LIC New Bima Bachat Plan, Policy Plan No. 916, Know Basic Details

Government Life Insurance Company Life Insurance Corporation of India (LIC) offers a variety of insurance and investment options. LIC policies are very popular with the public. In India, one who has a LIC policy has a secure future. One such LIC policy is New Bima Bachat policy plan no. 916. It is a non-linked saving cum protection policy scheme.

Here the premium payment is made in a lump sum at the beginning of the policy plan. This is a money-back policy plan. This money-back policy scheme provides financial protection against death during the policy term. Also, there is a provision for payment of survival benefits of the policyholder in a specified period during the policy term. In addition, at maturity, the single premium is returned with a loyalty bonus (if any available). This policy scheme also takes care of the cash needs of the investor, hence the loan facility is available in it.

This policy scheme has three policy term options depending on the age and needs of the investors. Here the LIC New Bima Bachat Plan term options of 9, 12, and 15 years are available. The policy period is chosen by the investors at the time of applying. Only one premium is required for this policy plan. The minimum age for the policyholder in the New Bima Bachat plan is 15 years. At the same time, the maximum entry age is 50 years. Let us know what are the benefits of the LIC New Bima Bachat Plan.

Death benefit

The Sum Assured is payable on death during the first five years of the LIC New Bima Bachat Plan term in the plan. If there is any Loyalty Addition along with the Sum Assured on death after completion of five policy years, it is also payable.

Survival benefit

It is payable in case of survival till the end of the specified period. In the case of a policy plan period of nine years, 15 percent of the sum assured is payable to the policyholder at the end of the third and sixth policy plan years. In case of a policy plan period of 12 years, 15 percent of the sum assured is payable to the policyholder at the end of the third, sixth and ninth policy plan years. At the same time, 15 percent of the sum assured is payable to the policyholder at the end of the third, sixth, ninth, and twelfth policy plan years in case of a policy plan period of 15 years.

Maturity benefit

In this policy plan, if there is any loyalty along with a single premium (excluding taxes and additional premium) at the time of maturity, it is payable to the insurance holder.

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