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Investment Plans 3291 views July 27, 2020
Most individuals prefer investing their money rather than accumulating at home. So, the safest mode of investment is to take an insurance plan that gives a lot of benefits. Therefore, you can consider the LIC New Bima Bachat Plan that will help you accumulate a lot of funds for your future. You will get loyalty additions that will increase your Sum Assured. On the other hand, you will also get death benefits and maturity benefits in this insurance plan. So, let’s explore the key features of this insurance plan and see how it can be beneficial for you in the future.
Table of Contents
Here are the benefits of this plan that will help you boost your savings. You will just need to pay a single premium and your savings will grow during the policy term.
In case of unfortunate death of the insured during the first 5 years, the nominee is entitled to receive the death benefit that will include Sum Assured on death. If the Insured dies after 5 years of the policy term, the nominee will receive Sum Assured on Death plus the loyalty additions. The value of the Death Benefit will be the
highest of the following:-
If the insured successfully survives the following durations, he is entitled to receive the following:-
If the insured is alive after the expiry of the policy term, he/she is entitled to receive Sum Assured on Maturity plus the loyalty additions. The value of the Sum Assured on Maturity will be the following:-
The company will pay loyalty additions to the insured at the time of maturity. If the insured dies after 5 years of the policy term and before completing the whole policy term, the nominee will receive the loyalty additions.
The company allows you to take the death benefit in installments under the LIC New Bima Bachat Plan. You can take the death benefit in installments for 5, 10 and 15 years. Here are the different minimum amounts for different payment modes.
You will get a rebate on the premium amount by choosing a high value of the Sum assured. Check the rebate details in the following table:-
Policy Term | Sum Assured | Rebate on Premium |
---|---|---|
9 Years | Sum Assured is Between Rs.75000 to Rs.49999. | 6% |
9 Years | Sum Assured is Between Rs.150000 and above. | 8% |
12 Years | Sum Assured is Between Rs.100000 to Rs.199999. | 4% |
12 Years | Sum Assured is Between Rs.200000 and above. | 6% |
15 Years | Sum Assured is Between Rs.150000 to Rs.299999. | 3% |
15 Years | Sum Assured is Between Rs.300000 and above. | 5% |
You can surrender this policy in case of an emergency and take the surrender value. On surrendering the policy, you will be eligible to receive the following Sum of Money.
If you don’t want to surrender the policy and still need some funds, you can take a loan against the policy from Life Insurance Corporation of India (LIC). But you are allowed to take a loan against the policy only up to 60% of the Surrender Value and the company will start charging interest on the loan amount from the date the loan is sanctioned.
In case you don’t like this plan, LIC gives you a time of 15 days to return the policy. This is known as the free look period. You will get a free-look period of 30 days if in case you have purchased the plan online.
You can add some optional benefits to this plan. These benefits will cover some extra risks related to your life. You can explore the riders that you can add to this plan.
Particulars | Details |
---|---|
Minimum Age of Entry | 15 Years |
Maximum Age of Entry | 50 Years |
Maximum Age of Maturity | 59 Years for 9 Years Policy Term 62 Years for 12 Years Policy Term 65 Years for 15 Years Policy Term |
Policy Terms | 9 Years 12 Years 15 Years |
Minimum Sum Assured | Rs.35000 for 9 Years Policy Term Rs.50000 for 12 Years Policy Term Rs.70000 for 15 Years Policy Term |
Maximum Sum Assured | No Maximum Limit |
Premium Paying Mode | Single-Premium Only |