Bima Bachat Summary:
LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.
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.
Survival benefits:
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.
Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)
| Policy Term | 3rd Year | 6th Year | 9th Year | 12th year |
| 9 years | 60,000 | 60,000 | Final Maturity | - |
| 12 years | 60,000 | 60,000 | 60,000 | Final Maturity |
| 15 years | 60,000 | 60,000 | 60,000 | 60,000 |
Eligibility Conditions and Restrictions LIC Bima Bachat:
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available
Surrender Values:
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.
Bima Bachat Examples:
Let me give you an example to understand this policy. Mr. Dilip 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 Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip 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.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
How to Apply for LIC Of India’s Bima Bachat?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
LIC Of India SMS Alert:
Receive LIC Of India Policy updates on your Mobile . Click here: MyLICindia SMS Alert
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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I want to buy one policy for my daughter, her age is 18yrs. please advise any good policy for her, may be single premium or any other.
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Tabrej Reply:
March 20th, 2010 at 6:51 pm
Go for Jeevan Saral or Wealth Plus plan.
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sir, your are mistaking , i have taken an endowment assurance policy with profit + accident denefit , when my age was 26 year , now i am 30 year old , i would like to know that this policy in which i pay premium of 31083.00 will his policy good or should i buy new policy of bima bachat or jeevan sarel
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Tabrej Reply:
March 19th, 2010 at 10:26 pm
I would suggest for Jeevan Saral. Its one of the best plan.
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i would like to now that i have invested in endowment assurance policy with profit + accident denefit. my age was 26 year & i pay premium of rs. 31083.00 . i would like to know that is this policy is good & how much it will benefit my in futures is this premium will be fully tax rebales & money i will get after maturity is fully tax free
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Tabrej Reply:
March 16th, 2010 at 12:31 pm
Bima Bachat is a single premium money-back policy. Are you sure you want to pay Rs.31083 ?
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My closed frend is out of india he is interested to invest in Bima Bhachat shall he shall he complited all formalities though in
ternet. or what is the Procedure for compliting policy.
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Tabrej Reply:
March 16th, 2010 at 12:23 pm
Is he NRI?
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i stumbled upon this site while searching for tax benefit under S 80 C for bima bachat policy. already saw my question answered. thank you and keep up the good work.
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Tabrej Reply:
March 4th, 2010 at 4:04 pm
I am glad I could be of Help!
We also have a forum http://forums.lifeinsuranceindiaonline.com/ if you have any question, please ask in forum.
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Sir,
Thanks Tabrej for instant rply
Ingawale
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From FY 2003-2004 premiums paid in excess of 20% of the Sum Assured will not be eligible for Tax free returns under section 10(10D) except in the case of death.
Also what does this line mean…can you kindly clarify
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Tabrej Reply:
February 26th, 2010 at 5:02 pm
That means if you invest one lac and your SA is also 1 lakh then you will get 20% tax benefit.
If you invest one lac and SA is 5 lacs then you will get 100% tax benefit.
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Hi Tabrej,
Wanted to ask that whether I can invest Rs 1 lakh in Bima Bachat and claim full Rs 1 lakh deduction u/s 80 C
My agent told me that 80/c benefit not available in this policy ????
Also this website is very informative…keep it up….
Looking for an early reply
Reply
Tabrej Reply:
February 26th, 2010 at 5:06 pm
Tax benefit is available on all policies u/s 80C but your yearly premium should not be more than 20% of sum assured.
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Agent
For premium deposit there is any option to pay online premium of my client to pay his/her premium in my account
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Tabrej Reply:
February 24th, 2010 at 4:10 pm
They can register an account on LIC’s website and pay premium using Credit card or net banking.
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Sir
Thank you policy for the mailing however this is not being beneficial to the policy holder the amount that is paid is nothing but Bankrate however the policy holder is to wait for the period of 3 years to get the payment.
The tax benefit is not mentioned here
Thanking you
Reply
Tabrej Reply:
February 24th, 2010 at 4:11 pm
Tax benefit is available under Section 80C
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