LIC New Bima Bachat 916 » Best Singlle Premium Money Back Plan

LIC New Bima Bachat Plan 916 Details, Example, Features and Benefits with Example

LIC New Bima Bachat Plan 916 (Table No 916) is a single premium guaranteed returns money back Policy. LIC of India New Bima Bachat Plan 916 is a traditional insurance plan where 15% of the Sum Assured is paid at the end of every 3 years. On survival till the end of the policy term, the single premium paid along with loyalty additions (if any) would be paid to the policyholder. However, if the policyholder dies within the policy term, the entire sum assured is paid irrespective of the amount of money paid to the nominee.

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Key Features of LIC New Bima Bachat Plan 916

Single premium payment Money Back plan – 916
Loyalty Addition is payable on Policy Maturity or on earlier death (if any) 15% of the Sum Assured is paid after every 3 years as Survival Benefit
There are choices of 3 policy tenures – 9 years, 12 years and 15 years
High Sum Assured Rebate available

Plan Parameters of LIC New Bima Bachat Plan 916

Age	Min. Age : 15 years (completed). Max Age : 66 years (nearest birthday) for term of 9 years. 63 years (nearest birthday) for term of 12 years. 60 years (nearest birthday) for term of 15 years.
Policy Term	9, 12, 15 years.
Sum Assured	Min. Sum Assured: Rs. 35,000 for term of 9 years. Rs. 50,000 for term of 12 years. Rs. 70,000 for term of 15 years. Max. Sum Assured : No Limit
Premium Paying Mode	Single Premium Payment only.

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Rebates

Term	Sum Assured	Rebate
9 years	Less than Rs. 75,000	NIL
	Rs. 75,000/- to Rs. 1,50,000/-	6%
	Rs. 1,50,000/- and above	8%
12 years	Less than Rs. 1,00,000	NIL
	Rs. 1,00,000/- to Rs. 2,00,000/-	4%
	Rs. 2,00,000/- and above	6%
15 years	Less than Rs. 1,50,000	NIL
	Rs. 1,50,000/- to Rs. 3,00,000/-	3%
	Rs. 3,00,000/- and above	5%

Benefits from LIC New Bima Bachat Plan 916

Death Benefit – In case of death of the policy holder, Within the first 5 Policy Years, the Nominee will be receive the entire Sum Assured, irrespective of the Survival Benefits already paid After the first 5 Policy Years, the Nominee will be receive the entire Sum Assured, irrespective of the Survival Benefits already paid + Loyalty Addition(if any)

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Survival Benefit – The Life Insured would receive the following Survival Benefit For a Policy Term of 9 years, 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable For a Policy Term of 12 years, 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable For a Policy Term of 15 years, 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable to the policy holder.

Maturity Benefit – On survival of the Life Insured till the end of the Policy Tenure, the entire Single Premium paid along with Loyalty Additions will be payable to the Policy holder as Maturity Benefit.

Loyalty Addition: – Experience of the corporation the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition(if any), shall be payable on death after completion of five policy years and on policyholder surviving to maturity.

Income Tax Benefit – Income Tax Benefits available on Paid Life Insurance Premium under Section 80-C & Maturity Benefit will also be tax free under section 10(10)D.

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LIC New Bima Bachat Policy 916 Benefit with Example

An example of suresh who is purchasing this Plan with following details.

Sum Assured	Rs.2,00,000
Policy Term	15 Years
Age	25 Years
Single Premium	Rs. 155338/

LIC New Bima Bachat Policy 916 Example

Maturity Details

If policy holder Suresh survives the policy term 25 years then Maturity will be as under.

Maturity Year	Maturity Age	Maturity Amount (approx)
2031	40	193904 (excluding money back)

Age	Risk Cover Normal	Premium	Amount Received
25	200000	155338	0
26	200000	0	0
27	200000	0	0
28	200000	0	30000
29	200000	0	0
30	244000	0	0
31	244000	0	30000
32	244000	0	0
33	244000	0	0
34	244000	0	30000
35	244000	0	0
36	244000	0	0
37	244000	0	30000
38	244000	0	0
39	244000	0	0
40	0	0	193904

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Additional Information

Risk Coverage: –End of Term of the Policy.

Date of Commencement of Risk:– Commencement of risk starts immediate when you buy the policy (day one).

Locking period: – 1 years.

Loan Facility: – Available, after one year of this policy.

Income Tax Reduction: Available under Section 80-C for premiums paid and Section 10(10D) for Maturity returns.

Suicide Clause: if insured commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan..

Cooling-off Period: If a policy holder is not satisfied with the ‘Terms and Conditions” of the policy-holder may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be back date within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.