LIC Launches New Bima Bachat Plan (Table No 816).
Service Tax shall be applicable at the prevailing rates and borne by the
policyholder as per rules
.
Maturity Benefit -Single Premium Paid along with loyalty
addition less Taxes and extra premiums ,if any
Death Benefit -
First 5 years: Sum Assured shall be payable.
After completion of 5 years: Sum Assured and Loyalty
Additions, if any shall be payable.
SURVIVAL BENEFIT (as a percentage of Sum Assured )
|
Year >Term
|
3rd
|
6th
|
9th
|
12th
|
15th
|
|
9
|
15%
|
15%
|
Maturity
|
NA
|
NA
|
|
12
|
15%
|
15%
|
15%
|
Maturity
|
NA
|
|
15
|
15%
|
15%
|
15%
|
15%
|
Maturity
|
Eligibility Conditions and Restrictions
·
Age at entry - 15 years
·
Age at Maturity - Maximum 75 Years
·
Policy Term - 9 , 12 and 15 years
·
Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
·
Basic Sum Assured -
|
Min Term 9 Yrs
|
Min Term 12 Yrs
|
Min Term 15 Yrs
|
Maximum Term – 9/12/15
|
|
|
Sum Assured
|
35000
|
50000
|
70000
|
No upper LimitSA shall be in
multiple of Rs.5000
|
Loan – Loan facility available after completion of 1 policy year.
Loan can be granted upto 60% of Surrender Value
Surrender Value-
·
Available at any time during the policy term subject to realisation of
the premium cheque.
·
No Loyalty Addition payable
·
Higher of GSV or SSV payable
Guaranteed Surrender Value (GSV) -
1st Year ~ 70% of Single Premium excluding taxes and extra
premium,if any.
Thereafter ~ 90% of Single Premium excluding all Survival
Benefits paid earlier, taxes and extra premium, if any.
Special Surrender Value (SSV) -Discounted value of Single Premium paid
excluding taxes and extra premium, if any.