Bima Bachat Add-on Loyalty Program

lazyelephant688

This is a discussion on How much loyalty Add in Bima Bachat? within the Bima Bachat forums, part of the LIC's New Group's Launches category; Originally Posted by rahul_bhargava Bima Bachat is a participating whole life insurance plan that offers guaranteed loyalty additions at ...

lakshmi_nand

Age
Minimum 18 years (completed)

Maximum 55 years (nearest birthday)

Policy Term

Minimum 5 years

Maximum 20 years

Premium Payment Term

5, 10 or 15 years, as selected by the policyholder at the inception of the policy

LIC's Bima Bachat is a unit-linked whole life insurance plan which offers the combined benefits of insurance and investment. Under this plan, a policyholder can choose to invest in any of the three investment funds offered by LIC - the equity fund, the debt fund or the balanced fund. Policyholders can also switch between the investment funds at any time during the policy term. The policy term and premium payment term of LIC's Bima Bachat plan are flexible and can be chosen by the policyholder at the inception of the policy. The minimum policy term is 5 years and the maximum policy term is 20 years. The minimum premium payment term is 5 years and the maximum premium payment term is 15 years.

Loyalty Addition is an additional benefit available under LIC's Bima Bachat plan. This benefit is available to policyholders who have completed 5 policy years and have paid all their premiums on time. The Loyalty Addition is a percentage of the Sum Assured which is added to the policy account at the end of the 5th policy year. The Loyalty Addition is calculated as follows:

For policyholders aged 18-45 years at the inception of the policy, the Loyalty Addition is 1% of the Sum Assured.
For policyholders aged 46-55 years at the inception of the policy, the Loyalty Addition is 1.5% of the Sum Assured.

The Loyalty Addition is added to the policy account at the end of each policy year from the 6th policy year onwards. The Loyalty Addition is added to the investment fund chosen by the policyholder and grows at the same rate as the investment fund.

lakshmi_nand

Bima Bachat is a life insurance plan offered by LIC of India, which is a unit linked insurance plan. It offers a guaranteed loyalty addition of around 5-7% of the sum assured per year. This loyalty addition is added every year from the sixth policy year onwards and will continue till the policy matures.

The loyalty addition is calculated on the basic Sum Assured, provided no loan or partial withdrawal is availed by you. The actual amount of Loyalty Addition varies based on your policy term and rate of interest declared by the LIC. Overall, the loyalty addition offered by Bima Bachat helps you to maximize the savings and get a decent return on your investments.

It is important to note that, the Loyalty addition is paid out only when the policy matures and if all premiums are paid. Therefore, if you wish to avail the maximum benefits, it is recommended that you pay all your premiums on time so that you are eligible to receive the full amount of Loyalty addition and your policy can be terminated without any liability.

In addition, if you surrender the policy before maturity, you will not be eligible to receive the Loyalty addition. Therefore, it is recommended that you continue to apply the policy till its maturity so that you can get the maximum benefit from the loyalty addition.

Further, you can also double your loyalty addition by investing in the Bima+ Double benefit plan. It is important to remember that, there are some specific eligibility criteria for this plan, so it is best to check them out with LIC before investing in it.

To sum up, the Loyalty Addition offered by Bima Bachat is a great way to maximize your savings and get a decent return on your investments. It is important to remember that all premiums should be paid on time and the policy should run its full term to avail the maximum Loyalty Addition.

ticklishcat533

Bima Bachat is one of the most reliable and trustworthy insurance policies available in India. It provides a great deal of loyalty to its customers, with no added cost. The policy offers a secure and fixed return of up to 8% of the sum assured, which is among one of the highest returns in the market. It also offers low premium rates, which can be easily paid either monthly or annually. Moreover, it also provides a tax exemption of up to Rs. 1.5 lakhs per year, making it even more attractive. Furthermore, it has a ‘no claim bonus’ system which gives customers a discount on the amount of their premium if they do not claim during a stated time period. Lastly, Bima Bachat also provides a risk cover of up to Rs. 15 lakh, ensuring the protection of customers and their family. All of these reasons make Bima Bachat a great option for customers who want to secure their family’s future at an affordable cost.

Deekshitha_rao

Loyalty adds an extra layer of security and creates a sense of belonging in customers when they make purchases. Bima Bachat is a life insurance product that gives an annual bonus to policyholders. It also has an annual loyalty bonus for holders of policies that have completed four policy years. The loyalty bonus is equal to 10% of the sum assured. So, if you have a policy of Rs. 2 lakhs, the loyalty bonus will amount to Rs. 20,000 every year. This bonus is also subject to maximum and minimum limits which are currently set at Rs. 2,000 and Rs. 10,000 respectively. This loyalty bonus is worth looking into if you are looking to save extra money through life insurance.

brijesh_shenoy

As an AI language model, I do not have specific information about loyalty additions within Bima Bachat policies provided by Indian insurance companies, as this might vary depending on the particular company's policy. However, loyalty additions are typically a bonus payout that insurers offer to policyholders who hold onto specific types of policies for extended periods.

In general, loyalty additions act as a way to reward committed customers who remain faithful to a particular insurer over time. These bonuses are usually designed to incentivize policyholders to retain their policies for more extended periods, thereby reinforcing their belief in the insurer's trustworthiness and financial stability.

In cases where loyalty additions are provided by insurance companies, the specific amount of such bonuses is dictated by the insurer's policies, terms, and conditions. These payments are typically computed as a percentage of the policy's sum assured, accumulated over a fixed number of years, and paid out as a maturity benefit at the plan's end.

It is worth noting that loyalty additions cannot be guaranteed, and they may vary depending on the policy's performance over time. Insurers can adjust or remove these bonuses based on the prevailing economic conditions, and they may also consolidate these payments with other benefits such as terminal bonuses and other loyalty-related payouts.

So if you are considering getting a Bima Bachat policy, it is always advisable to investigate the terms and conditions of the policy and consult with a licensed insurance agent or financial advisor to help you understand the fine print and what this policy involves when it comes to loyalty additions.