BIMA BACHAT
Rounded Rectangle:
  • Features

  • Benefits
    • Text Box: LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity. For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year. For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year. For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year. If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any. The policy holder is insured for an amount equal to the sum assured. The insurance cover is irrespective of the installments received. The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium). Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly. It also offers other benefits like the 15 day cooling off period, grace period and revival.
    BENEFITS
    Text Box: Single Premium The sample premium rates are as under: - Incentives for a higher sum assured: Let’s take an example of a 30 year old with a Bima Bachat policy for 12 years. If the sum assured is Rs 45,000 then he has to pay a premium of Rs 34800.75. But for a sum assured amount of Rs 50,000 he will have to pay a premium of Rs 36734.13 only, thus getting a 5% rebate in premium. Rebate Percentages: The following are the requirements that one needs to be aware of before applying for this policy: · The person applying for the policy should have completed 15 years and should not be older than 66 years. · The policy will mature when the person is 75 years old. · There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant. · The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured. · It is important to note that the sum assured should be in multiples of Rs 5000/- only.
    FEATURES
    Horizontal Scroll: Let your money grow!

    MoneyVriksh.com

    Insurance Helpline-

    0-9818716151

    Mutual Fund Helpline-

    0-9910311120

    Age

    Annual Premium per 1000 SA

     

    9

    12

    15

    15

    716.4

    771.35

    804

    20

    717.2

    771.85

    804.4

    25

    717.55

    772.25

    804.95

    30

    718.45

    773.35

    806.1

    35

    721.05

    775.75

    808.55

    40

    725.8

    780.25

    812.95

    45

    734.1

    787.6

    819.6

    50

    746.6

    797.9

    828.95

    55

    762.65

    811.95

    841.75

    60

    784.8

    831.3

    859.35

    65

    816.25

    -

    -

    Less than Rs. 50,000

    NIL

    Rs. 50,000 and Less than Rs.1 lakh

    5%

    Rs. 1 lakh and Less than Rs.2 lakh

    7%

    Rs. 2 lakh and above

    8%