- Introduction to LIC’s Bima Bachat Plan 916
- Key Features of LIC New Bima Bachat Plan 916
- – Benefits
- – Eligibility Conditions and Other Restrictions
- Sample Illustrative Example
- Pros and Cons of the Bima Bachat Plan 916
LIC New Bima Bachat Plan 916
Looking for a secure and reliable way to ensure your future financial stability? Look no further than LIC’s new Bima Bachat Plan 916! This innovative insurance plan offers an unbeatable combination of savings, protection, and flexibility that makes it the perfect choice for anyone looking to secure their financial future. Whether you’re just starting out or well on your way to retirement, this powerful plan has everything you need to build a brighter tomorrow. So why wait? Read on to discover how LIC’s Bima Bachat Plan 916 can help you achieve your financial goals today!
Introduction: What is LIC’s New Bima Bachat Plan 916?
LIC’s New Bima Bachat Plan 916 is a traditional participating whole life insurance plan which offers financial protection in case of death of the policyholder. The plan also provides for maturity benefits in the form of survival benefits, which are payable on survival to the end of the policy term. In addition, this plan also offers loyalty additions, which are a percentage of the sum assured, and are payable on maturity along with the survival benefit.
This plan is specially designed to meet the long-term financial needs of the policyholders. It provides for both protection and investment, thus ensuring financial security for the policyholders and their families. This is an ideal plan for those who are looking for a long-term investment option with guaranteed returns.
Key Features of LIC New Bima Bachat Plan 916
LIC’s New Bima Bachat Plan is a great way to secure your future. Some of the key features of this plan include:
1. Guaranteed death benefit: The plan provides a guaranteed death benefit, which ensures that your family will receive a sum of money in the event of your death.
2. Maturity benefit: The plan also provides a maturity benefit, which means that you will receive a lump sum of money when the policy matures.
3. Flexible premium payment options: You can choose to pay your premiums on a monthly, quarterly, half-yearly, or yearly basis, depending on your convenience.
4. Tax benefits: The premiums paid under this plan are eligible for tax benefits under section 80C of the Income Tax Act.
5. Optional rider benefits: You can avail additional rider benefits under this plan by paying an additional premium. Some of the optional riders available under this plan include accident benefit rider and critical illness rider.
– Benefits and Advantages
LIC’s New Bima Bachat Plan is a great way to secure your family’s future. The plan offers many benefits and advantages, including:
1) Death Benefit: In the event of the policyholder’s death, the nominee will receive the sum assured plus any accrued bonuses.
2) Survival Benefit: If the policyholder survives the policy term, he/she will receive the sum assured plus any accrued bonuses.
3) Maturity Benefit: If the policyholder survives the policy term, he/she will receive the sum assured plus any accrued bonuses.
4) Tax Benefits: The premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity proceeds are also tax-free.
5) Flexibility: This policy gives you the flexibility to choose your premium payment frequency (yearly, half-yearly or quarterly) as well as the policy term (5-30 years). You can also choose to pay your premiums for a limited period of time and continue coverage for life by paying only a nominal amount at maturity.
6) Loan Facility: This policy provides you with a loan facility against it, in case of financial emergencies. The loan can be availed of by providing hypothecation of this policy as security with LIC.
7) Surrender Value: This policy acquires a surrender value after 3 years from date of commencement of risk cover provided all
– Eligibility Conditions and Other Restrictions
To be eligible for LIC’s New Bima Bachat Plan, you must be between the ages of 18 and 55. This plan has a policy term of 20 years, and the minimum sum assured is Rs.1,00,000. This plan also offers partial withdrawals after the first five policy years.
LIC’s New Bima Bachat Plan is a whole life insurance plan that provides financial protection for your family in the event of your untimely death. In addition to the death benefit, this plan also offers a maturity benefit, which is paid out if you live to the end of the policy term.
This plan has several other features and benefits that make it an attractive option for those looking for financial security. Some of these features include:
– A loyalty bonus that increases the sum assured by 5% every five years
– A terminal bonus that is paid out at maturity
– Tax benefits under Section 80C of the Income Tax Act
Sample Illustrative Calculation of Maturity Amount
Assuming an annual premium of Rs. 12,000/- for a policy term of 20 years with bonus declared at the rate of 5% p.a. under Normal Plan:
Maturity Amount = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus
= Rs. 1,00,000/- + Rs. 38,092/- + Rs. 12,500/-
= Rs. 1,50,592/-
Pros and Cons of Bima Bachat Plan 916
LIC’s new Bima Bachat Plan 916 is a whole life insurance policy that also offers a savings component. This makes it an attractive choice for those who want to secure their family’s financial future and also grow their savings. However, like all financial products, there are pros and cons to consider before purchasing this policy.
1. The policy offers both life insurance and savings, so you can kill two birds with one stone.
2. The death benefit is payable to your beneficiaries tax-free.
3. The policy has a guaranteed maturity value, so you know exactly how much money you will have saved up at the end of the term.
4. You can take a loan against the policy if you need extra cash in an emergency.
5. The premiums are relatively low compared to other similar policies on the market.
1. As with all whole life policies, you may end up paying more in premiums than you would with a term life policy since the coverage lasts your entire lifetime.
2. The savings component of the policy may not grow as quickly as you could invest the same money elsewhere.
LIC’s Bima Bachat Plan 916 is a great choice for those looking to secure their financial future. It provides the perfect balance between flexibility, affordability and risk protection that makes it an ideal solution for any investor. The policy offers additional features like loyalty additions and bonuses which can help you get more from your investment over time. With LIC’s premium insurance cover, Bima Bachat Plan 916 is an excellent way to ensure that your family has a worry-free financial future regardless of any unforeseen circumstances.