lic bima bachat

Money Back: LIC’s New Bima Bachat (Plan No. 916)

LIC Money Back Plans

LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where a premium is paid in a lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified 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.


a) Death Benefits:

Death benefit payable in case of death of the Life Assured during the policy term is as under:

On death during the first five policy years: “Sum Assured on Death”.
On death after completion of five policy years: “Sum Assured on Death” along with Loyalty Addition if any.
Where “Sum Assured on Death” is defined as higher of

  • 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 Benefits:

On the Life Assured surviving to the end of the specified durations during the policy term, a fixed percentage of Basic Sum Assured is payable. The fixed 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 3rd & 6th policy year

For policy term 12 years: 15% of the Basic Sum Assured at the end of each of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Basic Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

c) Maturity Benefit:

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 profits of the Corporation and shall be eligible for Loyalty Addition. The Loyalty

Addition, if any, shall be payable on death after completion of five policy years or on policyholder surviving to maturity,
at such rate and on such terms as may be declared by the Corporation.


Minimum entry age15 years completed
Maximum entry age50 years (nearer birthday) for terms 9, 12, and 15 years
Maximum maturity age– 59 years (nearer birthday) for terms 9 years
– 62 years (nearer birthday) for terms 12 years
– 65 years (nearer birthday) for terms 15 years
Policy Term9, 12, and 15 years
Minimum Sum Assured – 35,000 for term 9 years
– 50,000 for term 12 years
– 70,000 for term 15 years
Maximum Sum assuredNo limit
Premium payment modeSingle-Premium only

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Mode of Installment paymentMinimum installment amount

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