LIC’s Bachat Plus is a Non-Linked, Participating, Individual, Life Assurance, Savings plan that combines protection and savings. This plan offers financial support to the family of the deceased policyholder at any time before maturity and provides a lump sum amount to surviving policyholders at maturity. It also offers a loan facility for liquidity needs. The proposer has the flexibility to pay the premium as a Lumpsum (Single Premium) or over a limited period of 5 years.
Benefits
Death Benefit
Maturity Benefit
Loyalty Addition
Eligibility Conditions
| Minimum Entry Age | Single Premium | 90 days (completed) under Option A and Option B |
| Limited Premium |
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Minimum Entry Age | Single Premium | 90 days (completed) under Option A and Option B |
| Limited Premium |
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| Maximum Maturity Age | Single Premium |
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| Limited Premium |
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Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
a) Under Single Premium: If the Life Assured (whether sane or insane at the time) commits suicide within 12 months from the date of commencement of the risk, the policy becomes void. In this case, 90% of the Single Premium paid (excluding taxes, extra premiums, and rider premiums other than Term Assurance Rider premium, if any) will be payable. No other claims will be entertained by the Corporation.
b) Under Limited Premium:
- If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk, the policy will be void. The Corporation will not entertain any claim under the policy, except for 80% of the total premiums paid (excluding taxes, extra premium, and rider premiums other than Term Assurance Rider premium, if any), provided the policy is in-force.
- If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of revival, the policy will be void. In this case, an amount equivalent to the higher of 80% of the total premiums paid until the date of death (excluding taxes, extra premium, and rider premiums other than Term Assurance Rider premium, if any) or the surrender value available as of the date of death will be payable. The Corporation will not entertain any other claims under the policy. This clause does not apply to policies that have lapsed without acquiring paid-up value, in which case no payout will be made.
The suicide clause is not applicable to Life Assured individuals whose age at the time of entry is below 8 years.
