New Bima Bachat Plan 916 Maturity Calculator

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New Bima Bachat Plan 916 Maturity Calculator

This is premium non-linked with profits money back type plan. Sum Assured On Death – Basic Sum assured during 1th  five years policy years – Sum assured on death. From 6th year on wards – sum assured + Loyalty addition if any. Survival Benefits is for policy term of  9 years – 15 %  of sum assured , after 3rd & 6th  policy year for policy term of 12years  -15% of sum assured 3rd ,6th ,9th policy year. For policy term of 15years -15% of Sum assured after 3rd ,6th ,9th ,12th  policy year.

Maturity Benefits

Single premium paid + loyalty additions if any.Maturity /death claim in instalments for 5,10,15 years for full or part of  maturity /death claim  amount. Option to be exercised 3months before maturity and for death claim during lifetime by life assured.

For Example ,Age – 35, Sum assured -5,00,000 , Term  – 12years ,SP – RS.3,64,414

Entry age -35Survival benefits age -38 ,15% of sum assured –Rs.75,000 ,In case of death at age – 40.survival benefits at age – 41 ,15% of sum assured –Rs.75,000

Maturity at age -47

Maturity Benefit

Refund of premium + Loyalty addition

=Rs.3,64,414 +1,05,000(210*500)

=Rs.4,69,414

Death Benefits

Sum assured on death + Loyalty addition , if any.

=Rs.5,00,000  + Rs.43,750(87.50 * 500)

=Rs.5,43,750

If term rider is opted then additional Rs.5,00,000 will be paid total death benefit will be Rs.5,00,000 + Rs.5,43,750 = Rs.10,43,750

Then additional Rs.5,00,000 will be paid. Total death benefits will be Rs.5,00,000 + Rs.10,43,750 –Rs.15,43,750

Features & Condition

  • Minimum age at entry – 15 years
  • Maximum age at entry -50 years
  • Policy term – 9,12,15, yrs
  1. Term 9years , Maximum at maturity 59 years , Minimum assured Rs.35,000
  2. Term 12 years , Maximum at maturity 62 years , Minimum assured Rs.50,000
  3. Term15 years ,Maximum at maturity 65years , Minimum assured Rs.70,000
  4. Maximum sum assured –No limit

Sum assured in multiples – Rs.5000 only

Available Riders – ADDB and term rider for full policy term.

Mode of payment single premium high sum assured rebate(as% of tabular premium ) term 9years. Up to 70,000  – Nil

Rs.75,000 to 1,45,000 – 6%

Rs.1,50,000 & above – 8%

Term 12 years

Up to 95,000 – Nil

Rs.1,00,000 to 1,95,000 – 4%

Rs2,00,000 above 6%

Term 15 years

Up to Rs.1,45,000 – Nil

1,50,000 to 2,95,000 – 3%

3,00,000 above  – 5%

Policy loan – Only after one policy year

Surrender –first year 75% of SP

2nd year onwards – 90% of SP less SB paid

Back dating allowed without loan months benefits . Interest will be charged for Exact no . of days from DOC of payments.

New Plan 916 – LIC New Bima Bachat in Tamil

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