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  LIC Jeevan Tarang - The Best Whole Life Money Back Plan

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 policy about children. Please suggest me best policy.

  2. I want to invest 25,000 in beema bachat policy. Please provide me details of benefits. Income tax Benefit which I can take from this policy.

  3. I am interested in having a pension plan. I plan to retire during the age of 50. I met a LIC agent few days back who suggested for me to go for bima bachat and jeevan anand for a tenure of 15 years, considering I would need pension plan starting at the age of 50. Do you recommend the same or are there any better plans you would suggest?


  4. -Details of my beema bachat policy are – Sum assured Rs 50000/- & Single premium paid is Rs 34476/-. Pl advice how much benefit I can take for income tax calculation for FY 2009-10.

  5. plz details my policy details:

    policy no.:420317781

  6. hi
    pls tel me my D O B is 02.10.1986 i m intrestad biba bachat lic polici 20000/- pls giv me ditails sene me email my Email ID is

  7. Pls advise if I can take Income tax benefit under 80 C for Wealth Plus policy for the entire premium amount of Rs. 20000/- paid every year.

  8. I want to buy one policy for my daughter, her age is 18yrs. please advise any good policy for her, may be single premium or any other.

  9. sir, your are mistaking , i have taken an endowment assurance policy with profit + accident denefit , when my age was 26 year , now i am 30 year old , i would like to know that this policy in which i pay premium of 31083.00 will his policy good or should i buy new policy of bima bachat or jeevan sarel

  10. i would like to now that i have invested in endowment assurance policy with profit + accident denefit. my age was 26 year & i pay premium of rs. 31083.00 . i would like to know that is this policy is good & how much it will benefit my in futures is this premium will be fully tax rebales & money i will get after maturity is fully tax free

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