LIC New Bima Bachat
LIC’s New Bima Bachat is a participating, non-linked, life assurance savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
Death Benefit-
Death benefit payable in case of death of the Life Assured during the policy term is as under:
On death during the first five policy years-
“Sum Assured on Death”
On death after completion of five policy years-
“Sum Assured on Death” along with Loyalty Addition, if any.
Where “Sum Assured on Death” is defined as higher of
- 1.25 times the single premium; or
- Basic Sum Assured.
Single Premium referred above shall not include taxes, extra premium and rider premium(s) if any.
Survival Benefits-
On the Life Assured surviving to the end of the specified durations during the policy term, a fixed percentage of Basic Sum Assured is payable. The fixed percentage for various policy terms is as below
For policy term 9 years-
15% of the Basic Sum Assured at the end of each of 3rd & 6th policy year
For policy term 12 years-
15% of the Basic Sum Assured at the end of each of 3rd, 6th & 9th policy year
For policy term 15 years-
15% of the Basic Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year
Maturity Benefit-
On Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty addition, if any, shall be payable.
Where “Sum Assured on Maturity” is equal to Single Premium paid excluding taxes, Rider premium(s) and extra premium, if any.
Loyalty Addition-
Depending upon the Corporation’s experience the policies shall participate in the profits of the Corporation and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, shall be payable on death after completion of five policy years or on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.
Eligibility Conditions And Other Restrictions-
Date of commencement of risk under the plan-
Risk will commence immediately on acceptance of the risk, including minor lives.
Date of vesting under the plan-
If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Rider Benefits-
The following two optional riders are available under this plan by payment of additional premium.
- Accidental Death and Disability Benefit Rider
- New Term Assurance Rider
High Sum Assured Rebates-
Rebate as a percentage of Tabular Premium is as under:
Policy Loan-
Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 90% of the surrender value as on date of sanction of loan.
The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.
Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.
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