LIC Bima Bachat Plan 175 Calculator
Table No. 175 (UIN: 512N232V01)
Important Notes
- LIC Bima Bachat Plan 175 is a Single Premium Money Back Plan. Premium is paid only once at the beginning of the policy.
- Survival Benefits of 15% of the Basic Sum Assured are paid every 3 years according to the selected policy term.
- On maturity, the policyholder receives the Basic Sum Assured along with applicable Loyalty Addition, if declared by LIC.
- In case of death during the policy term, the nominee receives the Basic Sum Assured as per the policy conditions.
- Loan facility is available after completion of one policy year, subject to LIC’s surrender value rules.
- Loyalty Addition is not guaranteed and depends on LIC’s declaration for eligible policies.
Disclaimer
This calculator provides estimated values for educational and illustration purposes only. Actual single premium, loyalty addition, survival benefits, maturity value and death benefit will be governed by the official LIC Bima Bachat Plan 175 policy document and applicable LIC rules.
Introduction to LIC Bima Bachat Plan 175
Insurance plays an important role in financial planning by offering protection and long-term financial security for individuals and their families. Over the years, the Life Insurance Corporation of India (LIC) has introduced various insurance plans to meet different customer requirements. One such popular product was LIC Bima Bachat Plan 175, a single-premium money-back insurance policy.
What is LIC Bima Bachat Plan 175?
LIC Bima Bachat Plan 175 was a single-premium money-back life insurance plan, meaning the policyholder paid the premium only once at the beginning of the policy. After this one-time payment, the policy remained active for the chosen term and provided both insurance coverage and savings benefits.
The plan combined life insurance protection with periodic survival payouts and a lump-sum maturity benefit. In case of the policyholder’s death during the policy term, the nominee became eligible to receive the applicable death benefit.
Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age (Life Assured) | 15 Years (Completed) | 66 Years (Nearest Birthday) |
| Maturity Age | — | 75 Years (Nearest Birthday) |
| Policy Term | 9 Years | 15 Years |
| Basic Sum Assured | ₹20,000 | No Upper Limit |
| Sum Assured Multiples | ₹5,000 | — |
| Premium Payment Mode | Single Premium | — |
Launch and Withdrawal Details
- Launch Date: 18 August 2005
- Withdrawal Date: 1 January 2014
LIC discontinued the sale of Bima Bachat Plan 175 on 1 January 2014. Although the plan is no longer available for purchase, it remains useful for understanding LIC’s earlier single-premium money-back insurance products and comparing them with similar plans currently offered by LIC.
Key Features of LIC Bima Bachat Plan 175
LIC Bima Bachat Plan 175 included several features that appealed to individuals seeking both insurance protection and guaranteed savings through a single investment.
One-Time Premium Payment
Unlike traditional life insurance plans that require regular premium payments, this policy required only one lump-sum premium at the beginning of the policy.
The premium amount depended on the selected Sum Assured and policy term.
Available Policy Terms
Policyholders could choose from the following policy durations:
- 9 Years
- 12 Years
- 15 Years
This flexibility allowed individuals to select a policy term that matched their financial objectives.
Survival Benefits (Money-Back Benefits)
The policy provided survival benefits equal to 15% of the Basic Sum Assured at specified intervals during the policy term.
The payout schedule varied according to the selected policy duration:
For a 9-Year Policy
- End of the 3rd Year
- End of the 6th Year
For a 12-Year Policy
- End of the 3rd Year
- End of the 6th Year
- End of the 9th Year
For a 15-Year Policy
- End of the 3rd Year
- End of the 6th Year
- End of the 9th Year
- End of the 12th Year
These periodic payouts provided regular cash flow before policy maturity.
Maturity Benefit
If the life assured survived until the completion of the policy term, LIC paid:
- Basic Sum Assured.
- Applicable Loyalty Additions (Bonuses), if declared.
The maturity proceeds were paid as a lump-sum amount at the end of the policy.
Death Benefit
If the life assured passed away during the policy term, the nominee received the Basic Sum Assured as the death benefit, providing financial support to the family.
Loan Facility
Policyholders became eligible to avail a loan after completing one policy year.
The maximum loan amount could be up to 90% of the policy’s surrender value, subject to LIC’s prevailing rules and conditions.
How LIC Bima Bachat Plan 175 Works – Example
Consider the following illustration:
A policyholder named Ram, aged 35 years, purchases LIC Bima Bachat Plan 175 with:
- Basic Sum Assured: ₹1,00,000
- Policy Term: 12 Years
He pays a single premium of approximately ₹72,145 at the beginning of the policy.
During the policy term:
- At the end of the 3rd Year, he receives ₹15,000 as a survival benefit.
- At the end of the 6th Year, he receives another ₹15,000.
- At the end of the 9th Year, he again receives ₹15,000.
On completion of the 12-year policy term, he receives:
- Basic Sum Assured of ₹1,00,000, plus
- Loyalty Additions declared by LIC.
If the life assured dies during the policy term, the nominee receives the Basic Sum Assured of ₹1,00,000 as the death benefit.
LIC Bima Bachat Plan 175 Calculator
The LIC Bima Bachat Plan 175 Calculator helps policyholders estimate premiums and policy benefits without performing manual calculations.
The calculator provides estimates for:
- Single Premium payable.
- Maturity Benefit.
- Survival Benefits.
- Loyalty Additions, where applicable.
Information Required
To use the calculator, users generally need to enter:
- Age of the life assured.
