The Life Insurance Corporation of India (LIC), a government insurance company, offers a variety of insurance and investment options. LIC policies are very popular. The one who has a policy of LIC, its future is considered safe. One such LIC policy is - New Bima Bachat 'New Bima Bachat' plan. It is a non-linked savings cum protection scheme.
Here the premium is paid lump sum at the beginning of the policy. This is a money-back plan. This money-back scheme provides financial protection against death during the policy period. Also, there is a provision for payment of survival benefits in a specified period during the policy term.
Also, on maturity, single premium is returned along with loyalty (if any). This scheme also takes care of the cash needs of the investor, so loan facility is available in it.
The scheme has three policy term options depending on the age and needs of the investors. Here the policy term options of 9, 12 and 15 years are available. The policy period is chosen by the investors at the time of application. Only one premium is required for this plan.
The minimum age for investors in the New Bima Bachat plan is 15 years. At the same time, the maximum age is 50 years. Let us know what are the benefits of this plan.
The Sum Assured is payable on death during the first five years of the policy term in the plan. If there is a Loyalty Addition along with the Sum Assured on death after completion of five policy years, it is also payable.
It is payable in case of assurance of survival till the end of the specified period. In case of a policy term of nine years, 15 percent of the sum assured is payable at the end of the third and sixth policy year. In case of a policy term of 12 years, 15 percent of the sum assured is payable at the end of the third, sixth and ninth policy year. At the same time, 15 percent of the sum assured is payable at the end of the third, sixth, ninth and twelfth policy years in case of a policy term of 15 years.
In this plan, if there is any loyalty along with a single premium (excluding taxes and additional premium) at the time of maturity, it is payable.