LIC’s New Bima Bachat Plan Table No. 816

LIC’s new Bima Bachat 816 is a Single premium, non-linked Endowment Assurance Plan with Profit. Other benefits are also available under this plan like tax benefits, loan facility, and Surrender value at any time etc.

Sum Assured: Minimum limit for the sum assured are Rs. 35,000/- (9 Year Term), Rs. 50,000/-(12 Year Term), Rs. 75,000/- (15 Year Term) and there is no maximum limit.

Policy Term: 9, 12 and 15 Years.

Premium Paying Term: Single Premium Policy.

Entry Age: The minimum entry age of the policy holder should be 15 years and the maximum age limit is 66 Years (in 9 years Term), 63 Years (in 12 Years Term), and 60 Years (15 Years Term).

Maximum Maturity Age: 75 Years.

Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policyholder.

Death Benefits: 

  • If Death occurs in first 5 years only sum assured will be paid.
  • After completion of five policy years, Sum Assured and loyalty addition will be paid to the nominee.

Income Tax Benefit: Premium paid in this policy is eligible for  Tax rebate under section 80C. The maturity benefits are also exempted from tax under section 10(10D).

Liquidity Benefit: Policy holder can take a loan under this policy after completion of 1 Policy year.

Surrender: Policy can be surrendered at any time.

During the First year 70% of Single Premium excluding taxes and extra premium, if any is payable.

Thereafter, 90 % of Single Premium excluding taxes and extra premium with all survival benefits paid earlier.

For simplicity study following table

PlanBima BachatBima BachatBima Bachat
Min Age15 Year15 Year15 Year
Max Age66 Year63 Year60 Year
Max Maturity Age75 Year75 Year75 Year
Policy Term9 Year12 Year15 Year
Premium Paying TermSingleSingleSingle
Min Sum AssuredRs. 35,000/-Rs. 50,000/-Rs. 75,000/-
Max Sum AssuredAnyAnyAny
Payment ModeSingle PremiumSingle PremiumSingle Premium
Loan1 Policy Year1 Policy Year1 Policy Year
SurrenderAny timeAny timeAny time

An example of New Bima Bachat Plan, 816

Suppose someone of 30 years age is going to apply for policy 816, New Bima Bachat Plan for the Basic Sum Assured Rs. 10,00,000/- and 9 Year, 12 Year, and 15 years term. Following are Key points of the policy.

“New Bima Bachat Table 816

Age: 30 Year

Basic Sum Assured: Rs. 10,00,000/-

PlanBima BachatBima BachatBima Bachat
Age30 Year30 Year30 Year
Premium Paying Term1 Year1 Year1 Year
Policy Term9 Year12 Year15 Year
Basic Sum AssuredRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
Premium First YearRs. 7,40,038/-Rs. 7,59,367/-Rs. 7,68,389/-
Premium second Year Onwards000
Total Premium PaidRs. 7,40,038/-Rs. 7,59,367/-Rs. 7,68,389/-
Money Back At the Year3,6 th Year3,6,9 th Year3,6,9,12 th Year
Money back %15%15%15%
Total Money BackRs. 1,50,000/- X 2 TimeRs. 1,50,000/- X 3 TimeRs. 1,50,000/- X 4 Time
Maturity ReturnRs. 8,50,038/-Rs. 8,69,367/-Rs. 8,78,389/-
Total ReturnRs. 11,50,038/-Rs. 13,19,367/-Rs. 14,78,389/-
Life Time CoverNANANA

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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