LIC’s New Bima Bachat Plan 916

The policy also provides survival benefits at a certain duration. Additionally, upon maturity of the policy, the single premium is returned along with Loyalty Additions, if there are any.  LIC New Bima Bachat Plan takes care of the liquidity needs of the policyholder through a loan facility.

Here is all you need to know about LIC New Bima Bachat Plan 916.

Key Features of LIC New Bima Bachat Plan 916

• LIC New Bima Bachat Plan is a savings plus protection plan
• It is a single-premium money-back plan
• At the time of maturity, single-premium is returned along with loyalty additions (if exist)
• As survival benefit, 15% of Basic Sum Assured is returned at the end of 3 years
• As maturity benefit, “Sum Assured on Maturity” along with loyalty benefits, if any, shall be payable
• As death benefit, Sum Assured is paid

Benefits of LIC New Bima Bachat Plan 916

1. Death Benefits

   The death benefit is payable in the below mentioned two cases:

   Death during the first 5 years:

   • Sum Assured is paid on the death of the life assured.

   Death after the completion of first 5 years:

   • Sum Assured + Loyalty Additions, if any

2. Survival Benefits

   If the policyholder survives a particular duration of time, a fixed percentage of Sum Assured is to be paid. The percentage varies for different policy terms as mentioned below.

   • For the 9-years policy term

   15% of Basic Sum Assured at the end of 3^rd and 6^th year of the policy

   • For the 12-years policy term

   15% of Basic Sum Assured at the end of 3^rd, 6^th, and 9^th year of the policy

   • For the 15-years policy term

   15% of Basic Sum Assured at the end of 3^rd, 6^th, 9^th, and 12^th year of the policy

3. Maturity Benefits

   If the policyholder survives the policy tenure,

   Sum Assured on Maturity + Loyalty Additions if any shall be payable

   Here, the sum assured on maturity is equal to a single premium paid, excluding taxes.

4. Loyalty Additions

   Loyalty addition to being paid only after the completion of five years of the policy provided all premiums are duly paid or the assured surviving the maturity.

Eligibility Conditions And Other Restrictions

Sample Illustrative

The sample illustrative single premiums for Basic Sum Assured of 1,00,000 for Standard lives are as under:

Rebates

Rebates in percentage are shown below:

Benefit Illustration

Options Available

Following additional options available under LIC New Bima Bachat Plan are as follows:

1. Rider Benefits

   • Accidental Death and Disability Benefit Rider
   • New Term Assurance Rider

2. Settlement Option for Maturity Benefits

   Maturity Benefit in installments over the chosen period of 5, 10, or 15 years instead of lump-sum amount

   Mode of Installment payment	Minimum installment amount
   Monthly	5,000
   Quarterly	15,000
   Half-Yearly	25,000
   Yearly	50,000

Documents Required

To take the LIC policy, you need proper documents supporting your application.  Following are the documents you require:

• Medical history
• Address proof
• Know your customer documents
• Medical examination (depending on your age or the sum assured)