If you want to pay premium in installments of LIC Bachat plus plan, then premium can be deposited on monthly, quarterly, half yearly or yearly basis.
LIC Bachat plus plan: The country’s largest government insurance company Life Insurance Corporation of India- LIC keeps on launching such products from time to time, from which the common man gets the benefit of security as well as savings.
Here we are talking about LIC Bachat Plus plan. The Basic Sum Assured under the LIC Bachat Plus Plan policy is Rs 1 lakh. There is no limit on the maximum sum assured.
In this plan, you have to pay the premium up to five. If you want, you can pay the premium as a lump sum single premium or can be paid as a limited premium payment.
If you want to pay the premium in installments then the premium can be deposited on monthly, quarterly, half yearly or yearly basis. 2 per cent of the premium in case of single premium option and 7 per cent of premium in case of limited premium option. If you take the policy online without any agent, you will also get a rebate.
Who can take the plan, what are the benefits
The maturity of this plan of LIC is at 18 years. If the policy holder dies before the date of commencement of risk, the premium will be refunded without interest. This will not include taxes, extra charges and rider premium.
If the policyholder dies after the date of commencement of risk, the Sum Assured will be paid on death.
Sum Assured will be paid on death after the completion of 5 years of the policy but before maturity.
Maturity Benefit (LIC Bachat Plus Plan Benefits)
After the maturity of the policy, the maturity amount will be paid to the policyholder. Also, if there is any loyalty addition, that will also be given. Maturity amount will be equal to Basic Sum Assured. The policyholder can either 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 can also be availed in installments or lump sum over a period of 5 or 10 or 15 years.
Other Features
In case of single premium payment, the policy can be surrendered anytime before maturity. If you are surrendering the policy in the first year, you will get 75 percent of the single premium amount. 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.
You can also take a loan in LIC Bachat Plus plan. Talking about the free look period, if the policyholder is not satisfied with the policy, then in case of offline policies, it can be returned within 15 days of taking it. If taken online, it can be done within 30 days.
