LIC Bima Bachat Table 175
=====Bima Bachat Table 175=====
W.e.f. 14-11-2005.
It is a single premium Money back Type Plan. Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.
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
Requirements in writing:
Age proof: Standard/Non-Std
Form Number: 300/340
Risk Coverage: SA
Dating Back @ 8%: Allowed
Policy Servicing:
Term Rider Option: No.
Critical Illness Rider: No.
Policy Loan @9%: Yes.
Assignment: Yes.
Surrender of Policy: Yes.
Survival Benefits: Yes.
Nomination: Yes
Benefits:
Death Benefits: During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.
Maturity Benefit/Survival benefit for 1 lakh SA Proposer’s Age 30 years:
| POLICY TERM | Survival benefit at the end of Policy Year 3 Years 6 Years 9 Years 12 Years | |||
| 9 Years | 15,000 | 15,000 | - | - |
| 12 Years | 15,000 | 15,000 | 15,000 | - |
| 15 Years | 15,000 | 15,000 | 15,000 | 15,000 |
.
| Tot Survival benefit | Single prem. Paid * is returned back | Total Amount | ||
| 30,000 | + | 66,816 | = | 96,816+LA if any |
| 45,000 | + | 71,922 | = | 1,16,922+LA if any |
| 60,000 | + | 74,967 | = | 1,34,967+LA if any |
.
* Less extra premium paid if any
| Sum Assured Rebate | |
| Less than 50,000 | Nil |
| 50,000 to 95,000 | 5% |
| 1 lac to 1,95,000 | 7% |
| 2 lacs & above | 8% |
.
Surrender Values (GSV, SSV): After completion of atleast 1 policy year, the policy can be surrendered for cash. The GSV is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.
Examples:
Mr. Rocky aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He 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 Prem. paid by him. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Prem paid) + LA if any. If Mr. Rocky 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.
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AMAN KUMAR SINGLA Reply:
December 4th, 2010 at 3:41 pm
Hello sir,
My name is Aman Kumar Singla. I am working in LIC as a DSE . Thanks for choosing a plan of Bima Bachat.
Sir according to my suggestion you will be invest you money on 12 and 15 years plans because there are no idea in invest the money on 9th years plan. Because after 10th year you will get L.A. For any information any plan you can contact me on that number.
[Reply]
Ramashankar Yadav Reply:
August 17th, 2011 at 2:37 pm
Bima bachat police single invest 10 year after ten year
[Reply]