About LIC Bima Bachat
Bima Bachat is a money back life insurance policy offered by Life Insurance Corporation of India. The policy offers financial security and assurance to the policyholder and his entire family. Bima Bachat is a one-time premium policy; you need to pay only one single premium for the whole term. The premium amount depends on the duration of your policy. Bima Bachat offers life insurance till the date of its maturity.
- It is a money back policy.
- You need to pay premium only one time.
- Offers protection to you and your family.
- Minimum entry age required to buy this policy is 18 years.
- Maximum entry age is 65 years.
- The amount insured is equal to the sum assured.
- Insurance cover is irrespective of the installments received.
- The policy offers three terms to choose from based on your age and requirement. The terms include 9, 12 and 15 years.
Benefits of Bima Bachat
Bima Bachat comes with a wide range of benefits during the policy tenure and upon maturity. Benefits of the plan include:
- The policyholder will receive 15% of the sum assured for a term of year 9 years at the end of 3rd and 6th policy year.
- The policyholder will receive 15% of the sum assured for a term of 12 years at the end of 3rd, 6th, and 9th policy year.
- The policyholder will receive 15% of the sum assured for a term of 15 years at the end of 3rd, 6th, 9th, and 12th policy year.
- The policy offers additional benefits such as, if the policyholder survives the duration of the policy, a single premium payment will be made along with loyalty additions (if any) upon maturity.
- The policy also offers guaranteed surrender value which is available only after completion of 1 year with the policy. Guaranteed surrender value offered by Bima Bachat plan is equal to 90 % of the single premium paid, excluding extra premium.
- This is the only money back policy that offers loan facility at low-interest rates. Currently, the rate of interest is 9% p.a. However, this rate of interest is subject to change by LIC. Interest can be paid at half yearly basis.
- Bima Bachat also offers other related benefits such as a 15 day cooling off period, grace period and revival.
- For higher sum assured, the policy offers 5% rebate on premiums.
You can buy this policy by paying affordable premiums. For higher sum insured, you can get 5% rebate on your premiums. Premiums vary depending on the sum assured.
The eligibility criteria for Bima Bachat include:
- Minimum entry age needs to be 15 years.
- Maximum age should not be more than 65 years.
- The policy will mature when the person is 75 years old.
- The minimum sum assured needs to be Rs. 20,000.
- There is no limit on the amount that can be assured.
How to get a Bima Bachat Policy?
You can buy a Bima Bachat money back policy by contacting any branch of LIC or any of its representatives.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017