LIC New Bima Bachat Maturity Calculator

A complete money-back plan, LIC New Bima Bachat Plan protects the family of the policyholder financially after his/her untimely demise. It also offers a loan facility and takes into consideration liquidity needs.

Here are the details about the plan, its benefits, features, maturity calculator, and more.

New Bima Bachat Key Features

Here are some of the features of the LIC New Bima Bachat plan:

• It is a protection plus savings plan
• It is a non-linked, single premium, guaranteed money-back plan
• Single premium plus with loyalty additions are returned to the policyholder at the time of maturity
• 15% of Basic Sum Assured is compensated at the end of the year depending upon the policy tenure
• Sum assured on maturity plus loyalty additions if any, are payable at the maturity
• The death benefit is payable in case the policyholder passes away during the policy tenure
• Additional rider options are also available under the plan

New Bima Bachat Plan Benefits

1. Death benefits

   The death benefit is to be paid under the following circumstances:

   Death before 5 years of the policy commencement:

   • Basic Sum Assured is offered as per the policy document

   Death after 5 years of the policy commencement:

   • Sum Assured + Loyalty Benefits, if any

   Where sum assured is

   • 1.25X the single premium or
   • Basic Sum Assured

   Whichever higher

2. Survival Benefits

   In case of survival of the policyholder during the complete policy tenure, a pre-decided sum assured is given as per the policy documents. The percentage differs from one policy tenure to another. 

   • Policy tenure of 9 years
     15% of B.S.A (Basic Sum Assured) after completion of 3^rd and 6^th year of the tenure
   • Policy tenure for 12 years
     15% of B.S.A (Basic Sum Assured) after completion of 3^rd, 6^th, and 9^th year of the tenure
   • Policy tenure for 15 years
     15% of B.S.A (Basic Sum Assured) after completion of 3^rd, 6^th, 9^th, and 12^th year of the tenure

3. Maturity Benefits

   Maturity benefit is provided in case of survival of the policyholder after the completion of the tenure. Maturity benefit is defined as:

   Sum Assured at the Maturity + Loyalty Additions

   Here, the sum assured at the time of maturity and the single premium paid are equal, not including taxes.

4. Loyalty Additions

   Loyalty addition is paid only if the policyholder completes five years of the policy term without failing to pay the premiums.

New Bima Bachat Maturity Calculator

The New Bima Bachat Calculator is beneficial for the calculation of the premium and maturity amount of the plan depending upon the policy term opted for by the policyholder.

For New Bima Bachat Maturity Calculator:

Maturity benefit is generally calculated by adding,

The sum assured on maturity + loyalty additions (if eligible).

Here sum assured on maturity is the single premium paid (excluding taxes) + rider premium + extra premiums (if bought along with the policy).

Premium Illustrative

Here is the sample illustration for the single premium plan for the Basic Sum Assured of Rs. 1,00,000 (excluding taxes).

Rebated Offered

Rebates offered under the LIC New Bima Bachat plan are as follows:

Eligibility Conditions and Other Restrictions

Documents Required

To take the policy, you need proper documents supporting your application.  Following are the documents you require:

• Medical history
• Address proof
• Know your customer documents
• Medical examination (depending on your age or the sum assured)