LIC Bima Bachat Plan 175 Calculator
Table No. 175 | UIN: 512N232V01
Plan Number: 175 (UIN: 512N232V01)
Launch Date: 18 August 2005
Withdrawal Date: 1 January 2014
Status: Withdrawn (No longer available for new purchases)
Calculation Results
Survival Benefits Schedule
Insurance is an essential part of financial planning, providing security and peace of mind for you and your family. Life Insurance Corporation of India (LIC) has been a trusted name in India for decades, offering many insurance schemes suited to different customer needs. One such past popular scheme was the LIC Bima Bachat Plan 175.
Introduction to LIC Bima Bachat Plan 175
The LIC Bima Bachat Plan 175 was a single premium money-back life insurance policy from LIC. “Single premium” means that you pay the premium once at the start of the policy, and then the plan provides coverage and benefits over the chosen policy term.
The plan was designed to provide savings and protection both. It included survival benefits paid periodically and a lump sum maturity benefit at the end of the term. The nominee also gets financial support in case of the policyholder’s unfortunate demise during the policy period.
Launch and Withdrawal Dates
- Launch Date: August 18, 2005
- Withdrawal Date: January 1, 2014
This means LIC stopped selling this plan after January 1, 2014. Though it was withdrawn, understanding this plan gives insights into how LIC structured single premium money-back plans in the past and serves as a reference for similar plans available now LIC source.
Key Features of LIC Bima Bachat Plan 175
The LIC Bima Bachat Plan 175 had several important features making it attractive to different types of investors seeking secure returns with insurance protection.
Single Premium Payment
Unlike regular premium policies, you pay a single lump sum premium at the beginning. This lump sum is calculated based on the sum assured and the chosen policy term.
Policy Terms Available
The plan offered three choices for the policy term:
- 9 years
- 12 years
- 15 years
You can select the term based on your financial goals.
Survival Benefits (Money Back)
The plan paid 15% of the sum assured as a survival benefit at regular intervals:
- For 9-year term: at the end of 3rd and 6th years.
- For 12-year term: at the end of 3rd, 6th, and 9th years.
- For 15-year term: at the end of 3rd, 6th, 9th, and 12th years.
This means partial payouts were received during the plan duration, helping with financial needs at various stages.
Maturity Benefit
If the policyholder survives the full policy term, they receive the entire sum assured plus loyalty additions (bonuses) on maturity. This lump sum is paid at the end of the policy period.
Death Benefit
In case of unfortunate death during the policy term, LIC would pay the nominee the sum assured. This provided financial security to the family.
Loan Facility
Loan can be availed under this plan any time after completion of one policy year. You can take a loan up to 90% of the surrender value of the policy LIC source.
How LIC Bima Bachat Plan 175 Works: An Example
Suppose Ram, aged 35 years, opts for this plan with a sum assured of ₹1,00,000 and chooses a policy term of 12 years.
- He pays a single premium of approximately ₹72,145 upfront.
- At the end of the 3rd, 6th, and 9th year, Ram receives 15% of the sum assured i.e., ₹15,000 each time as survival benefit.
- On maturity after 12 years, he receives the sum assured ₹1,00,000 plus loyalty additions/bonuses declared by LIC.
- If Ram dies during the policy term, his nominee will get ₹1,00,000 as the death benefit immediately OneInsure .
LIC Bima Bachat Plan 175 Calculator
Calculating premiums, maturity amount, and survival benefits manually can be complicated. LIC provides an online calculator tool that makes it easy to estimate these amounts based on specific inputs.
What Does the Calculator Do?
- It helps you compute the single premium payable for the sum assured and term chosen.
- It estimates the maturity amount, including the sum assured plus loyalty additions.
- It calculates the survival benefits at periodic intervals.
- It also factors in bonuses based on premium and sum assured.
Inputs Needed for the Calculator
To use the LIC Bima Bachat Plan 175 calculator, you need to input:
- Insured’s age
- Sum assured amount
- Policy term (9, 12, or 15 years)
- Other details related to bonuses if applicable
Benefits of Using the Calculator
- Get accurate premium amounts before buying the policy.
- Know your expected returns at maturity and during survival benefit payouts.