- Basic Sum Assured.
- Selected Policy Term (9, 12, or 15 Years).
- Other bonus-related details, wherever applicable.
Benefits of Using the Calculator
The calculator helps users:
- Estimate the required Single Premium before purchasing the policy.
- Calculate expected maturity proceeds.
- View survival benefit payouts during the policy term.
- Compare the plan with other insurance products for better financial planning.
Benefits of LIC Bima Bachat Plan 175
LIC Bima Bachat Plan 175 was designed to provide a combination of life insurance protection, savings, and regular payouts, making it suitable for individuals looking for guaranteed benefits with a single premium investment.
Guaranteed Survival Benefits
One of the key attractions of the policy was its money-back feature. Policyholders received 15% of the Basic Sum Assured every three years, depending on the selected policy term, providing regular cash flow before maturity.
Lump-Sum Maturity Benefit
On successful completion of the policy term, LIC paid:
- Basic Sum Assured.
- Applicable Loyalty Additions declared by LIC.
This helped policyholders build a sizeable corpus for future financial needs.
Financial Protection for the Family
If the life assured passed away during the policy term, the nominee received the Basic Sum Assured as the death benefit, ensuring financial support for the family.
Loan Facility
The policy offered a loan facility after completion of one policy year, allowing policyholders to meet emergency financial requirements without surrendering the policy.
Single Premium Convenience
Since the premium was paid only once at the beginning of the policy, there was no need to make recurring premium payments throughout the policy term.
What Are Loyalty Additions?
Loyalty Additions are additional benefits declared by LIC based on the overall performance of the Corporation.
These additions are payable at maturity and increase the overall maturity proceeds beyond the Basic Sum Assured.
However, Loyalty Additions are not guaranteed and depend on LIC’s experience and profitability during the policy period.
Important Points to Remember
Before considering LIC Bima Bachat Plan 175, it is useful to keep the following points in mind:
- The plan has been discontinued and is no longer available for new purchases.
- Existing policyholders continue to enjoy policy benefits according to the original policy terms.
- The Single Premium varies depending on the policyholder’s age, Basic Sum Assured, and selected policy term.
- The policy is suitable for individuals seeking insurance protection along with guaranteed savings through a one-time investment.
- Multiple policy term options provide flexibility according to different financial goals.
- Periodic survival benefits help meet financial needs during the policy tenure.
Alternatives to LIC Bima Bachat Plan 175
After the withdrawal of LIC Bima Bachat Plan 175, LIC introduced other plans offering similar savings and money-back benefits.
Some of the available alternatives include:
- LIC New Bima Bachat Plan 916, which serves as an updated version of the earlier Bima Bachat policy with revised features and benefits.
- Other LIC Money Back Plans.
- Traditional Endowment Plans offered by LIC.
Before investing, customers should compare premiums, features, and benefits using LIC’s official premium calculators or consult an authorized LIC advisor.
How to Use the LIC Bima Bachat Plan 175 Calculator
Policyholders or anyone interested in understanding how the plan works can use the calculator by following these simple steps.
Step 1: Collect the Required Information
Keep the following details ready:
- Age of the life assured.
- Basic Sum Assured.
- Selected Policy Term.
Step 2: Open the Calculator
Visit LIC’s official premium calculator or another trusted insurance portal that provides the LIC Bima Bachat Plan 175 Calculator.
Step 3: Enter the Policy Details
Provide:
- Age.
- Sum Assured.
- Policy Term (9, 12, or 15 Years).
Step 4: Calculate the Premium
The calculator estimates the Single Premium payable based on the entered information.
Step 5: View Survival Benefits
The calculator displays the expected Money-Back payments payable every three years according to the selected policy term.
Step 6: Check the Maturity Benefit
It also estimates the maturity proceeds, including:
- Basic Sum Assured.
- Expected Loyalty Additions, wherever applicable.
Step 7: Compare with Financial Goals
Review the projected benefits and compare them with your long-term financial objectives before selecting a similar insurance plan.
Frequently Asked Questions
Is LIC Bima Bachat Plan 175 available for new customers?
No. LIC discontinued the sale of Bima Bachat Plan 175 on 1 January 2014. Existing policyholders continue to receive benefits under the original policy conditions.
What type of premium payment does the policy require?
The policy follows a Single Premium structure, where the entire premium is paid once at the beginning of the policy.
Which policy terms are available?
The plan offers three policy term options:
- 9 Years
- 12 Years
- 15 Years
How are the Survival Benefits paid?
The policy pays 15% of the Basic Sum Assured every three years, depending on the selected policy term.
What happens if the policyholder dies during the policy term?
In the event of the policyholder’s death during the policy term, the nominee receives the Basic Sum Assured as the death benefit.
Are Loyalty Additions guaranteed?
No. Loyalty Additions are not guaranteed. They are declared by LIC based on its financial performance and are payable according to the policy conditions.
Conclusion
LIC Bima Bachat Plan 175 was a single-premium money-back life insurance policy that successfully combined insurance protection with long-term savings. By offering periodic survival benefits every three years, a lump-sum maturity benefit with Loyalty Additions, and financial protection through the death benefit, the plan catered to individuals looking for both security and regular cash flow.
Although the policy was withdrawn on 1 January 2014, existing policyholders continue to enjoy its benefits. The LIC Bima Bachat Plan 175 Calculator remains a useful tool for understanding premium requirements, estimating policy benefits, and comparing similar money-back insurance plans available today.
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