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

The proposer will have the option to choose the “Sum Assured on Death” from the two available options, both for Single Premium and Limited Premium payment.

Maturity Benefit

If the Life Assured survives until the specified Date of Maturity, and the policy remains in force, the “Sum Assured on Maturity,” along with any Loyalty Addition (if applicable), will be paid. The “Sum Assured on Maturity” is equal to the Basic Sum Assured.

Loyalty Addition

If the policy has completed five years and all premiums are paid, it may be eligible for Loyalty Addition at exit, which can apply to death during the policy term or at maturity, based on the Corporation’s experience and declaration. Loyalty Addition is also considered in the Special Surrender Value calculation for policies surrendered during the policy term, provided they have completed five years and all premiums are paid, whether it’s a single premium or limited premium policy.

Eligibility Conditions

Minimum Entry Age
Single Premium 90 days (completed) under Option A and Option B
Limited Premium
  • 90 days (completed) under Option 1
  • 40 years (nearer birthday) under Option 2
  • Minimum Entry Age

    Single Premium 90 days (completed) under Option A and Option B
    Limited Premium
  • 90 days (completed) under Option 1
  • 40 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
  • 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:

    1. 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.
    2. 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.

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