Bima Bachat
Bima Bachat Summary:
LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.
Benefits:
Death Benefits:
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.
Survival benefits:
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.
Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)
| Policy Term | 3rd Year | 6th Year | 9th Year | 12th year |
| 9 years | 60,000 | 60,000 | Final Maturity | - |
| 12 years | 60,000 | 60,000 | 60,000 | Final Maturity |
| 15 years | 60,000 | 60,000 | 60,000 | 60,000 |
Eligibility Conditions and Restrictions LIC Bima Bachat:
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available
Surrender Values:
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.
Bima Bachat Examples:
Let me give you an example to understand this policy. Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
How to Apply for LIC Of India’s Bima Bachat?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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Leave comments:
Hi Tabrej,
Wanted to ask that whether I can invest Rs 1 lakh in Bima Bachat and claim full Rs 1 lakh deduction u/s 80 C
My agent told me that 80/c benefit not available in this policy ????
Also this website is very informative…keep it up….
Looking for an early reply
Tabrej Reply:
February 26th, 2010 at 5:06 pm
Tax benefit is available on all policies u/s 80C but your yearly premium should not be more than 20% of sum assured.
From FY 2003-2004 premiums paid in excess of 20% of the Sum Assured will not be eligible for Tax free returns under section 10(10D) except in the case of death.
Also what does this line mean…can you kindly clarify
Tabrej Reply:
February 26th, 2010 at 5:02 pm
That means if you invest one lac and your SA is also 1 lakh then you will get 20% tax benefit.
If you invest one lac and SA is 5 lacs then you will get 100% tax benefit.
i stumbled upon this site while searching for tax benefit under S 80 C for bima bachat policy. already saw my question answered. thank you and keep up the good work.
Tabrej Reply:
March 4th, 2010 at 4:04 pm
I am glad I could be of Help! 
We also have a forum http://forums.mylicindia.com/ if you have any question, please ask in forum.
i would like to now that i have invested in endowment assurance policy with profit + accident denefit. my age was 26 year & i pay premium of rs. 31083.00 . i would like to know that is this policy is good & how much it will benefit my in futures is this premium will be fully tax rebales & money i will get after maturity is fully tax free
Tabrej Reply:
March 16th, 2010 at 12:31 pm
Bima Bachat is a single premium money-back policy. Are you sure you want to pay Rs.31083 ?
sir, your are mistaking , i have taken an endowment assurance policy with profit + accident denefit , when my age was 26 year , now i am 30 year old , i would like to know that this policy in which i pay premium of 31083.00 will his policy good or should i buy new policy of bima bachat or jeevan sarel
Tabrej Reply:
March 19th, 2010 at 10:26 pm
I would suggest for Jeevan Saral. Its one of the best plan.
hi
pls tel me my D O B is 02.10.1986 i m intrestad biba bachat lic polici 20000/- pls giv me ditails sene me email my Email ID is neeraj.r.singh2009@gmail.com
-Details of my beema bachat policy are – Sum assured Rs 50000/- & Single premium paid is Rs 34476/-. Pl advice how much benefit I can take for income tax calculation for FY 2009-10.
I am interested in having a pension plan. I plan to retire during the age of 50. I met a LIC agent few days back who suggested for me to go for bima bachat and jeevan anand for a tenure of 15 years, considering I would need pension plan starting at the age of 50. Do you recommend the same or are there any better plans you would suggest?
Thanks
I want to invest 25,000 in beema bachat policy. Please provide me details of benefits. Income tax Benefit which I can take from this policy.
If you are interested to buy any LIC policy from LIC of india. please mail me at @yahoo.co.in. I will help you a lot.
I AM 44 YRS.OLD , WHERTHER I WILL GET INCOME SECTION 8OC DEDUCTION IF I PAY RS.38860 FOR 15 YRS.BIMA BACHAT FOR SUM ASSURED OF RS.50000.
what is the rate of Loyalty addition LA on Bheema bachat. Is it calculated on Sum assured amt. Is it likely to increase or decrease in the years to come.
My D.O.B. is 20th November 1959. My old L.I.C. Policies are almost over.I want to start a new Policy for my old age. Please guide.
I have purchased beema bachat of Rs. 991433/- for 9 years on 31.12.2009. Now due to some reasons I want to surrender the policy on 31.12.2010. What will be the surrender value.
please clear me what we get extra benifit on maturity with premium amount paid ?
I am56 years old… I have only one son,who is a NRI,and comfortably off.I do not have any dependents.I have a steady income of approx 20,000 coming in to take care of my monthly expenses.I am retd. I wish to invest Rs.2,00,000 in LIC scheme. My questions:
1) Should I at all invest in LIC,or better to invest in FDs/ mutualfunds?
2) If LIC, is Bheema bachat a good option?
3) If not,which is the best option?
Sir,
Recently I open a bima bachat policy for nine years.So far i did not receive the certificate. And at the same time would you please send the details of nine years return and maturity amount chart. I am 47 yeras old and paid one time Rs52629
Thanks
A.C.NAG
I had a enquiry with the LIC Agent reg. Bima Bacht. He come up with what ever premium I am paying it will be considered for Tax free .. irrespective of 20% sum assured as it is a Single Premium policy. Pl confirm if any body knows clear details abt tax deduction for this policy ?
