LIC

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  Key Features of LIC Bima Bachat

  1) This is a single premium plan

  2) Bonus is payable on Policy Maturity or on earlier death

  3) Survival Benefit is payable every 3 years of 15% of the Sum Assured

  4 There are 3 policy tenures possible- 9 years, 12 years and 15 years

  5) There is a Sum Assured Rebate for large Sum Assured.

• Benefits Of LIC Bima Bachat:

  Death Benefit: In case of death of the Life Insured, the nominee receives the entire Sum Assured + accrued Bonus

  Survival Benefit– The Life Insured would receive the following Survival Benefit

  1) For a Policy Term of 9 years, 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable

  2) For a Policy Term of 12 years, 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable

  3) For a Policy Term of 15 years, 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable

  Maturity Benefit: When the policy matures, the entire single premium paid + accrued Bonus is paid back.

  If You stop paying the premium: – This is a single premium plan, so no question of stopping to pay your premiums

  Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Maturity benefits too are tax exempt as per Section 10(10D)

   

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