<p>LIC <strong>New Bima Bachat</strong> Plan no. 816 is a non-linked participating plan. It is a non-linked means, it is not linked to market ups and downs whereas participating means it is going to provide profit as per the experience of the corporation. It is a single premium plan which provides scheduled payment along with the return of a <a href="https://mypaisa.in/single-premium-endowment-plan-817/">single premium</a> paid plus additional benefits at the end of the term of the policy. <a href="https://mypaisa.in/bima-bachat/" class="rank-math-link">For Old Bima Bachat Table No. 175 Click Here</a></p>



<h3 class="wp-block-heading"><strong>Features and details of LIC new Bima Bachat plan</strong></h3>



<ul class="wp-block-list"><li>LIC New Bima Bachat is a single premium plan that means the policyholder has to pay the premium only once.</li><li>It is a money-back plan which also provides a bonus at the end of the term of the policy.</li><li>Policy terms can be chosen as 9 years, 12 years, or 15 years.</li><li>It provides a survival benefit at the end of every 3 years of the policy term.</li><li>If the policyholder survives throughout the policy term the whole premium that is assured along with bonus is paid to the policyholder as maturity benefit and the policy gets terminated</li><li>If the policyholder dies within the policy term the sum assured at the time of policy purchasing plus bonus will be given to the nominee of the policyholder as a death benefit.</li></ul>



<h3 class="wp-block-heading"><strong>Benefits provided under LIC New Bima Bachat plan</strong></h3>



<p><strong>Maturity benefit</strong></p>



<p>If the policyholder survives throughout the policy term then the corporation provides the whole sum of premium that is paid plus loyalty addition to the policyholder at maturity benefit.</p>



<p><strong>Death benefit</strong></p>



<p>If the policyholder meets to death within the policy term, then the death benefit is provided to the nominee of the policyholder.</p>



<p><strong>Detail of death benefit provided</strong><br />If the policyholder dies within the 5 years of the policy term then only the sum assured would be paid.</p>



<p>If the policyholder dies after the 5 years of the policy term then the sum assured + loyalty addition is paid as a death benefit.</p>



<p><strong>Loyalty benefit</strong></p>



<p>LIC New Bima Bachat policy provides loyalty addition that is declared after the completion of 5 years of the policy.</p>



<p><strong>survival benefit</strong></p>



<p>LIC&#8217;s New Bima Bachat plan provides a survival benefit that is 15% of the sum assured at the end of every 3 years of the policy term to the policyholder as a survival benefit. It is one of the main parts of this policy plan.</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Year: </strong><strong>Term</strong></td><td><strong>3rd Yr</strong></td><td><strong>6th Yr</strong></td><td><strong>9th Yr</strong></td><td><strong>12th Yr</strong></td><td><strong>15th Yr</strong></td></tr><tr><td><strong>9</strong></td><td>15%</td><td>15%</td><td>Maturity</td><td>NA</td><td>NA</td></tr><tr><td><strong>12</strong></td><td>15%</td><td>15%</td><td>15%</td><td>Maturity</td><td>NA</td></tr><tr><td><strong>15</strong></td><td>15%</td><td>15%</td><td>15%</td><td>15%</td><td>Maturity</td></tr></tbody></table></figure>



<p><strong>Eligibility Conditions and Restrictions</strong></p>



<p><strong>Tax benefit</strong></p>



<p>As per the Income Tax Act, the premium paid under this plan is <a href="https://mypaisa.in/income-tax-benefits-for-life-insurance-plans/">tax-free</a> as per section 80 C and the claim which is received is also tax-free under section 10 D.</p>



<h3 class="wp-block-heading"><strong>Eligibility criteria and premium details of LIC New Bima Bachat plan</strong></h3>



<ul class="wp-block-list"><li>The minimum age for entry of this plan is 15 years and the maximum age for entry is 66 years.</li><li>The maximum age at the time of maturity of the policyholder can be 75 years.</li><li>The policy term can be chosen as 9 years, 12 years, or 15 years.</li><li>The premium paying term is only single because it is a single premium pain plan.</li><li>The minimum sum assured for the policy term of 9 years is 35000 and for 12 years is 50000 and for 15 years is 70000 and there is no upper limit for the sum assured.</li></ul>



<h3 class="wp-block-heading"><strong>Documents required for LIC new Bima Bachat plan</strong></h3>



<ul class="wp-block-list"><li>Fully filled application form with photographs</li><li>Age proof of policy buyer.</li><li>Address proof.</li><li>PAN card and Aadhar card for KYC document</li><li>Accurate medical history</li><li>Medical examination report if required.</li></ul>



<p><strong>Terms related to LIC new Bima Bachat plan</strong></p>



<p><strong>Surrender value</strong></p>



<p>The corporation provides a surrender value that is within the first year of LIC New Bima Bachat Plan is 70% of the premium paid and from the second year onwards is 90% of the premium paid excluding taxes.</p>



<p><strong>Exclusion</strong></p>



<p>If the policyholder commits suicide within 12 months of the policy period then 90% of the premium paid is returned to the nominee of the policyholder.</p>



<p><strong>Cooling off period</strong></p>



<p>After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after receiving the policy document.</p>



<p><strong>Discounts</strong></p>



<p>There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.</p>



<p><strong>Loan.</strong></p>



<p>The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of certain years of policy paying term. As per the terms and conditions of the corporation.</p>

This post was last modified on March 21, 2021
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