My yrly income is 1.5 lac. Presently i have policier apprx 5. 00 lac. Now i want to buy such a plan which can give 20 to 25 lac risk cover at a yearly premium of Rs.15 thousand which will be refundable at the time of maturity. My age is 42 yrs.
what is rate of loyalty additon for bima batchat plan for 9 year term
sir ,
I have purchached Beemabachat table 175 for 9 year SA 50000 and single premium Rs34103 can I get tax benifit over section 80 c for rs 34103
I bought 2 policy for 30K SA for each. Now my question is when I will be able to take loan against this policy ?
As per 1 agent I can avail loan very next day but other is saying you have to wait for a year. Please confirm
Thanks
Sir,
I want policy for my daughter, she is born on 17th March 2011.
I want to plan for her studies. Like after 3 years her admission fee & donation etc exp. cover by policy and when she will in 10th slandered class after that for professional studies exp.
Pleaes advise me for which type of plan suitable for my daughter.
Regards / Manish
if i take a bima bachat policy for a 15 year term for Rs 1 lakh SA then my single premium would be Rs.74,893.
Q1 – how much can i show for tax purposes?
Q2 – can that same amount be shown for 15 years for tax purposes?
i want to invest in bima bachat i want to know what is the rate of interst in policy and can i take my money back on the complete of 3years of policy my agent told me that i can take my total money back on 3rd year
Dear Sir,
I have taken Bima Bachat policy for Rs.150000-(SA).
Cost of single premium is Rs.109481-
TT: 175 09
It is mentioned in the policy under Spl Provisions regarding
Loyalty Additions. Kindly explain the same.
Thanking you,
Yours
M R MANICKAM
if i take Bima bachat
a. the intersted given is fre from Income Tax?
B. the periodic money back is free from IT?
C. if i avail loan on the Bima Bachat is that loan amoutn is tazable?
Regards
NC
i am 62 years old and want to invest in bima bachat policy rs 40000/ let me know in detail how much i will get in three instalment and in the last
I have Bima Bachat Policy, below are the details
Sum Assured : 100000
Premium Paid : 73089
Term : 12 years
Date of Maturity : 22.01.2022
Please inform me that when will I start getting survival benefit, (as stated in the policy it is 3, 6 & 9th year for 12 year paln)
Is it automatic or I have to remind or follow up with LIC for survival benefits?
i bought jeevan Anand policy and bima bachat policy of Rs. 28000/- i know the premium of this polices. my date of birth 26.08.1981.
bima bachat policy for 9 yrs. only i bought
Hi, I am in lic of india as a adviser / agent from last 17 years.
Please contact me for any of your requirments.
I am from pune ( Maharashtra) India.
Dear manager,
I want to buy this policy, but I am not clear about it. Could you kindly workout a table of return back amount including maturity for rupees 2 lakhs as on today and email it to me for easy referral.
Thanking you
regards…………….
Kindly advise whether the moneyback we receive at 3/6/9 yrs and the money we receive at maturity is TAX free.
Regards
TR
Any one want to take good plan in Delhi and NCR pls contect me
Anil Sangwan (8826781130) Lic Agent
Tax benefit is available under Section 80C on Table No 175-09-1 Yearly Primium ?
Bima Bachat is a POOR POLICY not good for investors.
Calculation of a 12 year policy term is illustrated below:
A B C D E
72145 5.292% 3 84216 12071
69216 5.292% 3 80797 11581
65797 5.292% 3 76805 11008
61805 5.292% 3 72146 0
A refers to premium deposit with LIC. In first year investor deposits Rs.72,145/-
B refers to rate of interest which is constant based on maturity proceeds which is eqv. to premium paid
C is yearly interval term after which LIC pays you
D is maturity amount after every C i.e. 3 years based on deposit held at the beginning of the period (A*(1+B)^C) = Cumulative interest formula
E is the actual return (D-A)
Now after third year what an investor got is Rs.15,000/- however since the yield comes to Rs.12,071/- the difference is deducted from the Premium Deposit i.e. Rs.72,145-15,000+12,071 = 69,216 (opening balance at the end of 4th year)
This way we learn that the return rate is not good for the financial health of investor.
for income tax rebate this is not a healthy option
the figures as 60,000 for SA 2L , were as at 15% the same should be 30,000
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Life Insurance Corporation of India (LIC of India) is the largest insurance company in India. LIC of India was founded in 1956 with the merger of 200 insurance companies. Currently, LIC has Rs.9.31 trillion worth of assets. Its fully owned by Govt. of India and LIC funds about 1/4th of government expenses.
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Sir
Thank you policy for the mailing however this is not being beneficial to the policy holder the amount that is paid is nothing but Bankrate however the policy holder is to wait for the period of 3 years to get the payment.
The tax benefit is not mentioned here
Thanking you
Reply
Tabrej Reply:
February 24th, 2010 at 4:11 pm
Tax benefit is available under Section 80C
Reply