New Bima Bachat Plan – UIN: 512N284VO1
The New Bima Bachat policy is a one time payment plan with assured money back periodically along with additional maturity benefits. It is somewhat like a fixed deposit wherein the policyholder pays the entire amount at one go. The insured person receives 15 percent of the sum assured at the end of every 3 years.
The plan insures the life of the policyholder during the policy term and serves the purpose of investment too. New Bima Bachat gives extra benefits in every 3 years which is additional to the maturity amount that he/she is entitled to receive at the end of the policy term.
|Min/Max Age at Entry|| 15 to 66 years for 9 years policy term
15 to 63 years for 12 year policy term
15 to 60 years for 15 years policy term
|Min/Max Policy Term||9 years, 12 years and 15 years|
|Maximum Maturity Age||75 Years|
|Min Sum Assured|| For 9 years policy term – 35,000/-
For 12 years policy term – 50,000/-
For 15 years policy term – 70,000/-
|Max Sum Assured||No Limit (Incremental Sum Assured in multiples of 5000)|
|Tax Rebate||Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act|
|Loan Facility||Yes (after 1 year)|
|Premium Payment||Single premium paid at the beginning of the term|
Benefits of New Bima Bachat Plan
- On Survival – If the policyholder continues to survive through the policy term, he/she is entitled to survival benefits at the end of every 3 years of the policy term.
i) Policy term of 9 years – 15 % of Sum Assured is payable to the policyholder at the end of 3 years and 6 years. So a total of 30% of the Sum Assured is payable in a 9 year policy term, apart from the maturity benefits at the end of 9 years term.
ii) Policy term of 12 years – 15 % of Sum Assured is payable to the policyholder at the end of 3rd, 6th and 9th year. So a total of 45% of the Sum Assured is payable in a 12 year policy term, apart from maturity benefits at the end of 12 years term.
iii) Policy term of 15 years – 15 % of Sum Assured is payable to the policyholder at the end of 3rd, 6th, 9th and 12th year. So a total of 60% of the Sum Assured is payable in a 15 year policy term, apart from maturity benefits at the end of 15 years term.
- On Maturity – If the policyholder survives till the end of the policy term then he/she would be eligible to claim additional maturity benefits apart from the above mentioned survival benefits.
|Maturity Benefits = Single Premium Paid + Loyalty Additions (if any) – taxes & extra premiums (if any)|
- On Death – There are two different situations in case of death of the insured.
i) Death within 5 years of policy term – in this case the nominee will receive the whole amount of the Sum Assured regardless of the Survival Benefits that has already been paid to the insured.
ii) Death after 5 years of policy term – in this case the nominee will receive the whole amount of the Sum Assured regardless of the Survival Benefits that has already been paid to the insured + Loyalty Additions.
|Death Benefits after 5 years of policy term = Sum Assured + Loyalty Additions|
Surrender, Accidental Death & Riders
There is a guaranteed surrender value in new bima bachat plan.
Surrender value in the 1st year = 70% of the Sum assured – excess premium and taxes
Surrender value in the 2nd year = 90% of the sum assured – excess premium and taxes – all Survival Benefits.
Accidental Death – In case of accidental death of the policyholder the amount payable to the nominee is 105% of the Sum Assured.
Riders – There are no additional riders available along with this plan.
- Plan application form with a photograph
- Residence proof
- ID & Age proof
- Medical reports if necessary
Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.