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Lic New Bima Bachat Plan No 816 in the new plan launched by Life Insurance corporation of India in January 2014
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LIC’s New Bima Bachat PlanBenefits
Bima Bachat Plan Plan No. 175
New Bima Bachat plan Plan No. 816
Maturity Benefit Maturity Benefit
Single Premium Paid along Single Premium Paid along with loyaltywith loyalty addition less
extra premiums ,if any.addition less Taxes and extra premiums,if any
Death Claim Benefit Death Claim Benefit
Payment of Sum Assured Fi rst 5 years:Death Benefit Modified
Sum Assured shall be payable. After completion of 5 years:
Sum Assured and Loyalty Additions, if any shall be payable.
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LIC’s New Bima Bachat Plan - Benefits
There is no change in the percentage of Survival Benefit payable
under Bima Bachat – Plan 175 and New Bima Bachat Plan - 816
No Change in SB
SURVIVAL BENEFIT(as a percentage of Sum Assured )
Year->
Term↓ 3RD 6TH 9TH 12TH 15th
9 15% 15% MAT
12 15% 15% 15% MAT
15 15% 15% 15% 15% MAT
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LIC’s New Bima Bachat PlanEligibility Conditions and Restrictions
DescriptionParticulars Plan No 175
Bima BachatPlan No. 816
New Bima Bachat
Age at entry
15 to 66 years irrespective of the policy term
Minimum
Maximum15
yearsTerm = 9 Term = 12 Term = 15
66 yrs 63 yrs
Maximum 75 Years
60 yrsAge at Maturity
Maximum 75 Years
Age at Entryand SA based on policy term
Policy Term
9 , 12 and 15 years 9 , 12 and 15 years
Minimum
Maximum
Basic Sum Assured
Minimum 20000 and in multiple of Rs 5000 No
upper limit
Term = 9 Term = 12 Term = 15 Term = 9/12/15
No upper Limit SA shall be in35000 50000 70000 multiple of
Rs.5000
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HLIC’s New Bima Bachat Plan
igh Sum Assured RebatE
New Bima Bachat
Plan 816
Tabular Premium
Less than 75000 Nil
Bima Bachat Plan No. 175 Policy Term Sum Assured Band
% of
Policy Term
Sum Assured Band
% of Tabul
ar9 75000 to less than
years 150000 6%
150000 and above 8%
premi um
Less than 50000 Nil
12 100000 and less than years 200000
Less than 100000 Nil
4%Policy term –
50000 and less than 100000
5%
200000 and above 6%
15Less than 150000 Nil150000 and less than
9,12 and15 years
100000 and less than 200000
7%
years 300000 3%
300000 and above 5%200000
And above 8%
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’ ’
LIC’s New Bima Bachat Plan Surrender Value
LIC s Bima BachatPlan No 175
LIC s Bima BachatPlan No. 816
Available after completion of 1 year.
Available at any time during the policyterm subject to realisation of the
SV availablepremium cheque.No Loyalty Addition payable. No Loyalty Addition payable.Higher of GSV or SSV payable Higher of GSV or SSV payable
at any time.
Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)GSV is equal to 90% of the single premium paid excluding extra premium and less amount of Survival benefits paid earlier.
1st Year ~ 70% of Single Premiumexcluding taxes and extra premium,if any.Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and
GSVmodified
extra premium, if any.Special Surrender Value (SSV) Special Surrender Value (SSV)Discounted value of Single Premium paid excluding extra premium, if any.
Discounted value of Single Premium paid excluding taxes and extra premium,if any.
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LIC’s New Bima Bachat Plan - LoanLoan ~ Modified
LIC’s Bima Bachat LIC’s Bima Bachat
Plan No 175 Plan No. 816
Loan available after payment of
first premium.
Loan facility available after
completion of 1 policy year
Loan can be granted upto 90% of
the Special Surrender Value
Loan can be granted upto 60% of
Surrender Value.
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LIC’s New Bima Bachat Plan
Table No 175 Bima Bachat Plan
Table No 816 New Bima Bachat Plan
Service Tax was borne by the corporation.
Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.
There shall be no change in the following Items
Back DatingPaid-up Value
Assignment/Nomination
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THANK YOU…