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.
Features
- Single premium money back plan
- Option to choose among 9,12 and 15 year terms
- 15% of sum assured is paid as survival benefit after every 3 years
- Single premium (excluding extra premium) is returned along with loyalty additions (if any) at the time of maturity
- Loan facility available after completing one policy year
Available Terms : 9, 12 and 15 years
Survival Benefits :
For a term 9 years: The policy holder will receive 15% of the sum assured at the end of 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th, 9th and 12th policy year.
Benefits:
On Death within first 5 years of policy term
If the policy holder dies within first five years of the policy term, his/her nominee will receive the sum assured. The periodical survival benefits which have already been paid will not be deducted.
On Death after 5 years of policy term
If the policy holder dies after completing first five years of the policy term, his/her nominee will receive the sum assured + loyalty additions. The periodical survival benefits which have already been paid will not be deducted
On Maturity
At the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
Example:
If any one at age of 25 Years want this Policy With Sum Assured of 1,00,000 for policy period of 15 Years
Single Premium : Rs 77,270/-
Sum Assured : Rs 1,00,000/-
Tax benefit : He will only get tax exemption of Rs 10,000/- (10% of sum assured) irrespective of the fact that he is paying premium of Rs 74,592/-
Survival Benefits
3rd year : Rs 15,000/- (15% of Sum Assured)
6th year : Rs 15,000/- (15% of Sum Assured)
9th year : Rs 15,000/- (15% of Sum Assured)
12th year : Rs 15,000/- (15% of Sum Assured)
15th Year : 77,270/- ( Single Premium Paid)
71,000/- ( Loyalty Bonus )
Total around : 1,48,270/- On 15th Year
On Death
If policy holder dies first five years of policy term, Nominee will receive the sum assured Rs 1,00,000/-
If policy holder dies after completing first five years of the policy term, Nominee will receive
1,00,000/- ( Sum Assured )
71,000/- ( Loyalty Bonus ) Loyalty additions.
Total around : 1,71,000/-
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