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.
Benefits:
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 Term | 3rd Year | 6th Year | 9th Year | 12th year |
| 9 years | 60,000 | 60,000 | Final Maturity | – |
| 12 years | 60,000 | 60,000 | 60,000 | Final Maturity |
| 15 years | 60,000 | 60,000 | 60,000 | 60,000 |
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.
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.
i want to invest in bima bachat i want to know what is the rate of interst in policy and can i take my money back on the complete of 3years of policy my agent told me that i can take my total money back on 3rd year
pl update the new policies and mail to my address.
if i take a bima bachat policy for a 15 year term for Rs 1 lakh SA then my single premium would be Rs.74,893.
Q1 – how much can i show for tax purposes?
Q2 – can that same amount be shown for 15 years for tax purposes?
Sir,
I want policy for my daughter, she is born on 17th March 2011.
I want to plan for her studies. Like after 3 years her admission fee & donation etc exp. cover by policy and when she will in 10th slandered class after that for professional studies exp.
Pleaes advise me for which type of plan suitable for my daughter.
Regards / Manish
Congratulation Manish,
you can choose Child career or child future plan. Komal jeevan is also good. Read the details and choose any one..
sir ,my aunt applay for bima bachat she is 52 yearold widow and her application get rejected so kindly can i know your age related criteria affect ibecaus she is” 52 yearold widow”
She should be able to apply. What was the problem for rejection?
If the lady falls under category III, ‘widows without income’, LIC does not allow insurance. Reason , there is no insurable interest for her family members.
I bought 2 policy for 30K SA for each. Now my question is when I will be able to take loan against this policy ?
As per 1 agent I can avail loan very next day but other is saying you have to wait for a year. Please confirm
Thanks
Looks like you bought ULIP plan which does not grant you loan on policy.
sir ,
I have purchached Beemabachat table 175 for 9 year SA 50000 and single premium Rs34103 can I get tax benifit over section 80 c for rs 34103
what is rate of loyalty additon for bima batchat plan for 9 year term
My yrly income is 1.5 lac. Presently i have policier apprx 5. 00 lac. Now i want to buy such a plan which can give 20 to 25 lac risk cover at a yearly premium of Rs.15 thousand which will be refundable at the time of maturity. My age is 42 yrs.
I had a enquiry with the LIC Agent reg. Bima Bacht. He come up with what ever premium I am paying it will be considered for Tax free .. irrespective of 20% sum assured as it is a Single Premium policy. Pl confirm if any body knows clear details abt tax deduction for this policy ?