LIC New Bima Bachat Plan 916: Life Insurance Corporation of India established itself 100 years back. Since then, insurance and LIC go hand in hand. Even if you ask a common man about insurance, the first thing he will say is LIC. LIC New Bima Bachat Plan 916 is a non-linked, participating, savings plus protection plan.
The premium under New Bima Bachat Plan is paid in a lump sum at the beginning of the policy term. This money-back, savings plus protection plan provides financial protection to the family of the life assured in case of untimely demise of the policyholder during the policy term.
LIC New Bima Bachat Plan 916 in 2023
The policy also provides survival benefit over a specified period. Additionally, on maturity of the policy, the Single Premium along with Loyalty Additions, if any, is returned. LIC New Bima Bachat Plan takes care of the liquidity needs of the policyholder through a loan facility.
Key Features of LIC New Bima Bachat Plan 916
- LIC New Bima Bachat Plan is a savings plus protection plan
- It is a single-premium money-back plan
- At the time of maturity, single-premium is returned along with loyalty additions (if exist)
- As survival benefit, 15% of Basic Sum Assured is returned at the end of 3 years
- As maturity benefit, “Sum Assured on Maturity” along with loyalty benefits, if any, shall be payable
- As death benefit, Sum Assured is paid
Documents Required for New Bima Bachat Plan 916
To take the LIC policy, you need proper documents supporting your application. Following are the documents you require:
- Medical history
- Address proof
- Know your customer documents
- Medical examination (depending on your age or the sum assured)
Eligibility Conditions And Other Restrictions
| Minimum entry age | 15 years |
| Maximum entry age | 50 years (Closer birthday) for terms 9, 12, and 15 years |
| Maximum maturity age | 59 years (Closer birthday) for term 9 years62 years (Closer birthday) for term 12 years65 years (Closer birthday) for term 15 years |
| Policy Term | 9, 12, and 15 years |
| Minimum Sum Assured | 35,000 for term 9 years50,000 for term 12 years70,000 for term 15 years |
| Maximum Sum Assured | No limit |
| S.A.(Sum Assured) is in multiples of rupees 5,000 | |
| Premium payment mode | Single-Premium only |