New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference. LIC's New Bima Bachat is a participating non-linked savings cum protection plan.
Here are the details of LIC's New Bima Bachat plan
1. The premium in this money-back plan plan is paid in lump sum at the beginning of the policy.
2. The plan provides financial protection against death during the policy term along with provision of payment of survival benefits at specified durations during the policy term.
3. Furthermore, on maturity the single premium shall be returned along with Loyalty Addition
4. This plan also takes care of liquidity needs through its loan facility.
5. Death benefit:
On death during the first five policy years policy holder will get the Sum Assured. On death after completion of five policy years the policy holder will get Sum Assured along with Loyalty Addition.
6. Survival Benefits: This will be payable in case of Life Assured surviving to the end of the specified durations. The following are the criteria.
For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year
For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year
For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year
7. Maturity Benefit
Payment of Single Premium along with Loyalty Addition will be given in case of Life Assured is surviving to the end of the policy term.
8. Loyalty Addition:
The policies shall participate in the profits and shall be eligible for Loyalty Addition.
The Loyalty Addition is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation, LIC says.