Bachat Plus plan
- LIC’s Bachat Plus plan provides life cover, savings, and options for single or limited premium payment.
- This plan offers periodic payouts of the sum assured based on the chosen policy term.
- Policyholders can choose the additional coverage of Accidental Life and Disability Benefit.
- In the event of death, the sum assured varies based on the premium payment option:
- For the Single Premium option: 10 times the tabular premium for the chosen basic sum assured (Option A), or 1.25 times the tabular premium for the chosen basic sum assured (Option B).
- For the Limited Premium option: The higher of 10 times the tabular premium for the chosen basic sum assured plus modal loading, if any, or the guaranteed sum assured on maturity (basic sum assured) (Option 1). Alternatively, the higher of 7 times the tabular premium for the chosen basic sum assured plus modal loading, if any, or the guaranteed sum assured on maturity (basic sum assured) (Option 2).
- LIC offers premium discounts for yearly payment mode and higher sum assured.
- Policyholders can avail a loan after completing one year of the policy.
- There is a settlement option available for maturity and death benefits, allowing installment payouts over 5, 10, or 15 years.
| Eligibility Criteria | ||||
| Single Premium | Limited Premum | |||
| Minimum Age @Entry | 90 Days | 90 Days | 90 Days | 40 NBD |
| Maximum Age @Entry | 44 NBD | 70 NBD | 60 NBD | 65 NBD |
| Minimum Age @Maturity | 18 Years Completed | |||
| Maximum Age @Maturity | 65 NBD | 80 NBD | 75 NBD | 80 NBD |
| Policy Term | ||||
| Up to Age 40 years | 10 to 25 years | |||
| From Age 41 to 44 years | 10 to 16 yrs | 10 to 25 yrs | 10 to 25 yrs | |
| Premium Paying Term | Single | 5 years | ||
| Basic Sum Assured | 1,00,000 | 100000 | ||
| Riders | AD & DB Rider | Term Assurance Rider | ||