New Bima Bachat – 816

Eligibility Conditions and Restrictions

  • Minimum Age at entry : 15 Years.
  • Maximum Age at entry : For Term 9 Year is 66 years for Term 12 years 63 years and for Term 15 years 60 years.
  • Age at Maturity : 75 Years.
  • Plan Term : 9,12,15 Years.
  • Premium Mode : Single.
  • Basic Minimum Sum Assured :
    For Term 9 years 35000
    For Term 12 years 50000
    For Term 15 years 70000Basic Maximum Sum Assured For all Terms no upper limit SA shall be in multiple of Rs. 5000.

Maturity Benefit

  • Single Premium Paid along with loyalty addition less Taxes and extra premiums ,if any

Death Benefit

  • First 5 years:
    Sum Assured shall be payable.
  • After completion of 5 years:
    Sum Assured and Loyalty Additions, if any shall be payable.

Survival Benefit

  • 15% of the SA on every third year of completion. Example : For 15 years term 3rd year 15% of SA, 6th year 15% of SA, 9th year 15% of SA 12th year 15% of SA and 15th year MAT
High Sum Assured Rebate
Policy Term Sum Assured Band % of Tabular Premium
9 years less than 75000 Nil
75000 to 150000 6%
150000 and above 8%
12 years less than 100000 Nil
100000 to 200000 4%
200000 and above 6%
15 years less than 150000 Nil
150000 to 300000 3%
300000 and above 5%

LIC’s New Bima Bachat Plan– Loan

♦  Loan facility available after completion of 1 policy year.
♦ Loan can be granted upto 60% of Surrender Value.

LIC’s New Bima Bachat Plan– Surrender Value

Available at any time during the policy term subject to realisation of the premium cheque.

  • No loyalty addition payable
  • Higher of GSV or SSV payable

♦ Guaranteed Surrender Value (GSV).
♦ 1st Year ~ 70% of Single Premium excluding taxes and extra premium,if any. Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.
♦ Special Surrender Value (SSV).
♦ Discounted value of Single Premium paid excluding taxes and extra premium,if any.
Note : Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

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