LIC Bima Bachat ( Table No.175 ) is A single premium money back policy which gives you insurance cover as well as offers 15% of sum assured as money back at the end of every third year as per the term of the policy.
The policy can be for 9, 12 or 15 years, and the way it is structured is that you pay the LIC Premium, and then they will return you 15% of the sum assured every third year, and then the initial premium at redemption.
The minimum sum assured for LIC Bima Bachat Policy is Rs. 20000 and multiples of Rs. 5000 thereafter. There is no maximum limit for sum assured for this single premium money back policy.
Bima Bachat Details:
Let me give you an example to understand this single premium LIC money back policy. Suppose You are aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. You pays single LIC Premium of Rs.1,48,322. You receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by you.
Thus total amount received by LIC policy holder will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any.
General Conditions
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (nbd).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (nbd).
Terms Allowed: 9, 12 or 15 years.
Modes Allowed: All
If policy holder dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from
the SA). hence the total amount received would be Rs. 3,20,000.
If you are not satisfied with the “Terms and Conditions” of the LIC Bima Bachat Policy, you may return the policy to Life Insurance Corporation Of India (LIC) within 15 days.
The policy can be for 9, 12 or 15 years, and the way it is structured is that you pay the LIC Premium, and then they will return you 15% of the sum assured every third year, and then the initial premium at redemption.
The minimum sum assured for LIC Bima Bachat Policy is Rs. 20000 and multiples of Rs. 5000 thereafter. There is no maximum limit for sum assured for this single premium money back policy.
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| LIC Bima Bachat Example |
Let me give you an example to understand this single premium LIC money back policy. Suppose You are aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. You pays single LIC Premium of Rs.1,48,322. You receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by you.
Thus total amount received by LIC policy holder will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any.
General Conditions
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (nbd).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (nbd).
Terms Allowed: 9, 12 or 15 years.
Modes Allowed: All
If policy holder dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from
the SA). hence the total amount received would be Rs. 3,20,000.
If you are not satisfied with the “Terms and Conditions” of the LIC Bima Bachat Policy, you may return the policy to Life Insurance Corporation Of India (LIC) within 15 days.
