December 27, 2011 by akhilendra
Bima Bachat Review
Bima Bachat is a money-back policy from LIC and as the name suggests, it offers money back at regular interval. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.
Few Examples of Bima Bachat;
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.
If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
The policy holder is insured for an amount equal to the sum assured. The insurance cover is irrespective of the installments received. The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium). Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
It also offers other benefits like the 15 day cooling off period, grace period and revival.
Bima Bachat Requirements
- Age Requirement – 15- 66
- Maturity age – 75
- Terms available for Bima Bachat – 9, 12 & 15
- Minimum Sum Assured – Rs 20000
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