Review of LIC New Bima Bachat Plan

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?

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.