ChatGPT
Claude
Perplexity
Overview
The LIC Bima Bachat Plan (Plan No: 916) is a single premium participating endowment policy designed for individuals who prioritize financial security and savings. It functions as a traditional cash-back plan, offering scheduled payments along with the return of the entire premium and loyalty additions upon policy completion.
The LIC Bima Bachat Plan offers a range of key benefits, including:
- Death Benefits
- Maturity Benefits
- Loyalty Additions
- Single Premium Plan
- High Sum Assured Rebate
How to Buy LIC Bima Bachat Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Bima Bachat Plan
There are various benefits to buying the LIC Bima Bachat Plan. Let's understand each of them in detail:
- Survival Benefit: The LIC Bima Bachat Plan ensures that, on survival, 15% of the sum assured is rewarded to the policyholder, and the policy resumes.
- Maturity Benefit: If the investor survives the entire policy tenure, the whole premium submitted at the beginning of the policy term, along with the loyalty addition, will be returned.
- Loyalty Addition: After the completion of 5 years since the commencement of the policy term, the LIC Bima Bachat Plan announces loyalty points' addition.
- Single Premium Cash Back: It is a single premium cash back plan, meaning a lump sum of money is invested in the policy in return for a death benefit.
Other Important Features of LIC Bima Bachat Plan
Surrender Benefit or Policy Termination
Within the first year of the policy term's commencement, if the applicant withdraws, 70% of the single premium is returned, excluding taxes.
Loan on Policy
Loans can be availed against 60% of the surrender value under this life insurance plan.
High Sum Assured Rebate
As mentioned previously, a rebate is available for a high sum assured.
Tax Benefits
LIC Bima Bachat Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
Inclusions
- No specific inclusions are mentioned beyond the core benefits of the plan.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC Bima Bachat Plan
Here is the list of documents required to buy the LIC Bima Bachat Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, or Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, or Driving license.
- Address Proof: Utility bill, passport, voter ID, or ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Bank statement or last three months' salary slips (if salaried).
Plan at a Glance
| What's Good Here |
|---|
| Death Benefits |
| Survival Benefits |
| Loyalty Additions |
| Single Premium Cashback |
In a Nutshell
If you are looking for a single premium participating endowment policy with scheduled payments, coupled with the return of the entire premium and loyalty points after the policy tenure, the LIC Bima Bachat Plan is a suitable option.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
