LIC NEW BIMA BACHAT ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

LIC NEW BIMA BACHAT ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
a) Minimum entry age : 15 years (completed)

b) Maximum 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
c) Maximum maturity age: : 75 years (nearest birthday)
d) Policy Term : 9, 12 or 15 years.
e) Minimum Sum Assured : Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years

f) Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

g) Premium payment mode : Single Premium only

2. SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under: -
Single Premium per 1000 Sum Assured (Rs)
Age (Nearest birthday)
Term
9
12
15
15
767.95
771.00
771.55
25
768.95
772.00
772.70
35
771.70
775.35
776.80
45
782.65
787.15
789.25
55
803.80
808.10
810.70
65
836.85
-
-
3. REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates (As percentage of Tabular Premium) :
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.
5. SURRENDER VALUE:
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.
6. TAXES:
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 plan.
7. COOLING-OFF PERIOD:
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.
8. EXCLUSIONS:
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 premium paid.

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