Friday, January 3, 2014

Lic New Bima Bachat Plan Table No 816

LIC launches new Bima Bachat Plan (Table No 816).

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

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 (as a percentage of Sum Assured)

Year >Term

3rd
6th
9th
12th
15th
9
15%
15%
Maturity
NA
NA
12
15%
15%
15%
Maturity
NA
15
15%
15%
15%
15%
Maturity

Eligibility Conditions and Restrictions
·         Age at entry - 15 years
·         Age at Maturity - Maximum 75 Years
·         Policy Term - 9 , 12 and 15 years
·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
·         
Basic Sum Assured –

Min Term 9 Yrs.
Min Term 12 Yrs.
Min Term 15 Yrs.
Maximum Term – 9/12/15
Sum Assured
35000
50000
70000
No upper Limit SA shall be in multiple of Rs.5000
Maximum Age
66 years
63 years
60 years


Loan – Loan facility available after completion of 1 policy year.
Loan can be granted up to 60% of Surrender Value

Surrender Value-
·         Available at any time during the policy term subject to realization 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.



Lic New Bima Bachat Plan Table No 816 Premium Chart
Lic New Bima Bachat Plan Table No 816 Illustration


































Related Plans :  LIC New Jeevan Anand Plan Table No - 815LIC New Endowment Plan Table No - 814



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