LIC New Bima Bachat 916

LIC New Bima Bachat 916 - Premium and Maturity Calculator








LIC New Bima Bachat 916

LIC New Bima Bachat 916

LIC New Bima Bachat 916

Description


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.

Please Note: You can now buy online LIC New Bima bachat plan 916 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features


  • 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 years12 years and 15 years
  • High Sum Assured Rebate available

LIC New Bima Bachat Plan 916 - Parameters/Eligibility


AGE

Min. Age : 15 years (completed).
Max Age : 50 years (Closer birthday) for terms 9, 12, and 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.

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


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)

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 participates 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.

LIC New Bima Bachat Policy 916 Benefit with Example


An example of Mr. 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)

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.



Comments & Reviews

ankur gupta Wrote:

2024-01-12 18:00:31

what is LUMPSUM IRR OF this plan. how can we calculate

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

Aua Wrote:

2023-12-30 14:24:21

LIC New Bima Bachat plan 916 is best plan for who want one time investment with money back

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

ramesh murthy Wrote:

2023-12-15 21:10:56

Where the age is mentioned as 15 to 66 yrs when we go for calculation max age is shown as 50 yrs only,pls clarify LIC

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

Raju Wrote:

2023-12-06 10:15:04

Not a very effective return as compared to the market return with almost no risk since whole premium is paid and not even fdr return is given compared to investment made in stock market . If one have to help his her family best way is to invest in stock market then insurance, Use moon cycle to invest , you would be mostly right .

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

Write Comment & Reviews

Name

Email

Phone

Your Comments & Reviews

Copyright © 2023 Insurance | All rights reserved. Designed By Maya Techno Soft