New Bima Bachat Plan, Table No 816 has been recently introduced as fixed deposit scheme by LIC. New Bima Bachat is a single premium money back policy meant for people looking for options to save money which is offering attractive returns and benefits. In addition to being a single premium investment plan, it has an in built provision of the risk coverage of the investor which offers financial security and assurance to the policy holder and his family
A policy with dual benefits, as it is known is suitable for the benefits of investors who are keen to have safe option along with value addition to their returns.
Main features of the New Bima Bachat plan are:
Suppose “A” aged 30 years takes a policy of 9 years term for 2 Lakh Sum Assured, pays a premium of Rs 1,41,634, his periodical benefits will be:
Benefit paid on 3rd year = 30,000
6th year = 30,000
9th year = 1,41,634 (Return of Premium)
Total = 2,01,634
Loyalty Addition = 72,000 @ 4% of Sum Assured (Assumed)
Grand Total = 2,73,634
Hence return on investment = 273634/141634 =10.35% Per Annum
(Actual yield will depend upon the tax slab of the investor after tax)
Investment in New Bima Bachat Plan with an added advantage of insurance element is one of the best option available as a fixed deposit and a good measure to save money.
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