Single Premium Plans

New Bima Bachat Plan (no 816)

New Bima Bachat is a single premium money back policy which will give you Financial security and assurance to the policy holder and his family.

New Bima Bachat Plan requires the policy holder to pay only one premium. The amount

paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

Features

• Single premium money back plan
• Option to choose among 9,12 and 15 year terms
• 15% Sum Assured is paid as survival benefit after every 3 years
• single premium (excluding extra premium) is returned along with loyalty additions ( if any) at the time of maturity
• Loan facility available after completing one policy year

Eligibility Conditions

Survival Benefits

For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of 

3rd and 6th policy year.

For a term of 12 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th and 9th policy year.

For a term of 15 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th and 9th and 12th policy year.

Tax benefit:

Tax benefit is available u/s 80 C and u/s 10D

Please note that sec 80 C tax benefit is limited up-to maximum of 10% of the sum assured. Since it is a single premium plan, it is not a good tax saving instrument.

For example if someone opts for this plan for sum assured of Rs 1,00,000/- and he/she pays Rs 66,000 /- as single premium. he/she will only get maximum tax benefit for 

Rs 10,000/- only (10% of Sum Assured).

Possible Events during policy duration

On Death within first 5 years of policy term

If the policy holder dies within first five years of the policy term, his/her nominee will receive the sum assured. The periodical survival benefits which have already been paid will not be deducted.

On Maturity
At the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.

Understand New Bima Bachat with an example

Mr. Rohan plans to buy New Bima Bachat plan for himself for sum assured of Rs 1,00,000
and 9 years term. He is 30 years old.

Single Premium :  Rs 74,592/-
Sum Assured :     Rs 1,00,000/-

Tax benefit:  He will only get tax exemption of Rs 10,000/- (10% of sum assured) irrespective of the fact that he is paying premium of rs 74,592/-

Survival Benefits:

On completing 3rd year : Rs 15,000/- (15% of Sum Assured)
On completing 6th year : Rs 15,000/- (15% of Sum Assured)

On Death:

If Mr. Rohan dies during the first five years of policy term, his nominee will receive the sum assured (Rs 1,00.000/-)

If Mr. Rohan dies after completing first five years of the policy term, his nominee will receive the sum assured (Rs 1,00.000/-) + Loyalty additions.

On Maturity:

If Mr. Rohan outlives the duration of the policy, at the time of maturity, the single premium amount is returned (excluding extra premium) along with the loyalty additions, if any.

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Single Premium Endowment Plan (No.817)

Single Premium Endowment Plan is a saving plus protection plan. This plan provides financial protection against death during the policy term with the provision of payment 

of lumpsum at maturity on survival. This plan also takes care of liquidity needs through its loan facility.

Features

• Single Premium Endowment Plan
• Life risk cover for the life insured
• Savings Oriented Plan
• Loan facility available after completing one policy year
• Moderate Premium, high bonus rate

Eligibility Conditions:

Commencement of Risk:

In case the age of Life Assured at entry is less then 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary

coinciding with or immediately following the attainment of 8 years of age, whichever is earlier.

For those aged 8 years or more, risk will commence immediately.

Tax Benefit

Tax benefit is available u/s 80C and u/s 10D.

Please note that sec 80 C tax benefit is limited up to maximum of 10% of the sum Assured. Since it is a single premium plan, it is not a good tax saving instrument.

For example if someone opts for this plan for sum assured of rs 1,00,000/- and he/she

pays Rs 66,000 as single premium. He/she will only get maximum tax benefit for rs 10.000/- only (10% of Sum Assured).

Possible Events during policy duration

On death before the commencement of risk

If the policy holder dies before the commencement of risk, the nominee will receive the 

single premium paid (excluding the service tax and extra premium).

On death after the commencement of risk

If the policy holder dies before the commencement of risk, the nominee will receive these benefits.

1. Basic Sum Assured 
2. Reversionary Bonus
3. Final Additional Bonus (if any)

On Maturity:

If the policy holder survives the term of the plan, he/she will receive these benefits.

1. Basic Sum Assured
2. Reversionary Bonus
3. Final Additional Bonus (if any)

Understand Single Premium Endowment Plan with an example

Mrs. Anand aged 25 years, buys a single premium endowment plan for sum assured of 

Rs 2,00,000/- for 15 years term

Single Premium : 1,27,192/-

Sum Assured     : 2,00,000/-

Tax benefit:

She will only get a tax exemption of Rs 20,000/- (10% of sum assured) irrespective of the fact that she is paying premium of Rs 1,27,192/-

On death:

If Mrs. Anand dies during the policy term, her nominee will receive the sum assured along with the accrued bonuses.

On Maturity:

If Mrs. Anand survives the policy term, she will receive the sum assured along with the accrued bonuses.

CONTACT FOR DETAILS: 9291203177