LIC Bachat Plus Plan 861

LIC Bachat Plus Plan 861 takes care of the liquidity needs of the policyholder through a loan facility.

Here is all you need to know about LIC Bachat Plus Plan 861.

Key Features Of LIC Bachat Plus Plan

• LIC Bachat Plus is a simple protection and savings plan
• It is an investment plus insurance plan
• Offers dual benefits, like
  • Amount to family in case insured passes away before maturity
  • Lump-sum amount if the insured survives the maturity period
• The proposer has the option to pay the premium either way
  • Single premium or lump sum
  • Limited premium (in 5-years period)
• Options to be selected very carefully as per needs and requirements of the individual
• Premiums and benefits vary from option to option
• The option once selected shall not be altered later
• The plan is available both offline and online
• Death benefits, Maturity benefits, and Loyalty additions are available under the LIC Bachat Plus

LIC Bachat Plus 861 Plan - Benefits

Death Benefit

There are 2 options available under both Single Premium and Limited Premium Payment. The proposer has to choose either of the options under “Sum Assured on Death”.

It is important to give a deep thought before selecting any option under death benefit as once chosen, it cannot be altered later.

For single-premium payment options,

For regular or limited premium payment options,

1. Death during the first five years of the policy

Before the risk commencement date, refund of premium to be paid without interest. The premium shall not include taxes.

After or on the date of risk commencement, “Sum Assured on Death” shall be payable.

2. Death after completion of five years of the policy

Sum Assured on Death along with loyalty additions if any shall be payable

Maturity Benefit

“Sum Assured on Maturity” along with Loyalty Additions, if any, shall be payable

• If the insured survives till the maturity date, provided the policy is in force
• Where “Sum Assured on Maturity” is equal to “Basic Sum Assured”

Loyalty Additions

Loyalty addition to being paid only after the completion of five years of the policy, provided all premiums are duly paid.

Basic Sum Assured shall be in multiples of amounts specified below:

Eligibility Conditions And Other Restrictions

Sample Illustrative

1. Single-Premium:

   The sample illustrative single premiums for Basic Sum Assured of Rs. 1 lakh for Standard lives are as under:

   Option A
   Age	Policy Term
   	10	15	20	25
   10	66510	53780	44460	37395
   20	68365	55480	46250	39420
   30	69710	57965	50165	45335
   40	78040	73220	76735	93265
   Option B
   Age	Policy Term
   	10	15	20	25
   10	63635	50275	40825	33810
   20	63660	50285	40805	33730
   30	63650	50210	40605	33325
   40	63620	49935	39970	32370
   50	63580	49430	38900	30585

2. Limited Premium

   The sample illustrative for annual premiums for Basic Sum Assured of Rs. 1 lakh for Standard lives are as under:

   Option 1
   Age	Policy Term
   	10	15	20	25
   10	15925	12815	10585	8935
   20	16010	12885	10645	9000
   30	16050	12940	10710	9085
   40	16290	13240	11030	9435
   50	17240	14335	12180	10495
   Option 2
   Age	Policy Term
   	10	15	20	25
   40	16040	12965	10900	9435
   50	16455	13410	11545	10310

Rebates

Grace Period

1. Under Single Premium

   Not applicable

2. Under Limited Premium

   A grace period of 30 days shall be allowed. If the premium is not paid before the expiration date of the grace period, then the policy lapses.

Documents Required

To take the policy, you need proper documents supporting your application.  Following are the documents you require:

• Medical history
• Address proof
• Know your customer documents
• Medical examination (depending on your age or the sum assured)

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