New Bima Bachat - Life Insurance Policy
New Bima Bachat is
a participating non-linked savings cum protection plan, where
premium is paid in lump sum at the outset of the policy. It is a
money-back plan which provides financial protection against
death during the policy term with the provision of payment of
survival benefits at specified durations during the policy term.
In addition, on maturity, the single premium shall be returned
along with Loyalty Addition, if any. This plan also takes care
of liquidity needs through its loan facility.
On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured
along with Loyalty Addition, if any.
Payable as given below in case of Life Assured
surviving to the end of the specified durations:
For policy term 9 years: 15%
of the Sum Assured at the end of each of 3rd & 6th policy year
For policy term 12 years: 15%
of the Sum Assured at the end of each of 3rd, 6th & 9th policy
For policy term 15 years: 15%
of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th
c) Maturity Benefit:
Payment of Single Premium (excluding taxes and extra premium,
if any) along with Loyalty Addition, if any, in case of Life
Assured surviving to the end of the policy term.
d) Loyalty Addition
Depending upon the
Corporation's experience the policies shall be participate in
the profits and shall be eligible for Loyalty Addition. The
Loyalty Addition, if any, is payable on death after completion
of five policy years and on policyholder surviving to maturity,
at such rate and on such terms as may be declared by the
CONDITIONS AND OTHER RESTRICTIONS :
entry age : 15 years (completed)
entry age : 66 years (nearest birthday) for term 9 years
63 years (nearest birthday) for term 12 years
60 years (nearest birthday) for term 15 years
maturity age: : 75 years (nearest birthday)
Term : 9, 12 or 15 years.
Sum Assured : Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years
Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.
payment mode : Single Premium only
2. SAMPLE PREMIUM
The sample premium rates (exclusive of taxes) are as
Single Premium per 1000
Sum Assured (Rs)
Age (Nearest birthday)
FOR HIGH SUM ASSURED :
High Sum Assured Rebates (As percentage of Tabular
Term = 9 years
Less than Rs. 75,000 : NIL
Rs. 75,000 and Less than Rs.150,000 : 6 %
Rs. 150,000 and above . : 8 %
Term =12 years
Less than Rs. 100,000 : NIL
Rs. 100,000 and Less than Rs. 200,000. : 4 %
Rs. 200,000 and above : 6 %
Term =15 years
Less than Rs. 150,000 : NIL
Rs. 150,000 and Less than Rs.300,000 : 3 %
Rs. 300,000 and above : 5 %
4. LOAN :
Loan can be availed under this plan any time after completion
of one policy year. The loan shall be equal to 60% of the
surrender value as on date of sanction of loan.
Buying a life insurance contract is a long term commitment.
However, surrender value is available under the plan on earlier
termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
- First year: 70% of the Single premium excluding taxes and
extra premium, if any.
- Thereafter: 90% of the Single premium excluding taxes,
extra premium, if any and all survival benefits paid earlier.
The Corporation may, however, pay Special Surrender Value as
applicable as on date of surrender provided the same is higher
than Guaranteed Surrender Value.
Taxes including Service Tax, if any, shall be as per the Tax
laws and the rate of tax as applicable from time to time.
The amount of tax as per the prevailing rates shall be
payable by the Life Assured on the single premium including
extra premium, if any. The amount of Tax paid shall not be
considered for the calculation of benefits payable under the
If you are not satisfied with the “Terms and Conditions” of
the policy, you may return the policy to the Corporation within
15 days from the date of receipt of the policy stating the
reason of objections. On receipt of the same the Corporation
shall cancel the policy and return the amount of single premium
deposited after deducting the proportionate risk premium for the
period on cover, charges for medical examination, special
reports, if any, and stamp duty.
The policy shall be void if the Life Assured (whether sane or
insane) commits suicide at any time within 12 months from the
date of commencement of risk and the Corporation will not
entertain any claim under this policy except to the extent of
90% of the single premium paid excluding taxes and any extra