Product Specification-new-bima-bachat-plan

LIC Bima BachatPremium Details The annual premium is mentioned in Rupees for a Sum Assured of 1 Lac under LIC Bima Bachat plan. Basic Premium is mentioned below (Tax not included). Policy Details Grace Period: Not applicable under LIC Bima Bachat as there is no need for further premium payment. Policy Termination or Surrender Benefit: The Surrender Benefit is available under LIC Bima Bachat plan: Within the first year of LIC Bima Bachat: 70% of the Single premium paid excluding taxes and extra premium, if any Under LIC Bima Bachat, from the 2nd year onwards, 90% of the Single premium paid excluding taxes, extra premium, if any and all survival benefits paid earlier. Free Look Period: If you are not pleased with the coverage, and terms and conditions of LIC Bima Bachat policy, you have the option of cancelling LIC Bima Bachat policy within 15 days of receipt of the LIC Bima Bachat policy documents, provided there has been no claim. Inclusions Loan is available in LIC Bima Bachat, upto 60% of the surrender value. Exclusions Under LIC Bima Bachat, in case suicide is committed within 12 months of policy inception, only 90% of the single premium paid is returned to the nominee.