Bima Bachat is an insurance plan hosted by LIC to tender security in respect of financial matters to the policy possessor and his kin. The insurance policy involves payment of only one single premium which depends upon the choice of the individual who is opting for the scheme including the amount and the period for which the policy is to be taken.
Benefits:
The benefit of such a policy varies according to the term for which the policy has been taken. This can be broadly classified into 3 categories:
- 9 years plan: Individuals who go for the 9 years policy are in a position to receive 15 % of the policy at the conclusion of 3rd and 6th policy year.
- 12 years plan: Individuals who have gone for 12 years policy are awarded 15 % of the policy value at the end of every 3rd, 6th and 9th policy year.
- 15 years plan: Individuals who have opted for 15 years plan are entitled to receive 15 % of the policy value at the end of every 3rd, 6th, 9th and 12th policy year.
Along with it, a single premium payment is also made with loyalty additions if the holder lives longer than the period of the policy, at maturity time.
The holder gets an assurance of the amount which has been taken by him as a policy from the LIC. The amount selected will be the amount that he will be insured for. An individual is eligible for surrender value after he completes atleast a policy year, i.e., one policy year and the value will be equivalent to 90 % of the solitary premium paid, but excluding extra premium.
The Bima Bachat policy is a very flexible plan which provides for money-back policy. The amount invested in such a policy is subject to interest on the amount invested as a premium. The interest to be paid on such investment is determined by the corporation itself and is subject to ordinary fluctuations as in regard to the various other factors that it takes into consideration while determining such interest rate. The present interest rate that is being offered by the corporation on such Bima Bachat policy is 9 % p.a, which is payable half-yearly.
Eligibility:
The policy is generally open for all those people who satisfy the following conditions:
- The person should not be older than 66 years or younger than 15 years, in other words should be in between 15-66 years of age.
- The maturity term will be come when the person will reach the age of 75 years.
- There shall be a single payment of premium.
- The sum assured can only be in multiples of Rs. 5000 only.
- An individual will have his choice in regard to the policy value and the term for such policy which may be in form of 9, 12 or 15 years.
Thus, we find Bima Bachat is a flexible investment plan which luminates the life of the people.
Image Credit: Hindu Business Line
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