FAQs of LIC Bima Bachat Policy-new-bima-bachat-plan

Q. What additional benefits does one get on maturity of a LIC Bima Bachat policy? A. If the policyholder outlives the duration of the LIC Bima Bachat policy, he/she receives the entire single premium (excluding extra premium) along with loyalty additions, if any, at the time of maturity. Q. How much insurance does one get under LIC Bima Bachat? A. The policyholder is insured for an amount equal to the sum assured, clearly stated in the LIC Bima Bachat policy papers. Q. How much insurance does one get under LIC Bima Bachat plan if one has already received an instalment? A. Under LIC Bima Bachat, the insurance cover remains the same irrespective of any instalments received. Q. When does one become eligible for guaranteed surrender value under LIC Bima Bachat policy? A. The guaranteed surrender value is available only after completion of at least one policy year under LIC Bima Bachat. The value is equal to 90% of the single premium paid (excluding taxes and extra premium). Q. What other benefits does LIC Bima Bachat insurance policy offer? A. LIC’s New Bima Bachat is the only money back policy that offers a loan facility. A loan can be availed under LIC Bima Bachat plan any time after completing one policy year. The loan amount will be equal to 60% of the surrender value on the date of sanctioning of loan. The rate of interest for the loan is determined by the corporation from time to time. This money back insurance policy – LIC Bima Bachat, also offers other benefits like a 15 day cooling off period, grace period in case of late payment of premium and policy revival if premium had not been paid for some time. Q. Who is eligible for LIC Bima Bachat policy? Are there any other conditions or restrictions under LIC Bima Bachat policy? A. Any person applying for LIC Bima Bachat policy must be aware of the below mentioned requirements: The policy applicant should have completed 15 years and should not be older than 66 years LIC Bima Bachat policy matures when the policyholder turns 75 years old There is a choice of 3 terms under LIC Bima Bachat policy depending on the age and requirements of the applicant – 9, 12 and 15 years Under LIC Bima Bachat, the minimum sum that needs to be assured is Rs. 35,000 (9 yr. term), Rs. 50,000 (12 yr. term) and Rs. 70,000 (15 yr. term). There is no upper limit on this amount. It is important to note that the sum assured should be in multiples of Rs. 5,000 only LIC Bima Bachat policy requires the policyholder to pay a single premium only Q. What are the benefits of paying LIC Bima Bachat premium through net-banking / phone-banking? A. LIC offers its policyholders various benefits including letting them pay their premium through online channels. Some benefits include: Freedom to decide and authorise payments – 24 hours a day, 7 days a week because of anytime-anywhere access to internet Ability to issue payment instructions from within the confines of home or office – no need to personally visit a LIC branch Saves time as one does not have to wait in queues for making payment Free service – no charge has to be paid to LIC or its authorised agencies Get reminders and alerts by email and SMS from banks and service providers about premium dues of LIC Bima Bachat Avoid demand draft/pay order charges (for outstation policy premiums) and postage/courier expenses in sending premium to LIC Q. Which organisations are authorised to collect LIC Bima Bachat premium through net-banking / phone-banking? A. The following banks and service providers are authorised to collect premium for LIC Bima Bachat policy. Authorised Banks: HDFC Bank ICICI Bank Bank of Punjab UTI Bank Federal Bank Corporation Bank Citibank Authorised Service Providers (available in select cities only): BillJunction.com Timesofmoney.com BillDesk.com Q. What are the important points to be noted for availing this payment facility under LIC Bima Bachat policy? A. Keep the below points in mind: Avoid payment at cash counters once you have successfully registered for premium payment for LIC Bima Bachat through net-banking or phone-banking because there have been instances where payment reminder for the same month has been sent twice. Have your current address updated in the LIC Bima Bachat policy records so that renewal premium receipts are sent to the correct postal address In case of non-receipt of LIC Bima Bachat renewal premium receipt, premium paid certificate can be collected from the servicing branch of your LIC Bima Bachat policy There is a short gap between the debit date in your bank account and the date when the LIC Bima Bachat policy shows updated status post-premium payment