LIC New Bima Bachat Plan-916: Looking for an insurance plan that combines life cover with savings? LIC New Bima Bachat might just be what you need! This single premium, money-back plan ensures both financial protection and periodic returns, making it a reliable choice for securing your future.
Whether you’re planning for emergencies, life milestones, or simply want guaranteed returns, this plan offers a balanced approach with minimal hassle. Let’s dive into its features and benefits.
What is LIC New Bima Bachat Plan-916?
LIC New Bima Bachat Plan-916 is a non-linked, participating, money-back plan that provides financial security through life insurance while ensuring periodic survival benefits. As a single premium policy, you only need to make a one-time payment, and you can enjoy both protection and savings.
This plan is especially ideal for those who want liquidity through periodic payouts and guaranteed returns at maturity, all while keeping their loved ones financially secure.
Key Features of LIC New Bima Bachat Plan-916
- Single Premium Payment: Pay your premium once and enjoy lifelong benefits.
- Survival Benefits: Get periodic payouts during the policy term as a percentage of the Basic Sum Assured.
- Maturity Benefit: Receive the single premium paid (excluding taxes) plus bonuses upon policy maturity.
- Life Cover: Provides financial security for your family in case of untimely demise.
- Bonus Participation: Participate in LIC’s profits, which adds to the maturity payout.
- Loan Facility: Offers the flexibility to take a loan against the policy for emergencies.
- Tax Benefits: Premium payments and payouts are eligible for tax exemptions under the Income Tax Act.
Why Choose LIC New Bima Bachat?
- One-Time Investment: With a single premium, you’re free from recurring payments while still reaping all the benefits.
- Money-Back Option: Periodic payouts during the policy term provide liquidity for planned or unexpected expenses.
- Savings with Protection: Combines the advantage of a money-back plan with life insurance cover.
- Guaranteed Returns: Ensures that your invested premium is returned at maturity with additional bonuses.
- Flexibility: Loan facilities allow you to manage financial needs without stress.
Eligibility for LIC New Bima Bachat Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 15 years |
| Maximum Entry Age | 66 years |
| Policy Term | 9, 12, or 15 years |
| Minimum Sum Assured | ₹35,000 for 9 years; ₹50,000 for 12 & 15 years |
| Premium Payment Mode | Single Premium |
Benefits of LIC New Bima Bachat Plan-916
- Survival Benefits:
- 9-year term: 15% of the Sum Assured at the end of the 3rd and 6th years.
- 12-year term: 15% of the Sum Assured at the end of the 3rd, 6th, and 9th years.
- 15-year term: 15% of the Sum Assured at the end of the 3rd, 6th, 9th, and 12th years.
- Maturity Benefit:
On policy maturity, you’ll receive the single premium (excluding taxes) along with loyalty additions (if declared). - Death Benefit:
- In case of death during the first 5 years, the Sum Assured is paid.
- After 5 years, the Sum Assured plus loyalty additions (if declared) is paid.
- Loan Facility: Borrow against your policy to meet emergencies or planned financial needs.
- Tax Savings: Premium payments and payouts are eligible for tax exemptions under Sections 80C and 10(10D).
How to Apply for LIC New Bima Bachat Plan-916?
- Step 1: Visit your nearest LIC branch or the official LIC website.
- Step 2: Consult with an advisor to determine the right policy term and sum assured for your needs.
- Step 3: Complete the application form and submit it along with required documents (identity proof, age proof, etc.).
- Step 4: Make your single premium payment.
- Step 5: Receive your policy document and enjoy the plan benefits.
FAQs
1. What is the minimum sum assured under LIC New Bima Bachat?
The minimum sum assured is ₹35,000 for a 9-year term and ₹50,000 for 12 and 15-year terms.
2. How do the survival benefits work?
Periodic payouts (15% of the Sum Assured) are made at specific intervals during the policy term based on its duration.
3. Can I take a loan against this policy?
Yes, you can take a loan against the policy after meeting specific conditions, providing financial flexibility.
4. What happens if the policyholder dies during the policy term?
In case of death during the first 5 years, the Sum Assured is paid. After 5 years, the Sum Assured plus loyalty additions (if declared) is paid.
5. Are there tax benefits associated with this plan?
Yes, premiums paid and payouts received are eligible for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
Conclusion
LIC New Bima Bachat Plan-916 is an excellent choice for individuals looking for a one-time investment with guaranteed returns and life protection. Its periodic payouts, maturity benefits, and life cover make it a perfect plan for those seeking both savings and financial security. With its simple structure and high-value benefits, this plan is a reliable step towards a secure future.
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