The Life Insurance Corporation (LIC) of India has launched Bachat Plus, a Non-Linked, Participating,Individual, Savings Plan which offers a combination of protection and savings & financial support for the family of the deceased policyholder any time before maturity.
- The Minimum Basic Sum Assured is Rs 1,00,000/- with no upper limit.
- The maturity period of the plan is about five years.
- The minimum policy term suitable is 10 years and maximum of 25 years under all the options.
Main Benefit:
The main advantage is life protection up to 10 times the premium paid, which remains the same for the entire policy term without any chance of getting elapsed.
Tax Benefits:
By availing the single premium option, people up to 44 years of age may avail either the 80C benefit or the LTC Scheme benefit.
Below are the different modes of premium payment and their options:
1.Single Premium Payment:
Under this the applicants may pay the premium in a single lump sum
- Option A provides a Sum Assured on Death of 10 times the tabular premium for the chosen Basic Sum Assured
- Option B provides a Sum Assured on Death of 1.25 times the tabular premium.
Age Limits for the plan at Entry:
- Minimum age – 90 days (completed) for both Option A and Option B
- Maximum age – 44 years for Option A and 70 years for Option B
Age at Maturity:
- Minimum age limit – 18 years
- Maximum age limit – 65 years for Option A and 80 years for Option B
2.Limited Premium Payment:
This mode enables the applicants to avail the 5-year limited premium for paying.
- Option A provides a Sum Assured on Death of 10 times the tabular premium for the chosen Basic Sum Assured (same as single premiums)
- Option B provides a Sum Assured on Death of 7 times the tabular premium.
Age Limits for the plan at Entry:
- Minimum age – 90 days for Option A and 40 years for Option B
- Maximum age – 60 years for Option A and Option B.
Age at Maturity:
- Maximum age limit – 75 years for Option A and 80 years for Option B.
Exception: For the age range of 41 years to 44 years under the single premium Option A, where the policy term may be availed is between 10 years and 16 years.
Recent Related News:
Life Insurance Corporation (LIC) of India launched a new Individual Savings Plan, ‘Bima Jyoti’ Plan (Plan No. 860) which will be effective from February 22, 2021. Bima Jyoti is a Non-linked, Non-Participating, Individual, Limited Premium Payment, Life Insurance Savings Plan.
- The Plan offers a Guaranteed addition at a rate of INR 50 per thousand (i.e 5%) Basic Sum Assured at the end of each policy year throughout the policy term.
About Life Insurance Corporation(LIC)
Establishment -1956
Chairman -M R Kumar
Managing Director – Siddhartha Mohanty, Vipin Anand, Mukesh Kumar Gupta, Raj Kumar
