LIC Bima Bachat Withdrawn Plan
LIC Bima Bachat Withdrawn Plan is a money-back policy. LIC introduced this particular plan for the people who find it irritating to make the premium payment again and again. It makes you have an assurance of the money. The policy provides financial security and an assurance to the policy holder and his family. The insured needs to pay only a single premium. Bima Bachat is a Single Premium-Money Back Policy. The Insured can pay a single premium as a lump sum amount.
Eligibility for LIC Bima Bachat Plan
|Maturity Age||75 Years|
|Min. Rebate (>50,000)||5%|
|Mode of Premium Payment||Single|
Key Features of LIC Bima Bachat
- It’s a Single premium plan.
- It’s a Money-back policy.
- 15% of the sum assured at the end of every 3rd year.
- LIC introduces Bima Bachat Plan for terms of 3, 6, 9 or 12 years.
- Makes Extra Rebate for Large sum amount more than Rs.50,000/-.
Benefits of LIC Bima Bachat Withdrawn Plan
- High Death and Survival benefits.
- Insurance remains available until the end of maturity.
- 15% of the sum assured at the end of each 3rd year of the policy.
- A single premium payment along with loyalty additions at the time of death on maturity.
- Insurance for an amount equal to the sum assured.
- The guaranteed surrender value equal to the 90% of the single premium paid.
- It provides Loan facility as it is a money-back policy.
- Also offers Cooling off period, Grace period and Revival.
LIC Bima Bachat mentions under Section 41 of the Insurance Act:
- No person shall allow as an inducement any other person to make changes in the policy.
- Any person making any default in the Provisions of this Act is punishable with an amount upto Rs.500/-.