LIC's new Bima Bachat is a participating unlinked savings and protection plan where the premium is paid once at the inception of the policy. It is a money-back scheme that provides financial protection against death during the policy term as well as payment of survivor benefits at specified periods during the policy term. Additionally, upon termination, the single premium will be refunded along with loyalty addition, if any. The scheme also takes care of funding needs through its loan facility.
1. Benefits of LIC's New Bima Bachat Scheme:
Death during the first 5 policy years: Sum Assured.
Death after completion of five policy years: Sum Assured with the addition of loyalty if any.
In case of survival of the Life Assured till the end of the specified periods the payment shall be as given below:
For a policy period of 9 years: 15% of the Sum Assured at the end of every 3rd & 6th policy year
12 years for policy period: 15% of the sum assured at the end of every 3rd, 6th & 9th policy year
15 years for policy term: 15% of the sum assured at the end of every 3rd, 6th, 9th & 12th policy year
Payment of single premium (taxes and additional premium, if any) plus loyalty addition, if any, in case the life insurance policy remains till the end of the term.
Depending on the experience of the corporation, policies participate in profits and are eligible for loyalty additions. Loyalty addition, if any, shall be payable on death after completion of five policy years and on the remaining policyholder to maturity, at such rate and on such conditions as may be declared by the Corporation.