Bima Bachat Summary:
LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policyholder and his family.


Death Benefits:
During the Term of the policy, if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.

Survival benefits:
Survival benefits (15% of SA) are paid at the 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity, the single premium paid along with Loyalty addition if any will be paid back.

Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)

Policy Term3rd Year6th Year9th Year12th year
9 years60,00060,000Final Maturity
12 years60,00060,00060,000Final Maturity
15 years60,00060,00060,00060,000

Eligibility Conditions and Restrictions LIC Bima Bachat:

Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12, or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available

Surrender Values:
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding the extra premium paid and the survival benefits paid earlier.

Bima Bachat Examples:
Let me give you an example to understand this policy.  Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays a single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as a death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.

Also Read  Single Premium Endowment Plan 817

Tax benefit (Updated)
Any life insurance policy except pension plan issued after April 1, 2012, should have risk cover of at least 10 times the annual premium to be eligible for the tax benefit under section 80C and section 10(10D) of income tax act 1961. For example: if your annual premium is Rs.10,000/- then your basic sum assured should be min. Rs.1 lac to be eligible for tax benefit.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days. 

Update: Bima Bachat has been discontinued.

  1. i want to know whether under bima bachat scheme one has under go medical test if his age is more than 60 ? s.rengarajan

  2. i am interested in beema bachat policy , i want to know that how much tax deducting will be at the time of maturity ( 15 year policy) policy amt is 500000

  3. I have a Bima Bachat Policy for the sum assured 2,00,000/- Single Premium paid 135912 on 5/01/2006, – I rcvd survivil benefit in two terms. h. I would like to know the total amount is to be available if I close the policy this month. Your kind advise is highly appreciated.

    Thank you
    Narayanan Adieyari V

  4. subhash chandra karmakar March 3, 2013 at 12:45 pm

    my age if is 62 years and if i open a policy in bima bachat scheme with sum assured for 2 lakh in one time investment of Rs154763 without any money back in installments what will be the total sum that i get at the end of 12 years

  5. sunil chakraborty February 7, 2013 at 4:53 pm

    whether the returns excluding the S.A. is taxable on Bima Bachat ?

  6. sir,

    i am going to invest rs.100000- in bima bachat policy.

    so, i request you to kindly give all the benefits to my mail id. i will invest regarding income tax purpose.

    thanks and regards


  7. i have bima bachat policy of 410000rs and 14 months have been passed locking period is no more so if i surrender it how much will i get refunds

  8. What are the medical requirement of person of 66 yrs. Is medical check necessary.

    Also Do you mean that in Bima Bachat plan we will receive total SA amount + 15% SA in 3rd yr , 6th yr, 9ths yr & 12th yr + loyalty .

    Thanks ,Reena

  9. I m 59,nearly retired.Want to take BIMA BACHAT for 9 years with SA Rs.75000/-
    I want to know what tax benefit I will get in this FY?
    What initial amt need to be paid?
    what money back I will get after3,6 and on maturity?
    Pl reply without any obligation

  10. “In the budget government had announced that all insurance policies, except pension plans will have to offer a cover of at least ten times the annual premium to be eligible for tax benefits under Section 80C and Section 10 (10D) of Insurance Act.

    LIC BIMA BACHAT DOESN’T GIVE 80(C) as well as 10(10d) benefit…..

    • Hi Shaiju,

      The information that was mentioned in comment section was old. I have update the tax benefit on main page.

      Thanks for pointing out.

1 2 3 7
    Paisa Portal