LIC New Bima Bachat Single Premium Money Back Policy (Table 816) It’s a non linked plan like an Endowment Policy, Offers Single time investment with features of Money Back with Loyalty Additions on Maturity. Best plan for retirement savings, child future, education, marriage. Also, Have an option can take care of liquidity needs by the loan facility, surrender value option. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India.

LIC New Bima Bachat Single Premium Money Back Policy (Table 816)

Policy Main Specification

• Age at Entry (Last Birthday): 15 Years
• Maximum Age at Entry (Last Birthday): 
• 66 Years – Policy Term (PT)- 9 Years
• 63 Years – Policy Term (PT) – 12 Years
• 60 Years – Policy Term (PT) – 15 Years
• Premium Paying Term (PPT): Single (one time investment)
• Minimum Sum Assured:
  1. Rs. 35,000 – Policy Term (PT)- 9 Years
  2. Rs. 50,000 – Policy Term (PT) – 12 Years
  3. Rs. 70,000 – Policy Term (PT) – 15 Years
• Maximum Sum Assured: No bound (based on income Limit)

Key Features of LIC New Bima Bachat – Single Premium Money Back Policy

• LIC New Bima Bachat – Single Premium Money Back Policy is a one time investment (single term) policy with money back nature of good returns
• This plan is suitable from age of 15 years to 66 years (Last Birthday)
• Different Terms are available 9, 12 & 15
• Life Insured Person shall get the Survival Benefits of every 3 years once 15% of Basic Sum Assured, end of the policy term will be paid the Full Invested Money along with Loyalty Additions

Benefits of LIC New Bima Bachat – Single Premium Money Back Policy

• Bonus: Policy holder can be eligible for LIC declared Loyalty Additional Bonus.
• Maturity Benefit: The Basic Sum Assured and Loyalty Additional Bonus will be paid to the policy holder
• Death Benefit: 
  1. If the life insured person (policy holder ) may die within the period of 5 policy year, the Sum Assured will be paid to the nominee
  2. If the life insured person (policy holder ) may die after the period of 5 policy year, the Sum Assured and Loyalty Additions, If any will be paid to the nominee

• Surrendered Value:
• 1. First year: 70% of the Single premium excluding service tax, if any
  2. Second Year: 90% of the Single premium excluding service tax, if any, if any
• Loan : After one year policy holder will be eligible for have the Loan
• Rebates: High Sum Assured very good Rebates available in this policy
• Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

LIC New Bima Bachat – Single Premium Money Back Policy Details and KYC

Grace Period: This future will not applicable under this plan, because its an one time investment and no more further premium will be collected

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period only 90% of the premiums will be paid to the nominee

Documents Required: Proposal Form 300/340 shall be filled under this plan, and also other proof of documents are required to completed the policy, like address proof, and other Know your customer (KYC) documents.

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