LIC Bima Bachat Benefits

LIC has been introducing several novel concepts in the Indian insurance space. LIC Bima Bachat is one such policy that offers several benefits to its policyholders on death, maturity, and at specific durations of the policy. The following sections discuss the LIC Bima Bachat policy in detail.

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About LIC New Bima Bachat Policy

LIC Bima Bachat Policy is a non-linked, participating policy for which premiums are paid in a lump sum. This money-back insurance scheme offers life cover as well as opportunities to save.

With this plan, you receive survival benefits along with a guaranteed sum assured on death and maturity of the policy. 

Benefits of LIC Bima Bhachat Policy

The benefits offered by LIC Bima Bachat Policy are manifold. Some of the important ones are detailed below:- 

Death Benefit - The nominees assigned by the life assured are entitled to the sum assured on death while the policy is still in force. If death occurs in the first five years of the policy, the death benefit equivalent to the sum assured is paid. However, if death occurs after five years, the sum assured on death is paid along with loyalty additions.

The sum assured is higher than 1.25 times the single premium amount or basic sum assured.

Survival Benefits - LIC Bima Bachat survival benefit is also paid to the policyholder by the insurer. If the life assured survives specific policy years, (s)he is entitled to receive a fixed percentage of the sum assured on each of those years. The policy years are:

  • 15% at the end of the 3rd and 6th year of the policy, on choosing a policy term of 9 years. 

  • 15% at the end of the 3rd, 6th, and 9th year of the policy, on choosing a policy term of 12 years.

  • 15% at the end of the 3rd, 6th, 9th, and 12th years of the policy, on choosing a policy term of 15 years.

Maturity Benefits - If the life assured survives the policy term, (s)he is entitled to the sum assured on maturity with loyalty additions. The amount receivable is equal to the single premium amount paid at the time of policy inception. 

Loyalty Additions - LIC Bima Bachat is a participating policy which means that policyholders can enjoy a percentage of the profits earned by the company. However, loyalty additions are non-guaranteed benefits and are subject to changes based on the annual financial valuation of the company. 

These additions are only applicable on maturity on the death of the life assured after the completion of 5 years of the policy term.

Rider Benefits - The life assured can enhance their protection under the cover with the help of riders on paying a certain extra amount. The riders can only be bought at policy inception. The ones applicable under this rider are:

  • LIC’s Accidental Death and Disability Benefit Rider - In case the life assured succumbs to death as a result of an accident, (s)he is entitled to receive the rider sum assured in a lump sum. 

    • Alternatively, if the life assured suffers from any kind of disability due to an accident, (s)he is eligible to receive the rider sum assured in monthly installments spread across 10 years. 

  • LIC’s New Term Assurance Rider - If the life assured opts for this rider, (s)he is entitled to receive an amount equal to that assured under the rider on the death of the policyholder during the policy term. This amount is in addition to the death benefit amount discussed above.

Settlement Option - The settlement option under LIC’s New Bima Bachat policy offers an option to receive the maturity benefits in installments. This feature helps policyholders ensure a stream of regular income across the years. 

The installments are made throughout 5, 10, or 15 years, as chosen by you. The following conditions ply if you choose to avail of this option:

  • Installments are paid yearly, half-yearly, quarterly, or every month.

  • The first payment is made on the maturity date of the policy; subsequent amounts are payable based on the mode of payment chosen by the life assured. 

The minimum installment amounts applicable are - 

Payment mode Minimum Installment Amount 
Yearly Rs.50,000
Half-yearly Rs.25,000
Quarterly Rs.15,000
Monthly Rs.5,000

Death Benefit in Installments - You can also choose to receive the death benefit in installments made yearly, half-yearly, quarterly, or monthly. The minimum installment amount applicable is standard as in the settlement option discussed above.  

Rebates - On choosing a higher sum assured policyholders can enjoy rebates on the premium amount, as indicated below:

Policy term - 9 years
Less than Rs.75,000 Rs.75,000 to Rs.150,000 Rs.150,000 and above
NA 6% 8%
Policy term - 12 years
Less than Rs.1 Lakh Rs.1 Lakh to Rs.2 Lakhs Rs.2 Lakhs and above
NA 4% 6%
Policy term - 15 years
Less than Rs.150,000 Rs.1,50,000 to Rs.3 Lakhs Rs.3 Lakhs and above
NA 3% 5%

Surrender Benefit - Policyholders have the benefit of surrendering the policy at any point during the policy term. The amount payable on surrender is equal to the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher. 

  • Guaranteed Surrender Value is equal to 75% of the single premium amount in the first policy year. 

  • If the LIC Bima Bachat policy is surrendered at any time after the first year, 90% of the premium amount is payable by the insurer. 

Wrapping up!

The LIC Bima Bachat is a good option to invest in as it offers both protection and savings option. In addition to these, loyalty benefits and loan facilities also make this plan a worthwhile investment.


*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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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