Features of plan: Bima bachat is a single premium money back plan where single premium paid
under the policy shall be paid back to the policyholder along with loyalty additions, if any, on
maturity. In addition, the survival benefit instalments are payable on survival of the policyholder
till the specified durations. The plan also provides the payment of sum assured in case of death
during the term of the policy irrespective of whether of not any survival benefits, have been paid
earlier. No rider benefits shall be available.
Loyalty additions: this is a participating plan and the policy shall participate in the profits of the
corporation's with-profit assurance business. The policy shall, however not be eligible for
reversionary bonus and all shall participate to a share of profits in the form of loyalty addition
(one time) only payable on maturity. On the life assured surviving the stipulated date of
maturity, the policy may be eligible for payment loyalty addition, if any, depending upon the
experience of the corporation at such rate and on such terms as may be declared the
corporation.
Plan parameters
Age at entry: Min.15 yrs Completed Max 66 yrs
Maturity age: Max. 75 yrs (NBD)
Term: 9,12 or 15 yrs.
Sum assured: Min. 20,000 Max. No. Limit
S.A in multiples: 5,000
Mode of payment: Single premium
Policy loan: yes
Housing loan: yes
Assignment: yes
Surrender of policy: yes
Underwriting condition
Form no: 300/340
Age proof: Std/Non Std
Medical exam: Not required for any S.A
Risk coverage: SA
Dating back @ 9%: Allowed
High premium rebate (per 1000 S.A)
Less then Rs.50,000 Nil
Rs.50,000 & Less then Rs.1Lac 5%
Rs.1 Lac & Less then Rs.2 Lac 7%
Rs.2 Lac and above 8%
Surrender values (GSV) (SSV): the policy can be surrendered for after completion of at least
one policy year. The guaranteed value is equal to 90 percent of the single premium paid
excluding extra premium paid and the survival benefits paid earlier. Special surrender value
(SSV) is given below:29
Benefits
Maturity benefit: single premium excluding extra premium with loyalty addition if any, shall be
payable in case of life assured surviving to the end of the term.
Survival benefit: in case the life assured is surviving to the specified durations the following
benefits shall be payable.
For policy term 9 years:15% of the sum assured at the end of each 3rd & 6th policy year. For
policy term12 year: 15% of the sum assured at the end of each 3rd, 6th & 9th policy year.
For policy term 15 years: 15% of the sum assured at the end of each 3rd, 6th,9th & 12th
policy year.
Death benefit: on death of the assured during the term of the policy an amount equal to the
sum assured shall be payable.