Best LIC Bima Bachat Plan In Nagpur

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 LIC Bima Bachat Plan is actually a single premium Money Back Plan. This is a non unit-linked insurance traditional plan where a certain amount of money is paid as pre-decided intervals. In this plan the premium is paid only once and 15% of the Sum Assured is paid after every 3 years and the entire Single Premium paid plus Loyalty Additions are paid on Maturity. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit.

Key Details Of The LIC New Bima Bachat Plan

Want to know what you’re getting into with this insurance policy? After all, not every life insurance plan is synonymous with each other. Take a look at the features that this policy entails:

1. It is a single premium cash back plan, that is, the lump sum of money is invested in the policy in return for a death benefit.

2. The loyalty addition promised is payable upon maturation of policy or on earlier demise.

3. 15% of the sum assured is returned after three years as a survival benefit (will be elaborated later).

4. Discount is provided on the higher sum assured.

5. Surrender Benefit or Policy Termination: Within the first year of the policy term’s commencement, if the applicant withdraws, 70% of the single premium is returned excluding taxes. If one retreats after the 2nd year launches, then 90% of the single premium is returned.

6. If the policy seems unapproachable for you, the option of cancelling the LIC New Bima Bachat Plan within 15 days rests with you.

Benefits you get from LIC Bima Bachat plan

Death Benefit – In case of death of the Life Insured, the nominee receives the entire Sum Assured + accrued Bonus

Survival Benefit – The Life Insured would receive the following Survival Benefit

· For a Policy Term of 9 years, 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable

· For a Policy Term of 12 years, 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable

·  For a Policy Term of 15 years, 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable

Maturity Benefit – When the policy matures, the entire single premium paid + Loyalty Additions are paid.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

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