LIC’s Bachat Plus, this is the name of New Plan of Life Insurance Corporation of India, Plan No. 861. Bachat Plus is a Non-Linked, Participating, Individual life insurance savings plan. LIC’s Bachat Plus offers two premium payment options and those are, single premium and 5 year premium paying term. This plan is available for online as well as offline sales from 15/03/2021. UIN of LIC’s Bachat Plus is 512N340V01.
This Plan is a close ended plan i.e., this plan will be available for sale up to 180 days from the launching date.
Eligibility Conditions of LIC’s Bachat Plus, Plan No. 861
LIC’s Bachat Plus is both single as well as limited premium payment plan. Here are the eligibility conditions of Plan 861
Benefits of LIC’s Bachat Plus, Plan No. 860
The benefits payable in inforce Bima Jyoti policy are
a) Maturity Benefit:
When the policyholder survives till the end of the policy term and all the due premiums have already been paid “SUM ASSURED ON MATURITY” along with LOYALTY ADDITION, if any, will be payable. Where “SUM ASSURED ON MATURITY” is equal to BASIC SUM ASSURED.
b) Death Benefit:
Death benefit is payable in case of the death of Life Assured during the policy term, provided the policy is in-force.
i) On death during the first five policy years:
Before the date of commencement of risk: Refund of premium without any interest and excluding any extra premium charged.
On or after the date of commencement of Risk: “SUM ASSURED ON DEATH” is payable.
ii) On death after completion of five policy years but before date of Maturity:
“SUM ASSURED ON DEATH” along with LOYALTY ADDITION, if any, will be payable.
Where “SUM ASSURED ON DEATH” is defined as under