LIC’s New Bima Bachatis In Chandigarh, non-linked, life assurance
savings cum protection plan, where premium is paid in lump sum at the
outset of the policy. It is a money-back plan which provides nancial
protection against death during the policy term with the provision of
payment of survival benets at specied durations during the policy
term. In addition, on maturity, the single premium shall be returned
along with Loyalty Addition, if any. This plan also takes care of liquidity
needs through its loan facility.
1. BENEFITS:
a) Death Benet:
Death benet payable in case of death of the Life Assured
during the policy term is as under:
On death during the rst ve policy years: “Sum Assured on
Death”.
On death after completion of ve policy years: “Sum Assured
on Death” along with Loyalty Addition, if any.
Where “ ” is dened as higher of Sum Assured on Death
• 1.25 times the single premium; or
• Basic Sum Assured.
Single Premium referred above shall not include taxes,
extra premium and rider premium(s) if any.
b) Survival Benets: On the Life Assured surviving to the
end of the specied durations during the policy term, a
xed percentage of Basic Sum Assured is payable. The xed
percentage for various policy terms is as below:
For policy term 9 years: 15% of the Basic Sum Assured at
the end of each of 3 & 6 policy year rd th
For policy term 12 years: 15% of the Basic Sum Assured at
the end of each of 3 , 6 & 9 policy year rd th th
For policy term 15 years: 15% of the Basic Sum Assured
at the end of each of 3 , 6 , 9 & 12 policy year rd th th th
c) Maturity Benet: On Life Assured surviving to the end of the
policy term, “Sum Assured on Maturity” along with Loyalty
addition, if any, shall be payable.
Where “Sum Assured on Maturity ” is equal to Single
Premium paid excluding taxes, Rider premium(s) and extra
premium, if any.
d) Loyalty Addition:
Depending upon the Corporation’s experience the policies
shall participate in the prots of the Corporation and shall be
eligible for Loyalty Addition. The Loyalty
Addition, if any, shall be payable on death after completion
of ve policy years or on policyholder surviving to maturity,
at such rate and on such terms as may be declared by the
Corporation.