|
Bima Bachat (Single Premium Money Back Plan)
Bima Bachat
Table
No. 175
(Single Premium Money Back Plan)
LIC’s Bima Bachat is a single premium money back
type plan. This is the best form of life assurance for family provision since
it enables the life assured to pay the premiums only once relieving him from
the necessity of making payments later. Under this plan, a part of sum assured
is paid to the policy holder periodically and on maturity, Single Premium paid
under the policy is paid back along with Loyalty Additions, if any.
The plan also provides for payment of Sum Assured in case of earlier death
irrespective of whether or not any survival benefits have been paid earlier.
The shorter premium paying term helps the policy holder
to restrict the payment of premium to his productive years and simultaneously
continue the life risk cover to desired age, depending on the needs of the
family. The survival benefit received may be reinvested, If not required at
that moment, in any safe and high interest yielding investments so that one can
have handsome amount at the end of the policy term.
Benefits
Ø Survival Benefits:
ü The following
table shows the survival benefit payable for different policy terms:
Term
|
Year
|
Survival Benefit Receivable
|
9
Yrs
|
End
Of 3rd & 6TH Year
|
15%
Of Sum Assured
|
12
Yrs
|
End
Of 3rd, 6TH & 9th Year
|
15%
Of Sum Assured
|
15
Yrs
|
End
Of 3rd, 6TH & 9th & 12th Year
|
15%
Of Sum Assured
|
Ø
Death Benefit:
ü
On death of the Life Assured during the term of the
policy, an amount equal to the Sum Assured shall be payable. The survival
benefit already paid will not be deducted from the death claim.
Ø
Maturity Benefit:
ü On
Maturity of the Policy, Single Premium Paid along with Loyalty Addition
(excluding extra premium) will be paid in case of Life Assured surviving to the
end of the term.
Ø
Sum Assured Benefit:
ü
The following table shows the rebate available on the
sum assured.
Sum Assured
|
Rebate( % Of Basic
Premium)
|
Up
To Rs. 49,000
|
Nil
|
Rs.
50,000 To Rs. 99,000
|
5%
|
Rs.
1,00,000 To Rs. 1,99,000
|
7%
|
Rs.
2,00,000 And Above
|
8%
|
Features
Ø Minimum
Sum Assured - Rs. 20,000/- and in multiple of Rs. 5,000
Ø No
Maximum Limit
Ø Minimum
age at entry - 15 years (Completed)
Ø Maximum
age at entry - 66 years (nearer birthday)
Ø Maximum
age at maturity -75 years (nearer birthday)
Ø Term -
9, 12 and 15 Years
Ø Loan
Available
