LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions

For Basic plan

  • Minimum entry age : 15 years (completed)
  • 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
  • Maximum maturity age: : 75 years (nearest birthday)
  • Policy Term : 9, 12 or 15 years.
  • Minimum Sum Assured : Rs.35,000 for term 9 years
    Rs.50,000 for term 12 years
    Rs.70,000 for term 15 years
  • Maximum Sum assured : No limit
  • Sum Assured will be in multiples of Rs.5,000 /- only.
  • Premium payment mode : Single Premium only


Death benefit:

On death during the first five policy years: Sum Assured.

On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

Survival Benefits:

Payable as given below in case of Life Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

Maturity Benefit:

Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.

Loyalty Addition

Depending upon the Corporation's experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.

Other Features


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.

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.


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.

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.



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