Bima bachat insurance policy is a single premium plan. Bonus will be payable on maturity and the survival benefit is payable every 3 years of 15% of S.A. There are 3 policy tenures possible in this policy – 9, 12, and 15 years. There is an S.A. rebate for large S.A. under this policy.
Loyalty additions of the policy
Bima Bachat policy is a participating plan and participates in the profit of LIC with profit business. However, his policy is not eligible for the reversionary bonus but the profit share will be payable on maturity. If the insured survives the stipulated date of maturity then the policy may be eligible for payment bonus (if any).
Parameters of the policy
|Entry age||Minimum 15 years (completed) / maximum 66 years|
|Maturity age||Mximum 75 years (NBD)|
|Policy term||9,12 and 15 years|
|Sum Assured||Minimum 20,000 / maximum no limit|
|Sum assured in multiples||5,000|
|Payment mode||Single premium|
|Surrender of policy||Yes|
Underwriter conditions of the policy
|Medical exam||Not required for any Sum assured|
|Dating back @ 9%||Allowed|
|High premium||rebate (per 1000 S.A.)|
|Less than Rs. 50,000||Nil|
|Rs. 50,000 and less than Rs. 1 Lacs||5%|
|Rs. 1 Lacs and less than 2 Lacs||7%|
|Rs. 2 Lacs and above||8%|
Surrender values (GSV/SSV) of the policy
The insured can surrender the policy but only after completion of at least 1 year. The GSV is equaled to 90% of the single premium paid (excluding extra premium) and premium paid and the survival benefit already paid.
Bima Bachat Insurance Policy Benefits
Maturity benefit of the policy
On maturity the insured will get a single benefit (excluding extra premium) along with bonus will payable.
Survival benefit of the Bima Bachat Insurance policy
If the insured will survive to the specific duration then the following benefit will be payable:
- For 9 years policy term – 15% of the S.A. at the end of every 3rd and 6th policy year.
- For 12 years policy term – 15% of the S.A. at the end of every 3rd, 6th, and 9th policy year.
- For 15 years policy term – 15% of the S.A. at the end of every 3rd, 6th, 9th, and 12 policy year.
The death benefit of the Bima Bachal Insurance policy
If the insured dies within the policy term then the nominee will get an amount equals to the S.A. amount.