New Bima Bachat Plan No. 916 is a single premium, non-linked, with profits Money Back type Plan.
Features & Conditions:
Minimum age at entry : 15 years (Completed)
Maximum age at entry : 50 years (Nearer Birthday)
Maximum Sum Assured : No limit
Available Riders:
LIC’s Accidental Death and Disability Benefit Rider and Term Rider for full Policy Term.
Payment Mode of Premium:
Single Premium Payment (One-Time)
Policy Loan:
Only after one policy year.
Surrender:
First Year: 75% of Single Premium.
2″ Year Onwards: 90% of Single Premium less Survival Benefits Paid
Back Dating:
Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.
Proposal Form:
Form 300, 340 or Form 360
Income Tax Benefits:
On Basic Premium : U/s 80C up to 10% of Sum Assured
Maturity Amount : Taxable as per Income Tax rules
Death Claim : Exempt u/s 10 (10D) as per Income Tax rules
All Bima Bachat Plan No. 916 Details with example are available in Video. Please check the video given below.
SUM ASSURED ON DEATH: Basic Sum Assured
DEATH BENEFIT:
During 1st five years policy years : Sum Assured on Death
From 6th year onwards : Sum Assured on Death + Loyalty Addition, if any.
SURVIVAL BENEFIT:
MATURITY BENEFIT:
Single Premium Paid + Loyalty Additions, if any.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Age Proofs: All Allowed.
Female Lives : All Allowed.
Third Gender: Standard Age proof is must. Proposal will be decided
at CO NB&R Department.
Kevman/Partnership/Empl-Employee: Allowed only under Employer-Employee
