Review of LIC New Bima Bachat Plan

My husband and I decided to buy LIC New Bima Bachat Plan to secure the future of our child. We wanted to provide our child with the best of everything even in our absence. The plan will help our kid to avail quality education in the coming years. By Mrs. Rekha Mathur

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Mrs. Rekha Mathur bought LIC New Bima Bachat Policy to secure the future of her child. The plan helps you to plan for your child’s future by paying a one time premium. The plan not only looks after the family after your demise but also helps you to achieve your future financial goals.

New Bima Bachat Plan offered by the LIC of India is a single premium money-back policy wherein the policyholder needs to pay a lump sum premium at the time of buying the policy. The plan provides life coverage along with the maturity benefits. In addition to this, the plan also offers survival benefits, loyalty additions and rider options for enhanced protection.

Let us explore more about the plan and understand why customers are preferring this plan:

Benefits of LIC New Bima Bachat Plan

LIC New Bima Bachat Plan offers the below-mentioned benefits to the policyholders.

  1. Death Benefit

    Death benefit is paid to the nominee in case of the policyholder’s death during the policy term. The death benefit payable is:

    • On death during the first five policy years: “Sum Assured on Death”. 

    • On death after completion of five policy years: “Sum Assured on Death” along with Loyalty Addition, if any. 

    “Sum Assured on Death” is defined as higher of: 1.25 times the single premium or Basic Sum Assured.

  2. Maturity Benefit

    Maturity Benefits are paid to the policyholder if he/she survives till the end of the policy term. The maturity benefit paid is equal to the Sum Assured on Maturity + Loyalty Additions if any.

  3. Loyalty Additions

    Loyalty addition are paid to the policyholder only after the completion of five policy years, provided provided all due premiums are paid and the policyholder survives till the maturity

  4. Survival Benefits

    The survival Benefit is paid to the policyholder for surviving a predetermined duration of time. The benefit paid is a fixed percentage of Sum Assured that 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

  5. Riders for Enhanced Protection

    LIC New Bima Bachat Plan allows the policyholder to enhance the projection of their base cover through riders. The riders available under the plan are:

    • Accidental Death and Disability Benefit Rider

    • New Term Assurance Rider

    These riders can be added to ensure complete safety against life’s uncertainties.


Who is Eligible to Buy LIC New Bima Bachat Plan?

Parameters Minimum Maximum
Entry Age 15 years 50 years (Closer birthday) for terms 9, 12, and 15 years
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
Sum Assured 35,000 for term 9 years
50,000 for term 12 years
70,000 for term 15 years
No Limit
Premium payment mode Single-Premium

Summing It Up

LIC New Bima Bachat Plan is a money back plan that is designed to safeguard the future of your loved ones. By paying a one-time premium, the plan allows the policyholder to fulfill the financial goals in the future.

*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

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