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Bima Bachat
LIC’s Bima Bachat is a money-back policy which offers financial
security and assurance to the policy holder and his family. Bima
Bachat requires the policy holder to pay only one premium. The amount
paid for the premium depends on the duration of the policy taken
and life insurance is available till the date of maturity.
For a term of 9 years: The policy holder will receive 15% of the
sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum
assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum
assured at the end of every 3rd, 6th, 9th and 12th policy year.
If the policy holder outlives the duration of the policy, at the
time of maturity, a single premium payment (excluding extra premium)
is made along with loyalty additions, if any.
The policy holder is insured for an amount equal to the sum assured.
The insurance cover is irrespective of the installments received.
The guaranteed surrender value is available only after completion
of at least one policy year. This value is equal to 90 % of the
single premium paid (excluding extra premium).
Bima Bachat is the only money-back policy that offers a loan facility.
The rate of interest for this will be determined from time to time
by the corporation. Presently the rate of interest is 9% p.a. payable
half-yearly.
It also offers other benefits like the 15 day cooling off period,
grace period and revival.
The following are the requirements that one needs to be aware of
before applying for this
policy:
· The person applying for the policy should have completed
15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12
and 15 years) for the policy depending on the age and requirement
of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/-
and there is no limit on the amount that can be assured.
· It is important to note that the sum assured should be
in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium.
Source - Life Insurance India, Licindia.
If life insurance buying is
approached in the proper manner it can be very beneficial to yourself
and your family. You need to take the time to give some thought
to a subject that can be very unpleasant. I guess that is why most
people don't think about it, or at best think about it only after
they have had a brush with death, or when a life insurance professional
brings up the subject. Sometimes these people wait until it is too
late to do something about such a critical matter.
They find themselves uninsurable when they discover they have some
critical illness. People should give life insurance buying serious
thought at least once per year as ones situation may change and
you find that your need for life insurance may change as a result.
Contact Us
1) If you want to Buy New Insurance Policies than call 9820934872 (Mumbai)
2) If you need a detailed quotation from us as to how much insurance
you should really go for. Click
here
3) If you have a previous life insurance policy and want servicing
for the same. Click here
4) Contact us on email: uniglobalindia@gmail.com
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