LIC Bachat Plus
LIC Bachat Plus is a life insurance and savings plan that gives you both financial protection and guaranteed savings. It is a non-linked plan, which means it is not connected to the stock market, so your money stays safe.
This plan is ideal for anyone who wants to protect their family and also save for the future. If something happens to the policyholder during the policy term, the family will receive financial support. If the policyholder stays healthy and completes the term, they will receive a lump sum amount at maturity.
You can choose how you want to pay the premium:As a one-time payment (single premium), orIn installments for 5 years (limited premium option)
For each option, LIC gives you two choices for how much money your family will receive in case of death during the policy period. LIC Bachat Plus is a great choice for people looking for a mix of savings and security in one simple plan.
Eligibility Criteria of LIC Bachat Plus Plan
| Parameters | Criteria |
|---|---|
| Min & Max Entry Age | Min: 90 Days (Completed)Max: 60 Years |
| Min & Max Sum Insured | Min: 1,00,000Max: No Limit |
| Min & Max Maturity Age | Min: 18 CompletedMax: 75 years |
| Policy Term (PT) | 10 to 25 years |
| Premium Paying Term (PPT) | PT minus 5 years |
Features of LIC Bachat Plus Plan
- 01
Rider Benefits
LIC gives you the option to add extra covers to your policy. These are called riders. Two riders are available with the Bachat Plus Plan. The first one is the Accidental Death and Disability Rider. This gives extra money if the policyholder dies or becomes disabled due to an accident. The second one is the New Term Assurance Rider, which gives more life cover.
- 02
Grace Period
If you forget to pay your premium on time, LIC gives you extra days to pay it. This extra time is called a grace period. You get 30 days if you pay your premium every 3, 6, or 12 months. You get 15 days if you pay monthly. This grace period is only available if you choose the limited premium option. It does not apply if you pay the full premium all at once (single premium).
- 03
Payment of Premiums
You can pay your premiums in different ways. You can choose to pay once a year, every six months, every three months, or every month. You also have the choice to pay the full amount at one time (lump sum) or pay in small parts over time (installments).
- 04
Revival
If you do not pay your premium even after the grace period, your policy will stop (lapse). But LIC allows you to start your policy again. You can revive it within 5 years before the policy ends. To revive it, you must pay all the missed premiums along with interest.
- 05
Surrender
You can cancel (surrender) your policy if you have paid premiums for at least two full years. When you do this, LIC will return some money to you. This amount is called the surrender value.
- 06
Loan Against Policy
You can take a loan against your policy. LIC allows you to borrow up to 90% of the surrender value. But you must follow the rules given by LIC to get the loan.
- 07
Free Look Period
After buying the policy, if you are not happy with it, you can return it. This is called the free look period. You get 30 days to return the policy if you buy it offline or online. LIC will give back your premium after taking out a small fee if needed.
Benefits of LIC Bachat Plus Plan
Here are some simple benefits you get with the Bachat Plus plan:
- 01
Maturity Benefit
If you stay alive until the end of the policy term, the company will give you a payout. This amount will be: The basic amount you chose + an extra bonus (called loyalty additions).
- 02
Death Benefit
If you pass away during the policy term, the company will give money to your nominee (the person you choose to receive it). This amount will be the basic sum assured, but the exact amount depends on the option you selected when you bought the plan. You can choose only one option, and you can't change it later.
Premium Type Option What Your Family Will Get (Death Benefit) Single Premium Option A 10 times the fixed premium amount (Tabular Premium) Option B 1.25 times the fixed premium amount (Tabular Premium) Limited Premium Option 1 Whichever is higher:10 times the fixed premium + extra charges (if any)Basic Sum Assured Option 2 Whichever is higher:7 times the fixed premium + extra charges (if any)Basic Sum Assured - 03
Loyalty additions
If you stay in the policy for at least five years and pay all your premiums on time, the insurance company will give you an extra amount called a loyalty addition. This amount is a reward for staying with the plan and will be paid to you along with your maturity amount when your policy ends.
