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PRESENTED BY: -
SUMEET PAWAR( INSURANCE ADVISOR )
CONTACTS : -
(+91) 7738546484(+91) 9773757120
New Bima BachatPlan No. 816
Features
LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
Benefit
Death Benefit: (deal with sudden financial crisis)
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.
Benefit
Survival Benefit: (near Term-End Benefit)Payable as given below in case of Life Assured
surviving to the end of the specified durations: 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
Benefit
Maturity Benefit: (Term-End Benefit)Payment of Single Premium (excluding taxes and extra
premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
Loyalty Addition: Depending upon the Corporation's experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.
Benefit Illustration
Details ValueAge 30 yearsTerm 9 yearsPremium Paying Term SingleSum Assured Rs 1,00,000Premium Paid (incl. ST) for 1st yr per month
Rs 74,592 (Rs 72,357 + Rs 2236)
Rs 15,000 on 3rd & 6th yr – Money Back @ 15%
Rs 30,000
Loyalty Additions Rs 11,000TOTAL Maturity Amount Rs 1,13,356Notes :
This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
In preparing this benefit illustration it is assumed that the Projected CAGR ie Compounded Annual Growth Returns will be 6% p.a. to 10% p.a., as the case may be. The Projected CAGR is not guaranteed.
Eligibility Conditions & Other Restrictions
Details ValueMinimum Entry Age 15 years (completed)Maximum Entry Age for 9 yr term 66 years (nearest birthday)Maximum Entry Age for 12 yr term
63 years (nearest birthday)
Maximum Entry Age for 15 yr term
60 years (nearest birthday)
Maximum Maturity Age 75 years (nearest birthday)Policy Term 9, 12 and 15 yearsMinimum Sum Assured for 9 yr term
Rs 35,000
Minimum Sum Assured for 12 yr term
Rs 50,000
Minimum Sum Assured for 15 yr term
Rs 70,000
Maximum Sum Assured No LimitSum Assured will be in multiple of Rs 5,000Premium Payment Mode Single
Sample Premium Rates
Following are single premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured
Age Terms9 years 12 years 15 years
15 767.95 771.00 771.5525 768.95 772.00 772.7035 771.70 775.35 776.8045 782.65 787.15 789.2555 803.80 808.10 810.7065 836.85 - -
Rebate for High Sum Assured & Payment Mode
Sum Assured (in Rs) for 9 yr term Rebate (in Rs)Less than 75,000 Nil
75,000 to 1,45,000 6% of tabular premium1,50,000 and above 8% of tabular premium
Sum Assured (in Rs) for 12 yr term Rebate (in Rs)Less than 1,00,000 Nil
1,00,000 to 1,95,000 4% of tabular premium2,00,000 and above 6% of tabular premium
Sum Assured (in Rs) for 15 yr term Rebate (in Rs)Less than 1,50,000 Nil
1,50,000 to 3,00,000 3% of tabular premium3,00,000 and above 5% of tabular premium
Surrender Value
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
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.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
Loan
Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 60% of the surrender value as on date of sanction of loan.
Cooling-off Period
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
Claims Settlement Report of all Life Insurance Companies in India (IRDA Annual Report 2012-13)
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