Benefits of Bima Bachat-new-bima-bachat-plan

Loyalty addition: LIC Bima Bachat policy declares loyalty addition after the policy has completed a tenure of 5 years. Survival Benefit: Under LIC Bima Bachat plan, on survival, 15% of the Sum Assured is paid to the policyholder as Survival Benefit and the policy continues: For Policy Tenure of 9 years Payable at the end of the 3rd Policy Year Payable at the end of the 6th Policy Year For Policy Tenure of 12 years Payable at the end of the 3rd Policy Year Payable at the end of the 6th Policy Year Payable at the end of the 9th Policy Year For Policy Tenure of 15 years Payable at the end of the 3rd Policy Year Payable at the end of the 6th Policy Year Payable at the end of the 9th Policy Year Payable at the end of the 12th Policy Year Maturity Benefit: Under LIC Bima Bachat, on survival till the end of the policy tenure, the Single Premium paid + Loyalty Addition would be paid to the policyholder as Maturity Benefit. Death Benefit: If the Life Insured dies within the policy tenure under LIC Bima Bachat: Only Sum Assured would be paid if the Life Insured dies within the first 5 policy years of the LIC Bima Bachat plan After completion of 5 years of LIC Bima Bachat, the Sum Assured along with Loyalty Addition, if any would be paid as Death Benefit There is high sum assured discount available under LIC Bima Bachat plan Income tax benefit on the premium paid under LIC Bima Bachat as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.