New Bima Bachat Plan – UIN: 512N284VO1

Bima Bachat Plan LogoThe 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.

 

Plan Features

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.

Death Benefits before 5 years of policy term = Sum Assured

 

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.

 

Documents Required

  • 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.