single premium paid along with Loyalty Addition if any.

Unique Identification Number: 512N284V02

Launch Date: 1st February 2020

Maturity Benefit of LIC New Bima Bachat :

Single Premium Paid + Loyalty Additional, if any.

• on Survival to the end of the policy term provided all due premiums have been paid.
• Payable in Lump Sum or as per Settlement Option exercised.

Survival Benefit under LIC New Bima Bachat :

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

Death benefit:

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.

Income Tax Benefit:

under section 80C of the Income Tax Act, premiums paid under the L.I.C New Bima Bachat Plan are eligible for a rebate up to the limit of Rs: 1,50,000/- only to the extent of 10% of Sum Assured

under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee is not entirely tax-free and TDS is deductable as per prevailing Income Tax rules.

Synopsis of Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 15 years completed Maximum -50 yrs nearest birthday
2	Policy Term & Premium paying term	9 years 12 years 15 years
3	Maximum Maturity Age	59 years (nearer birthday) for term 9 years 62 years (nearer birthday) for term 12 years 65 years (nearer birthday) for term 15 years
4	Basic Sum assured (in multiples of 5,000/-)	Rs 35,000/- for term 9 years Rs 50,000/- for term 12 years Rs 70,000/- for term 15 years Maximum – No Limit
5	Mode rebate	Not Applicable/ Single Premium
6	Large Sum Assured rebate (per 1000 S.A)	9 years Term Less than Rs. 75,000 : NIL Rs. 75,000 and Less than Rs.150,000 : 6 % Rs. 150,000 and above . : 8 %   12 years Term Less than Rs. 100,000 : NIL Rs. 100,000 and Less than Rs. 200,000. : 4 % Rs. 200,000 and above : 6 %   15 years Term Less than Rs. 150,000 : NIL Rs. 150,000 and Less than Rs.300,000 : 3 % Rs. 300,000 and above : 5 %
7	Mode of payment of premiums	Single Premium
8	Grace Period	Not Applicable as Single Premium only.
9	Surrender & Policy Loan	Policy can be surrendered at any time during the policy term subject to realization of cheque. Loan can be availed under this plan any time after completion of one policy year
10	Revival	Not Applicable as Single Premium Policy
11	Optional Riders Available:	L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Term Assurance Rider

Suicide Clause:-

• For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/

Settlement Option for Maturity Benefits:

• The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment

Option to take Death Claim Benefits in installment:

• Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments

Other LIC Plans

Endowment Plans * Lic’s New Jeevan Anand * Lic’s Jeevan Labh * Lic’s New Endowment Plan * Lic’s Single Premium Endowment Plan * Lic’s New Bima Bachat * LIC’s Jeevan Lakshya * LIC’s Aadhaar Shila * LIC’s Aadhaar Stambh Whole Life Plans * LICs Jeevan Umang Money-Back Plans * LIC’s Bima Shree * LIC’s Jeevan Shiromani * LIC’s NEW MONEY BACK PLAN – 20 YEARS * LIC’s NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC’s NEW CHILDREN’S MONEY BACK PLAN * LIC’s Jeevan Tarun Pension Plans * LIC’s Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC’s NEW ENDOWMENT PLUS * LIC’s NIVESH PLUS * LIC’s SIIP Health Insurance Plans * LIC’s JEEVAN AROGYA * LIC’s Cancer Cover Term Assurance Plans * LIC’s TECH TERM * LIC’s Jeevan Amar Riders * LIC’s Linked Accidental Death Benefit Rider * LIC’s Accidental Death and Disability Benefit Rider * LIC’s Accident Benefit Rider * LIC’s Premium Waiver Benefit Rider * LIC’s New Critical Illness Benefit Rider * LIC’s NEW TERM ASSURANCE RIDER Micro Insurance Plans * LICs New Jeevan Mangal * LIC’s Micro Bachat Plan * LIC’s Bhagya Lakshmi