- Helps in easier financial planning and comparison with other plans.
Benefits of LIC Bima Bachat Plan 175
This plan was specifically designed to give a balance of security, savings, and regular returns.
Guaranteed Survival Benefits
Getting 15% of sum assured every 3 years helped policyholders with interim liquidity without waiting for the full maturity.
Lump Sum Maturity Payout
Besides survival benefits, the full sum assured and bonuses at maturity gave a large corpus amount.
Protection to Family
In case of death during the policy term, the nominee received the sum assured immediately, providing financial safety.
Loan Facility
The availability of loan against policy after one year added extra flexibility to meet urgent cash needs.
Single Payment Convenience
Paying the premium once at the beginning saved the hassle of recurring payments and was suitable for those with lump sum funds.
What Are Loyalty Additions or Bonuses?
LIC declares loyalty additions (bonuses) on policies like Bima Bachat at the end of the term depending on the corporation’s performance. These bonuses increase the maturity amount beyond the sum assured.
The loyalty additions are paid only if the policy is continued till maturity and depending on LIC’s profitability in the relevant years. Hence, they give an extra layer of returns on top of the guaranteed benefits .
Important Points to Remember About LIC Bima Bachat Plan 175
- This plan is withdrawn from sale since 2014, so new customers cannot buy it now.
- Existing policyholders can continue and enjoy benefits till maturity or surrender.
- The single premium varies greatly with age, sum assured, and policy term.
- The plan is ideal for people who want a lump sum investment with guaranteed returns plus insurance cover.
- The policy term options provide flexibility to choose longer or shorter commitment.
- Survival benefit payouts help with periodic cash flow during the policy period.
Alternatives to LIC Bima Bachat Plan 175 (Current Plans)
Since LIC Bima Bachat Plan 175 is withdrawn, LIC has launched new variants to offer similar benefits:
- LIC’s New Bima Bachat Plan (Plan 916) is the modern replacement with similar single premium money-back features, with slightly different terms and benefits.
- Other money-back policies and traditional endowment plans from LIC provide savings with periodic payouts.
- Customers are advised to compare features, premiums, and benefits using LIC’s official premium calculators before investing.
How to Use LIC Bima Bachat Plan 175 Calculator Practically
For customers who have this plan or want an idea of how it worked, here is a simple stepwise guide to calculate premiums and benefits:
- Gather your details: age, sum assured, policy term.
- Visit LIC’s official premium calculator webpage or a trusted insurance portal.
- Enter your age, sum assured amount, and policy term (9, 12, or 15 years).
- Review the single premium amount displayed by the calculator.
- Use the calculator to view estimated survival benefits paid every 3 years.
- Check the maturity payout estimate including sum assured plus estimated bonuses.
- Compare these results with your financial goals to decide if a similar plan suits your needs.
FAQs About LIC Bima Bachat Plan 175 Calculator
Is LIC Bima Bachat Plan 175 currently available for new customers?
No, this plan was withdrawn from sale on January 1, 2014. Existing policyholders can continue but new customers cannot buy it.
What type of premium payment does this plan require?
It requires a single premium payment, meaning you pay the premium once at the policy start.
What are the policy term options available under this plan?
The plan offers three terms: 9, 12, and 15 years.
How does the money-back (survival) benefit work?
Survival benefits of 15% of sum assured are paid every 3 years depending on the policy term chosen.
What happens if the policyholder dies during the policy term?
The nominee receives the sum assured as a death benefit immediately.
Are loyalty additions guaranteed in this plan?
No, loyalty additions or bonuses depend on LIC’s profit performance and are not guaranteed.
Conclusion
LIC Bima Bachat Plan 175 was a single premium money-back life insurance plan launched by LIC on August 18, 2005, and withdrawn from sale on January 1, 2014. The plan combined insurance protection with savings by paying 15% of the sum assured as survival benefits periodically every 3 years (depending on the term chosen: 9, 12, or 15 years) and a lump sum maturity amount including the sum assured plus loyalty additions at the end of the policy term.
In case of death during the policy period, the nominee received the sum assured as a death benefit. The plan allowed policyholders to take a loan against the policy after the first year, adding liquidity and flexibility.