New Bima Bachat Plan 816 – One Time Premium

Jul 16, 2017 | Single Premium policy

LIC New Bima Bachat 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 single premium paid plus additional benefits at the end of the term of the policy. For Old Bima Bachat Table No. 175 Click Here

Features and details of LIC new Bima Bachat plan

• LIC New Bima Bachat is a single premium plan that means the policyholder has to pay the premium only once.
• It is a money-back plan which also provides a bonus at the end of the term of the policy.
• Policy terms can be chosen as 9 years, 12 years, or 15 years.
• It provides a survival benefit at the end of every 3 years of the policy term.
• 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
• 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.

Benefits provided under LIC New Bima Bachat plan

Maturity benefit

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.

Death benefit

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

Detail of death benefit provided
If the policyholder dies within the 5 years of the policy term then only the sum assured would be paid.

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

Loyalty benefit

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

survival benefit

LIC’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.

Eligibility Conditions and Restrictions

Tax benefit

As per the Income Tax Act, the premium paid under this plan is tax-free as per section 80 C and the claim which is received is also tax-free under section 10 D.

Eligibility criteria and premium details of LIC New Bima Bachat plan

• The minimum age for entry of this plan is 15 years and the maximum age for entry is 66 years.
• The maximum age at the time of maturity of the policyholder can be 75 years.
• The policy term can be chosen as 9 years, 12 years, or 15 years.
• The premium paying term is only single because it is a single premium pain plan.
• 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.

Documents required for LIC new Bima Bachat plan

• Fully filled application form with photographs
• Age proof of policy buyer.
• Address proof.
• PAN card and Aadhar card for KYC document
• Accurate medical history
• Medical examination report if required.

Terms related to LIC new Bima Bachat plan

Surrender value

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.

Exclusion

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.

Cooling off period

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.

Discounts

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.

Loan.

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.

Single Premium Endowment Plan 817

Jun 24, 2017 | Single Premium policy

LIC single premium endowment plan no.817 is one of the best saving plan for heavy amounts as the name says this is a single premium endowment plan. means there is no tension of paying the premiums monthly, quarterly or yearly. If you are having the lump sum amount of money this is the best plan in LIC to invest. It also provides return plus bonuses such as simple reversionary bonuses and final additional bonuses. It also provides death benefits.

Details of the LIC single premium endowment policy plan

• It is a single premium policy that means the premium is only paid at the start of the endowment plan.
• It is a complete package of investment return + protection against death + bonus
• This LIC endowment plan can be purchased or taken by anyone between the age group of 90 days to 65 years
• If the policyholder survives till the end of the policy tenure. the sum assured plus the assured bonus if any will be given to the policyholder.
• If the policyholder meets to death within the assure period the sum assured plus assured bonus if any, will be given to the nominee of the policyholder.
• The profits which are provided under this plan are a Simple reversionary bonus and a final additional bonus
• There is a loan facility also available in this plan after the completion of one year of the policy
• There is also tax benefit as per section 80c there is no Income Tax imposed on the sum paid as the premium of LIC under 1 lakh.

Benefits provided under LIC single premium endowment plan are following

Maturity benefit
On survival of the policyholder till the end of the policy period, the amount provided will be the sum assured with a simple reversionary bonus and final additional bonus if any, to the policyholder.

Death benefit
If the insured person meets that with him the policy turner before the commencement of the risk only policy amount will be given to the nominee of the policyholder but after the commencement of the risk period Sum assured + bonus if any would be paid to the nominee as the death benefit.

Questions and answers related to LIC single premium endowment plan

What will be the surrender value if anyone surrenders his policy?

In this policy plan, there is a fixed value for the surrender of the policy. if anybody surrenders his policy within one year the policyholder will get the 70% of the premium amount which is paid at the start of the policy and the policy will be terminated.

If anybody surrenders his her policy after more than one year of the policy tenure the policyholder will get 90% of the premium amount which is paid at the start of the policy.

What is simple reversionary bonus and final additional bonus?

A simple reversionary bonus is the percentage of sum assured under the LIC single premium endowment plan which is declared every year. it is not added to the assured sum.

The final additional bonus can be said as the reward amount to the policyholder if he or she has paid all the policy premium on time. there are some terms and conditions imposed on the final additional bonus.

What can be done if the buyer does not pleased with the coverage and the terms and condition of the LIC single premium endowment plan after buying the policy?

LIC provides a free look period for LIC single premium endowment plan for canceling the policy within 15 days after the receipt of the policy document in this period one can completely read the policy terms and condition and understand it after that within 15 days you can go for cancellation or keep it with yourself if you are pleased with the coverage and terms and condition.