New Bima Bachat T- 816
New Bima Bachat is a single premium policy from LIC. It is combination of savings cum protection plan, where premium is paid in lump sum (Single) at the outset of the policy. and also it is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
BENEFITS:
a ) Survival Benefits ( money back schedule):
Payable as given below in case of Life Assured surviving to the end of the specified durations:
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
b ) Maturity Benefit:
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
c ) Loyalty Addition
Depending upon the Corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, 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.
d ) Death benefit:
On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.
Income Tax Benefits:
1) Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
2) Also the proceeds received on maturity or by the family on death of the policyholder will be exempted from tax under section 10(10)D subject to fulfilment of terms and conditions.
Note: This is only very little-bit information about this policy ...Do you want to know the all particulars of above policy you must contact your Family LIC agent as early..
