LIC New Bima Bachat 916
Maturity Calculator
LIC New Bima Bachat 916 Maturity Calculator calculates the single premium and maturity value by choosing the desired sum assured value, age, and policy term.
LIC New Bima Bachat Plan Summery
LIC’s New Bima Bachat Plan - Eligibility
- Policy Term:Â 9 years,12 Years and 15 Years.
- Premium Paying Term: Single Premium.
- Basic Sum Assured:Â For 9 Years term its Rs. 35,000, for 12 Years term its Rs. 50,000 and for 15 Years term its Rs. 70,000.
- Max. Sum Assured: No Limit.
- Min. Entry Age:Â 15 years.
- Max. Entry Age:Â 50 years.
- Maximum Age at Maturity:Â For 9 Years term its 59 Years, for 12 Years term its 62 Years and for 15 Years term its 65 Year.
LIC’s New Bima Bachat Plan - Benefits
- On Death: For first five years if the policy holder dies in between, family will get S.A. only.
After five policy years completion: Sum Assured + Loyalty Addition, if any. - On Survival:
     For 9 years Term: 15% of SA, after 3rd and 6th policy year.
     For 12 years Term: 15% of SA, after 3rd ,6th and 9th policy year.
     For 12 years Term: 15% of SA, after 3rd ,6th,9th and 12th policy year.
- Surrendered Value:
     For 1st year, 70% of the Single Premium excluding taxes, if any.
     From 2nd Year, 90%of the Single Premium excluding taxes, if any and survival benefits paid earlier.
- Loan: Loan Facility is available only after payment of premiums for at least one year.
- Income Tax Benefit: Premium paid under this plan is eligible for tax rebate under section 80c. and maturity benefits is free under Sec 10(10D).