LIC Bima Bachat Plan

LIC’s New Bima Bachat Plan is a Single Premium Participating Anticipated Endowment Plan. Thus, LIC Bima Bachat is a traditional money-back plan with scheduled payments and the return of a single premium paid plus loyalty additions at the end of the policy tenure.

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Key Features LIC Bima Bachat

  • LIC Bima Bachat is a Single Premium Plan of LIC Endowment & Saving Traditional plans.
  • LIC Bima Bachat is a Simple money back plan with the bonus option
  • LIC Bima Bachat can be taken for 9 years, 12 years, or 15 years
  • Under LIC Bima Bachat, if the Life Insured is alive at the end of every three years, 15% of the Basic Sum Assured is paid as Survival Benefit, and the policy continues.
  • Under LIC Bima Bachat, on survival till the end of the policy tenure, the entire Single Premium paid along with Loyalty Addition would be paid to the policyholder as Maturity Benefit, and the policy terminates.
  • Under LIC Bima Bachat plan, if the life insured dies within the policy tenure, the entire Sum Assured + Loyalty Addition would be paid to the nominee as Death Benefit. 

Benefits of LIC Bima Bachat

Loyalty addition: LIC Bima Bachat policy declares loyalty addition after the policy has completed a tenure of 5 years.

Survival Benefit: Under LIC Bima Bachat plan, on survival, 15% of the Sum Assured is paid to the policyholder as Survival Benefit, and the policy continues:

For Policy Tenure of 9 years

  • Payable at the end of the 3rd Policy Year
  • Payable at the end of the 6th Policy Year

For Policy Tenure of 12 years

  • Payable at the end of the 3rd Policy Year
  • Payable at the end of the 6th Policy Year
  • Payable at the end of the 9th Policy Year

For Policy Tenure of 15 years

  • Payable at the end of the 3rd Policy Year
  • Payable at the end of the 6th Policy Year
  • Payable at the end of the 9th Policy Year
  • Payable at the end of the 12th Policy Year

Maturity Benefit: Under LIC Bima Bachat, the Single Premium paid + Loyalty Addition would be paid to the policyholder on survival till the end of the policy tenure.

Death Benefit: If the Life Insured dies within the policy tenure under LIC Bima Bachat:

  • Only Sum Assured will be paid if the Life Insured dies within the first five policy years of the LIC Bima Bachat plan.
  • After completing five years of LIC Bima Bachat, the Sum Assured, and Loyalty Addition, if any, would be paid as Death Benefit.
  • There is a high sum assured discount available under the LIC Bima Bachat plan.
  • Income tax benefit on the premium paid under LIC Bima Bachat as per Section 80C and the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:




Entry Age (Last Birthday)

15 years

66 years for PT = 9

63 years for PT = 12

60 years for PT = 15

Maturity Age (Last Birthday)


75 years

Policy Term (PT) in years

9, 12 and 15 years

Premium Paying Term (PPT) in years


Premium Paying Frequency


Sum Assured

Rs 35,000 for PT = 9

Rs 50,000 for PT = 12

Rs 70,000 for PT = 15

No Limit

LIC Bima Bachat Premium Details 

The annual premium is mentioned in Rupees for a Sum Assured of 1 Lac under LIC Bima Bachat plan. Basic Premium is mentioned below (Tax not included).


9 Years Policy

12 Years Policy

15 Years Policy

30 Years




40 Years




50 Years




Policy Details

Grace Period: Not applicable under LIC Bima Bachat as there is no need for further premium payment.

Policy Termination or Surrender Benefit: The Surrender Benefit is available under LIC Bima Bachat plan:

  • Within the first year of LIC Bima Bachat: 70% of the Single premium paid excluding taxes and extra premium, if any.
  • Under LIC Bima Bachat, from the 2nd year onwards, 90% of the Single premium is paid excluding taxes, extra premium, if any, and all survival benefits paid earlier.

