Bima Bachat (916) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode:
Single Premium
Term:
- 9 Years
- 12 years
- 15 Years
Minimum Entry Age:
215 Year Completed
Maximum Entry Age:
- Term 9 yr then 66 yr (Nearest Birthday)
- Term 12yr then 63 yr (Nearest Birthday)
- Term 15 yr then 60 yr (Nearest Birthday)
Minimum Maturity Age:
75 Year
Minimum Sum Assured:
- Term 9yr then 35,000
- Term 12yr then 50,000
- Term 15yr then 70,000
Maximum Sum Assured:
NO LIMIT (Depending upon Income)
Policy Benefits:
On Death:
During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival:
- For Policy Term of 9 years : 15% of SA, after 3rd and 6th policy year.
- For Policy Term of 12 years : 15% of SA, after 3rd ,6th and 9th policy year.
- For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th and 12th policy year.
At Maturity Time:
Single Premium Paid + Loyalty Additions, if any.
Surrendered Value:
The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Guaranteed Surrender Value:
First year: 70% of the Single Premium excluding taxes and extra premium, if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
Loan:
Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit:
Premium paid under this plan is eligible for TAX rebate under section 80c.