LIC Bima Bachat policy is a single premium Money back Type Plan W.e.f. 14-11-2005.  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 along with the Loyalty addition if any will be paid back. Tips

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


  • 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:
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%

lic bima bachat

  • Surrender Value (GSV, SSV): After completion of at least 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.


Mr. Rocky aged 30 years takes a Bima bachat plan for 15 year term for the Rs 2 lakhs SA. He pays a 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 the 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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