Free Look Period: If you are not pleased with the coverage and terms and conditions of the LIC Bima Bachat policy, you have the option of canceling the LIC Bima Bachat policy within 15 days of receipt of the LIC Bima Bachat policy documents, provided there has been no claim.


The loan is available in LIC Bima Bachat, upto 60% of the surrender value.


Under LIC Bima Bachat, if suicide is committed within 12 months of policy inception, only 90% of the single premium paid is returned to the nominee.

Documents Required

For LIC Bima Bachat policy, the policyholder must fill up an ‘Application form/ proposal form’ with an accurate medical history, address proof, and other KYC documents. A medical examination may be required in some cases, based on the sum assured and the person's age under LIC Bima Bachat.

Advantages of a Money Back Policy

A money-back plan is one of the best types of life insurance policies available in the market. Besides offering insurance and investment, a money-back plan offers guaranteed returns by way of money redemption at regular intervals with a low degree of risk. Such a plan is ideal for people who require money at different stages in their life to meet fixed long and short-term financial needs such as buying a car and house, international vacations, paying for health expenses, school fees, etc.

Unlike traditional endowment plans, where survival benefits are payable only at the end of the endowment period, a money-back plan offers periodic payments of partial survival benefits during the policy's tenure as long as the policyholder is alive. 

Key Advantages of a Money Back Policy:

  1. Insurance Cover as well as Investment Returns

    A money-back plan is ideal for risk-averse individuals as it provides them with a life insurance cover in addition to significant guaranteed returns (investment returns). In fact, a money-back plan offers several advantages – maturity benefit, survival benefit, insurance cover, and bonus, resulting in significant overall payouts.

    All other investment plans pale in comparison to the advantages of a money-back plan. Most give returns only at the end of the policy tenure. In contrast, some give returns over the policy's lifetime. Still, none of them match up to the advantages offered by money-back plans. A money-back plan provides insurance cover, regular income, tax benefits, and bonuses.  

  2. Helps Plan Course of Life with Regular Payouts

    Every individual has a set of dreams and aspirations for essential stages in life. These can be fulfilled only if one has the required amount of money to make these dreams a reality.

    A money-back plan helps a person chart the course of his or her life with a sum that is expected at regular intervals. With regular income through a money-back plan, one can be sure that the dreams will see the light of the day without compromising one’s day-to-day responsibilities. Whether it is paying for a child’s education, buying a car, or any other necessary expense, it can be executed smoothly with the help of this policy. A money-back plan helps meet intermittent liquidity requirements at essential stages of life.

  3. Returns Begin to Accrue After Few Years

    Unlike most insurance products which pay benefits only at the time of maturity of the plan, a money-back insurance plan starts giving returns after a few years of investment.

    In the case of long-term policies, an amount is paid every few years (survival benefit) and the remaining on maturity. This amount totals to a significant amount and can be utilized towards short or long-term purchases.

    The final payout given at the time of maturity with the maturity amount is larger than previous payouts. Survival benefit is paid only if the policyholder is alive. In case of passing away of the insured party, survival benefits do not accrue, and the nominee/beneficiary only receives the sum assured plus any loyalty bonus amount. 

  4. Policyholder Receives Full Sum Assured on Maturity

    Under a money-back insurance plan, the policyholder receives the full sum assured amount at the time of maturity, irrespective of the survival benefits received earlier.

    A money-back plan pays more than just the maturity amount. The insured receives periodic survival benefits over the term of the policy. And he/she stands a chance to receive a bonus by way of loyalty addition at the end of the plan period, part of the maturity benefit. 

  5. Time Value of Money Higher with a Money Back Policy

    The principle of the time value of money states that the value of money available at present is worth more than the same amount in the future due to its potential earning capacity

    This is why money-back plans score over other kinds of life insurance plans. Survival benefits which are paid periodically over the policy tenure are worth more than if they were paid at the end of the policy term. 

  6. Helps Counter Volatility Arising from Market Linked Investments

    The very nature of returns from market-linked investments is unpredictable because of the volatile nature of markets. Money-back plans help safeguard against losses arising from other forms of investment due to the guaranteed nature of its returns.

