LIC’s Bima Bachat is a single premium money back policy which offers life insurance till the maturity of the policy and also offers 15% of sum assured as money back at the end of every third year as per the term of the policy.
LIC Bima Bachat Policy terms
Policy term or duration of the LIC Bima Bachat Policy is 9 years 12 years and 15 years.
In 9 years policy 15% of sum assured as money back at the end of 3 rd year and 6th year of the policy.
In 12 years policy the policy holder can receive 15% of the sum assured at the end of 3rd year, 6th year and 9th year of the policy.
In 15 years policy the money back will be 15% of sum assured at the end of 3 rd year, 6th year, 9th year and 12th year of the policy.
Additional benefit of the policy
If the insured person is alive till the maturity of the policy holder will get loyalty additions in addition to the balance amount of sum assured, as per the rules of the policy which may equal to 90% (may vary as per the experience of the LIC. 90% means 6% per year for 15 years) of the single premium paid.
Minimum and maximum age
The minimum age of joining LIC Bima Bachat policy is 15 years and the maximum age is 66 years. But the maximum maturity age is 75 years. I f a person join the policy at the age of 66 years he can take 6 years or 9 years policy. Other policies will overcome the maximum maturity age of 75 years.
Loan availability
LIC Bima Bachat Policy is the only money back policy which can avail loan against the policy from Life Insurance Corporation of India and the interest of loan is as per the rates available with LIC.
Minimum and maximum sum assured
The minimum sum assured for LIC Bima Bachat Policy is Rs. 20000 and multiples of Rs. 5000 thereafter. There is no maximum limit for sum assured for this single premium money back policy.
LIC Bima Bachat Premium Cacuator
The sample premium table is shown below for a sum assured of Rs. 100000 for different age of insured for 9 years, 12 years & 15 years policy. You can calculate the premium of any sum assured by taking the proportionate amount. But there is a 5% rebate for sum assured between Rs. 50000 to Rs. 100000, 7% rebate for the sum assured between Rs. 100000 to Rs. 200000 and 8% Rebate for the sum assured above Rs. 200000. You can reduce the rebate amount from the figure shown in the table below. The premium amount may vary as per the insured. This table is for standard nonsmoker with good heath condition.
|
Age |
Single Premium for Rs. 100000 Sum Assured |
||
|
Policy terms 9yrs |
12yrs |
15yrs |
|
|
15 |
71640 |
77135 |
80400 |
|
20 |
71720 |
77185 |
80440 |
|
25 |
71755 |
77225 |
80495 |
|
30 |
71845 |
77335 |
80610 |
|
35 |
72105 |
77575 |
80855 |
|
40 |
72580 |
78025 |
81295 |
|
45 |
73410 |
78760 |
81960 |
|
50 |
74660 |
79790 |
82895 |
|
55 |
76265 |
81195 |
84175 |
|
60 |
78480 |
83130 |
85935 |
|
65 |
81625 |
- |
- |
If the insured died before the maturity the nominee will get the sum assured. If he or she survives till the maturity he or she bill get the actual premium paid and a certain percentage as loyalty addition. If you are interested to join the LIC’s Bima Bachat insurance policy we strongly recommend to read the details in LIC’s website by clicking the link below
LIC Bima Bachat Policy
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just i want to know about bima bachat policy. Thank’s
This is one of the best money back policy with less permium as compare to other policies. Your one time investment secured your life for 9yrs, 12yrs, 15yrs and also gives you surrvival benefit on end of 3rd year of your policy, 6th year of your policy, 12 years of your policy as per policy term taken by you. You can also get loan after next day of your date of commencement of policy. You can liable to taken tax benefit from this policy.
on 13.01.2011 I ahve invest Rs. 67914/- in Bima Bachat How much I will Get Total amount during the period.