LIC New Bima Bachat Plan: The New Bima Bachat Plan is a savings and insurance plan offered by the Life Insurance Corporation of India (LIC). The plan is designed to provide financial security to policyholders and their families in case of untimely death or disability. The plan also offers a maturity benefit to the policyholder at the end of the policy term.
Benefits of LIC New Bima Bachat Plan:
One of the key benefits of the New Bima Bachat Plan is the flexibility it offers. Policyholders can choose from a wide range of policy terms, premium payment options and sum assured amounts to suit their individual needs. Additionally, the plan offers an option to enhance the sum assured by a fixed percentage every year, providing increasing protection to the policyholder over time.
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Another benefit of the New Bima Bachat Plan is the maturity benefit offered at the end of the policy term. Policyholders who survive the policy term will receive an amount equal to the sum assured, along with bonuses accumulated over the policy term. This provides a valuable source of savings and financial security for policyholders and their families.
How to apply and who can apply for LIC New Bima Bachat Plan:
To apply for the New Bima Bachat Plan, individuals can visit the nearest LIC branch or contact an LIC agent. The application process typically involves filling out a proposal form and providing proof of identity and age. Individuals between the ages of 8 and 55 years are eligible to apply for the plan.
The premium for the New Bima Bachat Plan is determined based on the policyholder’s age, the sum assured and the policy term. Policyholders can choose to pay their premium on a monthly, quarterly, half-yearly or annual basis.
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Example for LIC New Bima Bachat Plan
For example, consider an individual named Ramesh who is 30 years old and opts for a 20 year policy term with a sum assured of Rs.5,00,000. If Ramesh chooses to pay his premium annually, he would need to pay a premium of approximately Rs.21,500 per year. If Ramesh survives the policy term, he would receive a maturity benefit of Rs.5,00,000, along with any accumulated bonuses. Additionally, if Ramesh were to pass away during the policy term, his nominees would receive the sum assured of Rs.5,00,000, providing financial security for his family.