    It is advisable to have a money-back plan as part of one’s portfolio, even if one relies heavily on market-linked instruments. In addition to definite returns, a money-back plan offers a life insurance cover. The periodic survival benefit amount can be used to take care of expenses at different stages in life or even to make investments. 

  7. Bonus at Maturity Increases Overall Payout

    The policyholder receives 2 kinds of bonuses under the money-back plan, which significantly increases the overall payout.

    The first is a reversionary bonus, declared at the end of each year by the life insurance company for its policies and added to the total sum payable to the insured at maturity. The bonus is declared as a percentage of the sum assured and can be of 2 types – simple revisionary bonus and compound revisionary bonus. The compound revisionary bonus for each year is added to the sum assured. It increases the sum assured amount; therefore, the bonus figure for succeeding years is more as the sum assured has increased from the previous year’s amount.

    The second bonus, the final additional bonus, may be given by the insurance company to the policyholder at the end of the policy tenure as a reward for loyalty. 

  8. Tax Savings

    The premium paid under money back life insurance policy is entitled to tax deductions under section 80C of the Income Tax Act, up to the specified limit, as long as the insurance premium is less than 10% of the sum assured. This way, one can reduce his/her tax liability with the help of a money-back plan.

    Also, the maturity amount is exempt from tax deduction at source, as long as the sum assured is more than 5 times the premium paid for the policy. 

  9. Surrender Clause

    A money-back policy usually has a built-in clause that allows surrendering the policy before the end of the policy term.

    In such cases, the surrender value is calculated based on pre-defined formulae and paid by the insurance company to the policyholder. 

  10. Policy Loan

    Some money-back policies offer a loan facility, i.e., a loan can be availed against the policy during the policy term, subject to specific terms and conditions and the production of the satisfactory title.

Comparison of Life Insurance Plans

Term Plan

Endowment Plan

Money-Back Plan

Unit-Linked Insurance Plan


Pure insurance

Insurance cum investment/savings

Insurance cum investment/savings

Insurance cum investment/savings


A term plan is the most basic type of life insurance which provides a life cover with no savings.

An endowment plan is different from a term plan in one major aspect i.e. the presence of maturity benefit. Profits, if any, accrue as a result of premiums invested in debt and equity.

A money-back plan is a variant of an endowment plan with one difference – regular payouts are staggered through the policy term at specific intervals as long as the policyholder is alive.

ULIP, a variant of the traditional endowment plan, gives greater control to the policyholder with respect to where the premium can be invested. Combining insurance and investment, a portion of the premium goes towards providing a life cover, whereas the remaining is invested in equity and debt.


In case the policyholder dies during the policy term, his/her nominee receives the sum assured. If the policyholder survives the term, there is no payout and one loses the yearly premiums paid.

Endowment plans pay out the sum assured in case of death as well as the survival of the policyholder at the end of the policy term. The premium is higher to factor in both scenarios.

If the policyholder survives the term, he/she receives the remaining (balance) sum assured. In the event of the death of the insured, the insurance company pays the full sum assured along with survival benefits to the nominee/beneficiary.

In the case of the policyholder's death, the nominee receives a death benefit which is equal to higher of the sum assured or fund value (Type 1 ULIP). In the case of Type 2 ULIP, the death benefit is equal to the sum assured plus fund value.


Cheap, low risk, high return.

Combines insurance and investment.

Regular payouts during the policy tenure to help take care of immediate as well as long-term needs.

Combines insurance and investment. Assists in wealth creation by investing premium in market-linked funds. Transparent structure.


No payout at the end of the policy term if the insured is still alive.

Invests mostly in debt which yields low returns.

Relatively low returns.

Market volatility can diminish returns.


  • Q. What additional benefits does one get on maturity of a LIC Bima Bachat policy?

    Ans: If the policyholder outlives the duration of the LIC Bima Bachat policy, he/she receives the entire single premium (excluding extra premium) along with loyalty additions, if any, at the time of maturity. 
  • Q. How much insurance does one get under LIC Bima Bachat?

