Bima Bachat (916) Plan is a single premium, non-linked, with profits Money Back type Plan.

Premium Payment Mode:

Single Premium

Term:

  1. 9 Years
  2. 12 years
  3. 15 Years

Minimum Entry Age:

215 Year Completed

Maximum Entry Age:

  1. Term 9 yr then 66 yr (Nearest Birthday)
  2. Term 12yr then 63 yr (Nearest Birthday)
  3. Term 15 yr then 60 yr (Nearest Birthday)

Minimum Maturity Age:

75 Year

Minimum Sum Assured:

  1. Term 9yr then 35,000
  2. Term 12yr then 50,000
  3. 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.