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BSLI Bachat Plan
BSLI Bachat Plan




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Bachat Plan Benefits

1 Loan And Benefits
1.1 Loan
61% Money Back Insurance Plans Life insurance plans have it !
1.2 Surrender
98% Money Back Insurance Plans Life insurance plans have it !
1.2.1 Surrender Value
Premiums paid 2nd year on wards x surrender factors.
1.3 Benefits
1.3.1 Tax
All Money Back Insurance Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income.
1.3.3 Service Tax
Applicable
1.3.4 Maturity
95% Money Back Insurance Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
At the end of the Policy Tenure of 20 years, (Total of all Monthly Basic Premiums paid) + (All Bachat Additions earned) + (Loyalty Addition) – (Survival Benefits already paid) is paid as Maturity Benefit.
1.3.6 Death
95% Money Back Insurance Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
The nominee gets the higher of Sum Assured or the total of Monthly Premiums paid till date + accrued Bachat Additions + Loyalty Additions – Survival Benefits already paid as Death Benefit and the policy would terminate.
1.3.8 Annuity
No Money Back Insurance Plans Life insurance plans has it !
1.4 Bonus
Not Available

Bachat Plan Loan

Bachat Plan loan is an amount that is borrowed from the insurance company which has to be returned with interest within fixed time. Policy loan, surrender value, bonus, benefits are included under BSLI Bachat Plan loan and benefits. BSLI Bachat Plan Terms and Conditions for policy loan are specified by the company. Loan is available under this policy. If any insurance policy provides loan then this amount will be some percentage of surrender value.

Bachat Plan Surrender

Bachat Plan surrender value is an amount which you receive from the insurance company in case you want to terminate your policy before maturity. Usually for a regular premium policy, you can get surrender value if you have paid BSLI Bachat Plan Premium for three continuous years. Surrender value is also known as cash surrender value or cash value.

BSLI Bachat Plan Bonus

BSLI Bachat Plan bonus is an additional or extra sum given to a policyholder. When an insurance company makes profits then it shares the profits in the form of bonus with the life insured. Insurance policy bonus includes terminal bonus, reversionary bonus, interim bonus etc. Bonus, if available, can also be considered as one of the BSLI Bachat Plan benefits. No bonus is provided for this insurance plan.

Reversionary bonus is the one that is based on performance of the insurance policy. You'll get terminal bonus upon termination i.e. maturity of the policy. Dates of terminal bonus are usually announced by the insurance company. If the maturity date of your policy lies within two terminal bonus dates then in its stead, you get an interim bonus.

Benefits Under Bachat Plan

Benefits under Bachat Plan include tax benefit, death benefit, maturity benefit and annuity benefit. Tax is applicable for this plan. Maturity can be availed under this policy. This insurance plan assures Death. Annuity is not applicable for this plan.

  • Tax benefit amount: Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income.
  • Maturity benefit amount: At the end of the Policy Tenure of 20 years, (Total of all Monthly Basic Premiums paid) + (All Bachat Additions earned) + (Loyalty Addition) – (Survival Benefits already paid) is paid as Maturity Benefit.
  • Death benefit amount: The nominee gets the higher of Sum Assured or the total of Monthly Premiums paid till date + accrued Bachat Additions + Loyalty Additions – Survival Benefits already paid as Death Benefit and the policy would terminate.

If BSLI Bachat Plan offers tax benefit, then the premiums you pay are eligible for deduction on tax returns and so is a part of the money you get on maturity of the policy. Maturity benefit is the amount of money you get at end of the policy term. Because of death benefit, family of the policy holder receives all the returns in the event of demise of the policy holder. With annuity benefit, you have an opportunity to secure your life financially after retirement. Annuity provides a regular source of income after retirement.

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