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.
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
Refund of premium + Loyalty addition
Sum assured on death + Loyalty addition , if any.
=Rs.5,00,000 + Rs.43,750(87.50 * 500)
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
- Term 9years , Maximum at maturity 59 years , Minimum assured Rs.35,000
- Term 12 years , Maximum at maturity 62 years , Minimum assured Rs.50,000
- Term15 years ,Maximum at maturity 65years , Minimum assured Rs.70,000
- 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.