LIC’s New Bima Bachat Plan 916

Life Insurance Corporation of India established itself over 100 years ago. Since then, insurance and LIC go hand in hand. So much so, that if you ask a layman about insurance, the first thing they would say is LIC. LIC New Bima Bachat Plan 916 is a non-linked, participating, savings plus protection plan. The premium under the New Bima Bachat plan is paid in a lump sum at the outset of the policy tenure. This money-back, saving plus protection plan offers financial protection to the family of the life assured in case of the untimely demise of the policyholder during the policy tenure.

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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 3rd and 6th year of the policy

    • For the 12-years policy term

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

    • For the 15-years policy term

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

Minimum entry age 

15 years

Maximum entry age 

 50 years (Closer birthday) for terms 9, 12, and 15 years

Maximum maturity age 

59 years (Closer birthday) for term 9 years

62 years (Closer birthday) for term 12 years

65 years (Closer birthday) for term 15 years

Policy Term

 9, 12, and 15 years

Minimum Sum Assured

35,000 for term 9 years

50,000 for term 12 years

70,000 for term 15 years

Maximum Sum Assured

 No limit

S.A.(Sum Assured) is in multiples of rupees 5,000

Premium payment mode

 Single-Premium only

Sample Illustrative

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

Age (Nearer birthday)

Term

9

12

15

15

72,187

74,016

77,155

25

72,281

74,112

77,270

35

72,540

74,434

77,680

45

73,569

75,566

78,925

Rebates

Rebates in percentage are shown below:

Policy Term

Basic Sum Assured

Rebates

9 years

Less than 75,000

75,000 and Less than 150,000

150,000 and above

Nil

6%

8%

12 years

Less than 100,000

100,000 and Less than 200,000

200,000 and above

Nil

4%

6%

15 years

Less than 150,000

150,000 and Less than 300,000

300,000 and above

Nil

3%

5%

Benefit Illustration

Entry Age

35

Policy Term

9

Mode of premium payment

Single

Basic Sum Assured

1,00,000

Single-Premium (excluding taxes)

72,540


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)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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