LIC Bachat Plus News: LIC’s Bachat Plus policy is a type of non-linked individual, life insurance savings plan. Investment can be done in this scheme both online and offline. Also, if the policy taker dies before the maturity period, then the sum insured is given to his family. Also, if the policyholder survives till the date of maturity of the policy, then the maturity amount is paid to him himself.
Here are the details of the premium of the policy
The Basic Sum Assured under the policy is Rs 1 lakh. There is no maximum limit for this. Premium can be paid as a lump sum single premium or as a limited premium payment for a limited period of 5 years. If you want to pay the premium in installments, then it can be paid on monthly, quarterly, half yearly or yearly basis.
Discount is available if you buy the policy online without an agent or intermediary. It will be 2 percent of the premium in case of single premium option and 7% of premium in case of limited premium option.
amount on death
In case of death of the policyholder, there are 2 options for Sum Assured under Single Premium and Limited Premium Payment. In single premium, one will get 10 times the tabular premium or 1.25 times the Basic Sum Assured already chosen. Wherein Basic Sum Assured selected under Limited Premium Payment will get an amount more than 10 times the Tabular Premium Plus model loading or Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured.
Apart from this, an option has been given for the selected Basic Sum Assured for more than 7 times of Tabular Premium Plus model loading or Guaranteed Sum Assured on Maturity i.e. more than Basic Sum Assured. Here Tabular Premium means the premium applicable for the opted option and Single Premium or Limited Premium Payment for Basic Sum Assured
age limit for taking policy
One should have completed 90 days of birth under both the single premium options. On the other hand, under the first option in limited premium, 90 days of birth should have been completed. On the other hand, the minimum entry age is 40 years. Apart from this, if we talk about the maximum age limit, then in single premium it is 44 years under the first option, 70 years under the second option. Also, 60 years under the first option in limited premium, 65 years under the second option. Also, its minimum maturity limit has been kept at 18 years.
On the other hand, if we talk about the maximum maturity limit, then 65 years under the first option in single premium, 80 years under the second option, 75 years under the first option in limited premium, 80 years under the second option.
Death Benefit Payment Rules
If for any reason the policyholder dies within 5 years of taking the policy and if it happens before the date of commencement of risk, the premium will be refunded without interest. Tax, extra charges and rider premium will not be included in this. On the other hand, if this happens after the date of commencement of risk, the Sum Assured will be paid on death. On the other hand, if there is any loyalty addition, then that will also be given. The death benefit under Limited Premium Payment will not be less than 105% of all premiums paid.
This special benefit will be available on maturity
If the policy buyer survives till its maturity date, then the maturity amount will be paid to him/her. Also, if there is any additional loyalty, then that will also be given. The maturity amount will be equal to the Basic Sum Assured. If the policyholder wants, he can take the maturity benefit in lump sum or can get it in installments over a period of 5 or 10 or 15 years. Similarly, the death benefit is also available in installments or lump sum over a period of 5 or 10 or 15 years.
These are the rules for surrendering the policy
In case of single premium payment, there is a provision to surrender the policy anytime before maturity. If the policy is surrendered in the first year, 75% of the single premium amount will be available. After this, 90 percent of the single premium amount will be available on surrender. Limited premium payment option can be surrendered after at least 2 years premium has been paid.
Policy is also helpful in getting loan
Loan facility is also available in LIC Bachat Plus plan. Loan in single premium option can be availed after completion of 3 months of policy or after completion of free look period. Whereas in the limited premium payment option, the loan will be available after paying the premium for at least 2 years.
Free look period means that if the policyholder is not satisfied with the policy then in case of offline policy it can be returned within 15 days of taking it. If taken online, it can be done within 30 days.
suicide rules
If the policyholder commits suicide within one year of commencement of risk on LIC Bachat Plus policy, the policy will become void and 90% of the single premium will be returned. In case of limited premium payment, 80% of the premium paid will be refunded. Remember that in case of policyholder who is less than 8 years of age, the suicide clause will not be applicable in any way.
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