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  LIC's Bachat Plus Plan

LIC's Bachat Plus is a Non-Linked, Participating, Individual, Life Assurance, Savings plan which offers a combination of protection and savings. This combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility. Proposer can choose to pay the premium either as Lumpsum (Single Premium) or for a Limited period of 5 years.

Death Benefit:

The proposer will have an option to choose "Sum Assured on Death" as per the two options available under each of Single Premium and Limited Premium payment.

Sum Assured on Death:
Single Premium Option-A 10 times of "Tabular Premium for the chosen Basic Sum Assured"
Option-B 1.25 times of "Tabular Premium for the chosen Basic Sum Assured"
Limited Premium Option-1 Higher of
10 times of ("Tabular Premium for the chosen Basic Sum Assured" plus modal loading, if any); or
Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured
Option 2 Higher of
7 times of ("Tabular Premium for the chosen Basic Sum Assured" plus modal loading, if any); or
Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured

On death during first five policy years "Sum Assured on Death" shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity"Sum Assured on Death" along with Loyalty Addition, if any, shall be payable.

Maturity Benefit:

On the life assured surviving to the end of the policy term, provided all the due premiums have been paid,"Sum Assured on Maturity" along with Loyalty Addition, if any, shall be payable, where "Sum Assured on Maturity" is equal to Basic Sum Assured.

Guaranteed Additions:

Provided the policy has completed five policy years and all the premiums due under the policy have been paid, then depending upon the Corporation's experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.

Optional Rider Benefits:

  • LIC's Accidental Death and Disability Benefit Rider UIN (512B209V02)
  • LIC's New Term Assurance Rider (UIN 512B210V01)

Option Available Under The Base Plan

Settlement Option (for Maturity Benefit): Settlement Option is an option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals.

Option to take Death Benefit in Instalments: This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an inforce as well as paid up policy.

Rebate for Online Sale

Proposal to be completed under online sales shall be eligible for rebate on tabular premium at the following rates:

                                   
Premium Paying TermOnline Sale (Rate of rebate)
Single Premium2%
Limited Premium 7%

Rebate For Higher Basic Sum Assured:

Single Premium
Basic Sum Assured Reduction in Tabular premium per Rs. 1000/- Basic Sum Assured
Term
10 to 20 21 to 25
Upto Rs. 1,75,000 Nil Nil
Rs.2,00,000 to Rs. 4, 50,000 25 35
Rs.5, 00,000 to Rs. 9, 50,000 45 55
Rs 10,00,000 and above 50 60
Limited Premium
Basic Sum Assured Reduction in Tabular premium per Rs. 1000/- Basic Sum Assured
Term
10 to 20 21 to 25
Upto Rs. 1,75,000 Nil Nil
Rs.2,00,000 to Rs. 4, 50,000 7 9
Rs.5, 00,000 to Rs. 9, 50,000 9 11
Rs 10,00,000 and above 11 13

Eligibility Conditions and Other Restrictions:

Minimum Sum Assured Rs. 100,000
Maximum Sum Assured No limit
Minimum age at entry
Single Premium 90 days (completed) both for Option A & B
Limited Premium 90 days (completed) under Option 1
40 years (nearer birthday) under Option 2
(However for online plans, minor live is not allowed. You can purchase offline from any nearest branch.)
Option "A " &"B" and option "1"&"2" are defined in Death benefit.
Maximum age at entry
Single Premium 44 years (nearer birthday) under Option A
70 years (nearer birthday) under Option B
Limited Premium 60 years (nearer birthday) under Option 1
65 years (nearer birthday) under Option 2
Maximum Maturity age
Single Premium 65 years (nearer birthday) under Option A
80 years (nearer birthday) under Option B
Limited Premium 75 years (nearer birthday) under Option 1
80 years (nearer birthday) under Option 2
Minimum Maturity age 18 years (Completed)
Policy term
Single Premium 10 to 25 years upto Age 40 under Option A
10 to 16 years from Age 41 to Age 44 under Option A
Limited Premium 10 to 25 years both for Option 1 and Option 2
Premium Payment Term Single or Limited (5 Years under Limited term)
Mode of payment Single or under Limited ↠Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
Surrender
  • Under Single Premium payment, the policy can be surrendered at any time during the policy term.
  • Under Limited Premium payment, the policy can be surrendered provided at least two full years’ premiums have been paid.
  • Loan
  • Under Single Premium payment, loan shall be available at any time during the policy term after three months from completion of the policy.
  • Under Limited Premium payment, loan shall be available after atleast two full years premiums have been paid.
  • LIC Bachat Plus Leaflet Buy Online