Lic Bima Bachat vs Lic Single Premium Endowment

Ever come across a large pile of banknotes? You know, by winning the lottery or hitting the jackpot at your favorite casino? Your first instinct must have been to buy a Porsche (that can’t really show its true skills owing to the Indian roads and the traffic) or to buy a house that could, possibly, contest for winning the show – MTV Cribs.

But, instead of dwelling on utopia, wouldn’t it be more prudent to consider your immediate surroundings? For example, your mother who loves to have you around just to start a bit of friendly banter, or your younger brother who aspires to get into Yale but spends his weekends watching Gossip Girl.

Feeling a little less reckless, aren’t we? The new LIC Bima Bachat Plan (Plan No: 916) is for all those people who would prefer security over spending. It is a single premium participating endowment policy, that is, it is the traditional cash-back plan with scheduled payments coupled with the return of the entire premium in addition to loyalty points given at the completion of the policy tenure.

LIC Bima Bachat Plan offers you a range of benefits including:

• Death Benefits
• Maturity Benefits
• Loyalty Additions

• Single Premium Plan
• High Sum Assured Rebate

It is a traditional endowment with death and maturity benefits to the policyholder. Even a bonus facility is given along. In this plan, the premium is paid in the starting which is paid in a lump sum amount. It serves the investment purpose and even secures you if you face an untimely demise. There is a sure short return on them which means these plans are secure and provide people with financial benefits. These plans including the LIC'S single premium plan provide insurance cover for the policyholder which means that if any unfortunate incident takes place to the insured then a lump sum amount will be given to the family. So if the person is the breadwinner of the family, there might not be a problem if this plan is availed. Even rebates are offered by LIC's single premium policy. One can even avail loan on these plans. Under the Income-tax Act, tax benefits are there for the people who take these policies.

LIC Single Premium Endowment Plan offers you a range of benefits including:

• Maturity Benefits
• Death Benefits
• Multiple rider options

• Loan Facility
• Survival Benefits