Bachat Plus - 861

LIC’s Bachat Plus 861 (A Non-Linked, Participating, Individual, Life Assurance Savings Plan) is a Non-Linked, Participating, Individual, Life Assurance, Savings plan which offers a combination of protection and savings. This combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility. Proposer can choose to pay the premium either as Lumpsum (Single Premium) or for a Limited period of 5 years.

BENEFITS: A) Death Benefit: The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Single Premium and Limited Premium payment.

*The options should be chosen carefully depending on the individual’s specific needs as the premium and benefits under the plan shall vary as per the option chosen and the same shall not be altered later.

Sum Assured on Death
Single Premium	Option A	10 times of “Tabular Premium for the chosen Basic Sum Assured”
	Option B	1.25 times of “Tabular Premium for the chosen Basic Sum Assured”
Limited Premium	Option 1	Higher of • 10 times of (“Tabular Premium for the chosen Basic Sum Assured” plus modal loading, if any); or • Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured
	Option 2	Higher of • 7 times of (“Tabular Premium for the chosen Basic Sum Assured” plus modal loading, if any); or • Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured

The availability of above Options shall be subject to eligibility conditions as mentioned in Para 2 below.
Note: In the above mentioned table
1. “Tabular Premium” shall be the premium as applicable for Single Premium or Limited Premium for the chosen option and Basic Sum Assured based on the age of the Life Assured before allowing for any rebate or extra loadings. It does not include any taxes and Rider Premium, if any. 2. “Basic Sum assured” is the guaranteed amount that is payable on maturity. 3. “Modal Loadings” is an addition to the tabular premium where the premiums are paid more frequently than annually (i.e half-yearly or quarterly or monthly).
 
Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be as under:
 
i. On death during first five policy years:  
Before the date of commencement of risk: Refund of premium(s) paid without interest shall be payable. The premium(s) referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any. On or after the date of commencement of risk: “Sum Assured on Death” shall be payable.

ii. On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” along with Loyalty Addition, if any, shall be payable. “Sum Assured on Death” shall be as per the Option selected as detailed in the Table above. The death benefit under Limited Premium payment shall not be less than 105% of all the premiums paid as on the date of death excluding taxes, extra premium and rider premium, if any.

B. Maturity Benefit:  On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable, where “Sum Assured on Maturity” is equal to Basic Sum Assured.

C. Loyalty Addition: Provided the policy has completed five policy years and all due premiums have been paid, then depending upon the Corporation’s experience, the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, under both single premium policy and limited premium payment policy, provided the policy has completed five policy years and all premiums due under the policy have been paid.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
i. 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

ii. Maximum Entry Age:

Single Premium	44 years (nearer birthday) under Option A
	70 years (nearer birthday) under Option B
Limited Premi­um	60 years (nearer birthday) under Option 1
	65 years (nearer birthday) under Option 2

iii. Minimum Maturity Age : 18 years (completed)

iv. 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

v. Policy Term:

Single Premium	10 to 25 years upto Age 40 under Option A 10 to 16 years from Age 41 to Age 44 under Option A
	10 to 25 years under Option B
Limited Premium	10 to 25 years both for Option 1 and Option 2

vi. Premium Payment Term : Single premium or Limited premium  for 5 years

vii. Minimum Basic Sum Assured: 1,00,000/-

viii. Maximum Basic Sum Assured: No Limit

Basic Sum Assured shall be in multiples of amounts specified below:

Premium payment option	Sum Assured range	Sum Assured multiple
Single Premium	Rs. 1,00,000 to Rs. 9,00,000 However, Sum Assured of Rs 4,75,000 is not allowed.	Rs. 25,000
	Above Rs. 9,00,000	Rs. 50,000
Limited Premium	Rs. 1,00,000 to Rs. 9,00,000	Rs. 25,000
	Above Rs. 9,00,000	Rs. 50,000

 

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