How LIC Bachat Plus Plan Works?
Let's understand the LIC Bachat Plus Plan with an easy example. Imagine a person named Rahul, who is 35 years old. He wants to invest in the LIC Bachat Plus Plan.
He chooses a Sum Assured of ₹1,00,000 (this is the amount promised by the company).The total policy term is 25 years – this means the plan runs for 25 years.But Rahul only needs to pay premiums for the first 5 years.Every year, he pays ₹9,215 as premium.The plan also gives a bonus called Loyalty Addition, which is ₹1,000 for every ₹1,000 of sum assured. So Rahul will get ₹1,00,000 extra as loyalty bonus.
What Happens If Rahul Survives the Full 25 Years?
Rahul will pay ₹9,215 every year for 5 years, so total premium paid = ₹46,075.After 5 years, he doesn't need to pay anything from year 6 to 25.At the end of the 25th year, in the 26th year, Rahul will get a total of ₹2,00,000.This amount includes:₹1,00,000 (Sum Assured)₹1,00,000 (Loyalty Addition)
Summary Table
Year Cash Flow 1 - Rs. 9,215 2 - Rs. 9,215 3 - Rs. 9,215 4 - Rs. 9,215 5 - Rs. 9,215 6 to 25 Rs. 0 (No payment) 26 + Rs. 2,00,000 (Payout) What If Rahul Dies During the Policy?
If Rahul dies before the 25 years are over, his nominee (family member) will get a death benefit.The amount given depends on the death benefit option Rahul had chosen when buying the plan. (This is explained in the “Death Benefit” section earlier.)
In Short
Pay for only 5 yearsWait till the end of 25 yearsGet double your investment as a maturity amountOr if you pass away, your family gets a fixed amount
Additional Rider Available in LIC Bachat Plus Plan
This plan also gives you two optional extra benefits (called riders). You have to pay for these riders only once when you start the policy.
Accidental Death & Disability Rider
If the insured person dies or becomes disabled due to an accident, a lump sum amount will be given to the family. This benefit helps cover sudden expenses or loss of income caused by the accident. It's useful for protecting your loved ones in case of unexpected events.
New Term Assurance Rider
If the insured person dies anytime during the policy term, an extra amount (rider sum) will be paid along with the main policy benefit. This gives the family additional financial support during a difficult time. It's a good way to increase the life cover without buying a separate plan.
How to Buy LIC Bachat Plus Plan?
You can buy the LIC Bachat Plus Plan online by following these easy steps:
Step 1
Go to the official LIC website: www.licindia.in
Step2
On the main page, click on "Buy Policies Online" or choose a plan type like Endowment or Money Back.
Step 3
From the list of plans, select LIC Bachat Plus Plan.
Step 4
Click on "Learn More" to open the application form.
Step 5
Fill in your details and upload the needed documents (like ID proof, photo, etc.).
Step 6
Submit the form and pay the amount online.
Exclusions of LIC Bachat Plus Plan
This plan has a suicide rule:If the person who bought the policy dies by suicide within 1 year of starting the plan, the company will not give the full insurance amount. Instead, the family will get back only 90% of the single premium paid.If the person dies by suicide within 1 year of reviving or buying the plan again (under the limited premium option), the family will only get back 80% of the total premiums paid.In both cases, the full insurance amount will not be paid.
FAQs
LIC Bachat Plus is a life insurance plan that also helps you save money. It gives your family financial help if something happens to you, and gives you a big payout if you stay healthy till the end of the plan.
No, this plan is not linked to the stock market, so your money is safe and not affected by market ups and downs.
It's a bonus you get for staying with the plan for at least 5 years and paying all premiums on time. It is added to your final payout.
Yes, within:
- 15 days if you bought offline
- 30 days if you bought online
- LIC will return your premium after cutting a small fee.
Yes, if you miss payments and the policy stops, you can revive it within 5 years by paying the missed premiums and interest.
If suicide happens within 1 year of starting or reviving the policy:
- Family gets back 90% (single premium) or 80% (limited premium)
- Full amount is not paid