    Ans: The policyholder is insured for an amount equal to the sum assured, clearly stated in the LIC Bima Bachat policy papers. 
  • Q. How much insurance does one get under the LIC Bima Bachat plan if one has already received an installment?

    Ans: Under LIC Bima Bachat, the insurance cover remains the same irrespective of any installments received. 
  • Q. When does one become eligible for guaranteed surrender value under LIC Bima Bachat policy?

    Ans: The guaranteed surrender value is available only after at least one policy year under LIC Bima Bachat. The value equals 90% of the single premium paid (excluding taxes and extra premium). 
  • Q. What other benefits does the LIC Bima Bachat insurance policy offer?

    Ans: LIC's New Bima Bachat is the only money-back policy that offers a loan facility. A loan can be availed under the LIC Bima Bachat plan any time after completing one policy year. The loan amount will be equal to 60% of the surrender value on the date of sanctioning of the loan. The corporation determines the rate of interest for the loan from time to time.
    This money-back insurance policy – LIC Bima Bachat, also offers other benefits like a 15-day cooling-off period, the grace period in case of late payment of premium, and policy revival if the premium had not been paid for some time. 
  • Q. Who is eligible for the LIC Bima Bachat policy? Are there any other conditions or restrictions under LIC Bima Bachat policy?

    Ans: Any person applying for LIC Bima Bachat policy must be aware of the below-mentioned requirements:
    • The policy applicant should have completed 15 years and should not be older than 66 years.
    • LIC Bima Bachat policy matures when the policyholder turns 75 years old
    • There is a choice of 3 terms under LIC Bima Bachat policy depending on the age and requirements of the applicant – 9, 12, and 15 years.
    • Under LIC Bima Bachat, the minimum sum to be assured is Rs. 35,000 (9 yr. term), Rs. 50,000 (12 yr. term) and Rs. 70,000 (15 yr. term). There is no upper limit on this amount.
    • It is important to note that the sum assured should be in multiples of Rs. 5,000 only
    • LIC Bima Bachat policy requires the policyholder to pay a single premium only.
  • Q. What are the benefits of paying LIC Bima Bachat premium through net-banking / phone-banking?

    Ans: LIC offers its policyholders various benefits, including paying their premium through online channels. Some benefits include:
    • Freedom to decide and authorize payments – 24 hours a day, 7 days a week because of anytime-anywhere access to the internet
    • Ability to issue payment instructions from within the confines of home or office – no need to visit a LIC branch personally.
    • Saves time as one does not have to wait in queues for making payment
    • Free service – no charge has to be paid to LIC or its authorized agencies
    • Get reminders and alerts by email and SMS from banks and service providers about the premium dues of LIC Bima Bachat.
    • Avoid demand draft/pay order charges (for outstation policy premiums) and postage/courier expenses in sending premium to LIC. 
  • Q. Which organizations are authorized to collect LIC Bima Bachat premium through net-banking / phone-banking?

    Ans: The following banks and service providers are authorized to collect the LIC Bima Bachat policy premium.
    Authorized Banks:
    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI Bank
    • Federal Bank
    • Corporation Bank
    • Citibank
    Authorized Service Providers (available in select cities only):
  • Q. What are the important points to be noted for availing of this payment facility under LIC Bima Bachat policy?

    Ans: Keep the below points in mind:
    • Avoid payment at cash counters once you have successfully registered for premium payment for LIC Bima Bachat through net-banking or phone-banking because there have been instances where payment reminder for the same month has been sent twice.
    • Have your current address updated in the LIC Bima Bachat policy records so that renewal premium receipts are sent to the correct postal address
    • In case of non-receipt of LIC Bima Bachat renewal premium receipt, the premium paid certificate can be collected from the servicing branch of your LIC Bima Bachat policy.
    • There is a short gap between the debit date in your bank account and the date when the LIC Bima Bachat policy shows updated status post-premium payment.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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