LIC New Bima Bachat Plan 816

         LIC New Bima Bachat Plan is a participating money back plan where the premium is paid as lump sum amount at the outset of the policy. LIC Bima Bachat Plan 816 was introduced by Life Insurance Corporation of India on 07th January 2014 with UIN Number 512N284V01. It is a Single Premium Plan with many benefits.

         It is a savings cum protection plan which is non-linked and provides financial protection against death of policy holder along with payment of survival benefits at certain durations during the term. On reaching Maturity the single premium is paid along with Loyalty addition.This policy offers Death Benefit         which is Sum Assured on death before five policy years and Sum Assured with Loyalty Addition after completion of five policy years.The maximum age limit is 66 years for term of 9 years, 63 years for term of 12 years and 60 years for term of 15 years. The sum assured should be a minimum of 35,000 Rupees for 9 years, 50,000 Rupees for term of 12 years and 70,000 Rupees for term of 15 years. The Maturity age is 75 years.

         The survival benefit is 15% of Sum Assured at end of 3rd and 6th year for a policy term of 9 years, at the end of 3rd, 6th, and 9th year for a policy term of 12 years and at the end of 3rd, 6th, 9th, 12th year for policy term of 15 years. The Loyalty addition depends upon the participation of the policy holder in the profits of the Corporation as declared by it, after the policy has crossed a minimum of 5 years.

Features

• LIC New Bima Bachat Plan is a Single Premium participating plan.
• During the Policy Term, the Policy can be surrendered at any time.
• Financial Protection is provided against death of the Insured during the Policy Term.
• At the end of the Policy Term, an extra Loyalty Addition is provided to the Life Assured.
• Cooling off period is made available to the Policyholder if he/she is not satisfied with the terms and conditions of the Policy.
• On Surrendering the Policy, Special Surrender Value and Guaranteed Surrender Value is available to the Proposer.
• Survival Benefits are provided at specified duration’s during the Policy Term.

Eligibility Conditions

Minimum Entry Age	15 years.
Maximum Entry Age	66 years (for term 9 years).
	63 years (for term 12 years).
	60 years (for term 15 years).
Premium Payment Mode	Single Premium.
Maximum Maturity Age	75 years.
Minimum Sum Assured	Rs 35,000/- (for 9 years term).
	Rs 50,000/- (for 12 years term).
	Rs 70,000/- (for 15 years term).
Maximum Sum Assured	No Limit.
	(Sum Assured will be in multiples of Rs 5000/-).
Policy Term	9, 12 and 15 years.

Benefits 

Survival Benefit: The following benefits are provided on the survival of the Life Assured for the specified duration.

• For 9 years Policy Term: 15% of Sum Assured will be payable at the end of 3rd and 6th policy year.
• For Policy Term 12 years: 15% of Sum Assured will be paid at the end of 3rd, 6th and 9th policy year.
• For 15 years Policy Term: The Life Assured will receive the 15% of Sum Assured at the end of 3rd, 6th, 9th and 12th policy year.

Death Benefit:

• Death During First years of Policy: The Nominee will receive the Sum Assured.
• Death After Completion of Five Policy Years: The Sum Assured along with Loyalty Addition is payable to the Nominee.

Maturity Benefit: If the Policyholder survives till the end of the Policy Term, a Single Premium along with Loyalty Addition is provided.

Loyalty Addition: Depending on the Corporation experience, the policy shall participate in profits and eligible for Loyalty Additions. During the death of the Proposer after five policy terms or surviving till maturity, Loyalty Addition is provided.

Claim Process

          The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured. 

• Duly filled claim form.
• Original Policy Document.
• Identification Proof.
• Death Proof.
• Medical treatment documents before death.
• Age proof.
• Employer’s Certificate.

Additional Information 

Loan Facility: After the completion of one Policy year, Loan facility is available under this plan to the Life Assured. The Amount of Loan given to the Policyholder is equal to the 60% of the Surrender Value as on Date of Sanction of Loan.

Assignments/Nominations: At the time of Proposal Stage of the Policy, the nomination is to be made by the Policyholder. The Nominee should be Children, Spouse or close relatives of the Life Assured.

Taxes: Taxes including Service Tax and any Other Taxes on Single premium including extra premium shall be Payable by the Policy Holder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.

Cooling-off Period: If the Policy Holder is not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.

Back-dating Interest: The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will be charged by the corporation from time to time of completion of policy.

Suicidal Exclusion: If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 90% of the Single premium paid excluding any taxes and Extra Premium paid.

Surrender Value: The LIC New Bima Bachat policy can be Surrendered at any time during the policy period subject to realization of the Premium Cheque. The Guaranteed Surrender Value and Special Surrender Value is payable on surrendering the policy to the Policyholder.

Guaranteed Surrender Value: The allowable Guaranteed Surrendered Value is as follows

• For First Year: 70% of the Single Premium Paid excluding Extra Premiums Paid and Taxes.
• Thereafter: 90% of the Single Premium Paid excluding Extra Premiums Paid, Survival Benefits.

Special Surrender Value: The Corporation will pay Special Surrender Value as applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.

Proposal Forms: The Life Assured have to use the Proposal Form no. 300 or 340 will be useful for this Plan.

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