Lic New Bima Bachat Plan No. 916

LIC's New Bima Bachat Plan No. 916 is a single premium Money Back Plan, where premium is paid in lump sum at the outset of the policy. It is a participating non-linked savings cum protection plan which offers financial protection against death during the policy term with the provision of payment of survival benefits at specified duration during the policy term.

Lic New Bima Bachat policy plan no. 916 the premium is paid only once and 15% of the Sum Assured is paid after every 36 months and the entire Single Premium paid plus Loyalty Additions are paid on Maturity. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as survival benefit.

Lic New Bima Bachat policy plan no. 916 Key features

·         Lic New Bima Bachat Plan No. 916 is a single premium plan

·         Loyalty Additions are payable on Policy Maturity

·         Sum Assured Rebate for large Sum Assured.

·         Lic New Bima Bachat with profits, Survival Benefit is payable every 36 months of 15% of the Sum Assured

·         Lic Bima Bachat consists of 3 policy tenures possible- 9 years, 12 years and 15 years

Benefits of New Bima Bachat Policy Plan No. 916

Death Benefit – In case of death of the Life Insured, Within the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid

After the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid + Loyalty Addition

Survival Benefit – The Life Insured would receive the following Survival Benefit

For a Policy Term of 9 years, 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable

For a Policy Term of 12 years, 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable

For a Policy Term of 15 years, 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable

LIC New Bima Bachat Plan

Maturity Benefit – On survival of the Life Insured till the end of the Policy Tenure, the entire Single Premium paid along with Loyalty Additions would be payable to the Policyholder as Maturity Benefit and the policy terminates.

Income Tax Benefit – Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

Eligibility of LIC New Bima Bachat Plan No. 916

Minimum age at entry	15 years
Maximum age at entry	Term	Age
	9	66 years
	12	63 years
	15	60 years
Available Terms	9, 12 and 15 years

Share this

Ravindra Yadav