The new LIC Bima Bachat Plan is for all those people who would prefer security over spending. It is a single premium participating endowment policy, that is, it is . Detailed Review & Our Recommendation on LIC Bima Bachat Plan. Compare Premiums, Key Features & Benefits of this Single Premium Money Back Policy. How the LIC New Bima Bachat Policy works? The policyholder chooses the Sum Assured and the Term of the plan when buying the policy. Based on these and.
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Ever come across a large pile of banknotes? You know, by winning the lottery or hitting the jackpot at your favourite casino?
Life Insurance Corporation of India – Bima Bachat
For example, your mother who loves to have you around just to start a bit of friendly banter or your younger brother who aspires to get into Yale but spends his weekends watching Gossip Girl. It is a single premium participating endowment policy, that is, it is the traditional cash back plan with scheduled payments coupled bchat the return of the entire premium in addition to loyalty points given at the completion of policy tenure.
There are three choices of policy term offered to the investor depending on their age and requirements — 9, 12 and 15 years, among which the applicant must choose at the time bacaht application. The minimum sum assured varies as the term of the policy. Also, the applicant must keep in mind that the amount assured must be a multiple of Rs After all, not every life insurance plan is synonymous with each other. Take a look at the features that this policy entails:.
It is a single premium cash back plan, that is, the lump sum of money is invested in the policy in return for a death benefit.
The loyalty addition promised is payable upon maturation of policy or on earlier demise. Surrender Benefit or Policy Termination: Why should you revoke your desire to spend all your money in one go and become a dull person investing in policies?
Read on to find out. If the investor survives the entire policy tenure, the entire premium submitted at the beginning of policy term along with the loyalty addition will be returned. If the insured person dies before the conclusion of the policy period, the following events can occur under the LIC Bima Bachat Plan:. If the bacyat dies before bachar end of 5 years of the policy tenure, then only the sum assured is returned to the nominee.
If the policyholder dies after the completion of 5 years of the policy tenure, then only the sum assured along with the loyalty addition if any is returned to the nominee. As mentioned previously, there is a rebate available for high sum assured.
As per section 80C, income tax is excused for the premium paid and on the claims received, according to the Income Tax Act. There are a few honourable mentions, when it comes to the prime benefits of the LIC Bima Bachat Plan, making it bwchat of the most sought after life insurance policies.
Also, it can be bought through agents, brokers or other company mediators. Application Form filled in with correct medical history and attested.
PolicyX or any of bachag subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make pooicy informed decision. YYYY Take a look at the features that this policy entails: Discount is provided on the higher sum assured.
LIC Bima Bachat
For Policy Term Of 9 Years: To be paid at the termination of 3rd year 2. To be paid at the termination of 6th year. Ilc Policy Term Of 12 Years: To be paid at the termination of 9th year.
For Policy Term Of 15 Years: To be paid at the termination of 12th year. Inclusions There are a few honourable mentions, when it comes to the prime benefits of the LIC Bima Bachat Plan, making it one of the most sought after life insurance policies.
Cheque for the Single premium 2. Know Your Customer Documents 4. A passport sized photograph.
Date of Birth proof 6. Application Form filled in with correct medical history and attested 9. How helpful was this page?