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Features of LIC New Bima Bachat:


• Premium needs to be paid as lumpsum only once
• A money back equal to 15 % of Sum assured will be paid once in every 3 years
• Policy term can be 9yrs, 12 yrs or 15 yrs


LIC New Bima Bachat Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 35000 (9 yrs), 50000 (12 yrs), 70000(15 yrs) No Limit
Policy Term (in years) 9 yrs, 12 yrs , 15 yrs
Premium Payment Term(in yrs) Single
Entry Age of Policyholder 15 66
Age at Maturity - 75
Payment modes Single


Benefits of LIC New Bima Bachat :


Maturity Return – Single Premium paid alonf with Loyalty Addition (if any) will be paid

Money back Amount — The return on every 3rd year for each policy term is:

· 15% of the Sum Assured is paid at the end of the 3rd and 6th year for Policy Term of 9 years
· 15% of the Sum Assured is paid at the end of the 3rd, 6th and 9th year for Policy Term of 12 years
· 15% of the Sum Assured is paid at the end of the 3rd, 6th, 9th and 12th year for Policy Term of 15 years


Death Benefit

· On death before 5 Yrs, Sum assured will be paid
· On death after 5 yrs, Sum Assured with Loyalty Additions (if any) will be paid



Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available after completion of 1 policy Year.
Housing Loan Surity- Available

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New BIMA BACHAT (Single Premium)

LIC New Bima Bachat Plan (Table 816) is a single premium Money Back Plan.In this plan the premium is paid only once.

15% of the Sum Assured is paid after every 3 years and the entire Single Premium paid plus Loyalty Additions is paid at the end of the policy term.

However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.75% of the lumpsum premium paid.