Basic Sum Assured Premium Payment Details
The Basic Sum Assured under the policy is Rs 1 lakh. There is no limit on the maximum sum assured. 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. Rebate is applicable in case of policy taken online without any agent or intermediary. It will be 2 per cent of the premium in case of single premium option and 7 per cent of premium in case of limited premium option.
Details of ‘Sum Assured on Death'(LIC Bachat Plus Plan)
There are 2 options available for ‘Sum Assured on Death’ under Single Premium and Limited Premium Payment-
Single Premium Option 1: 10 times the Tabular Premium for the Basic Sum Assured chosenSecond Option: 1.25 times the Tabular Premium for the chosen Basic Sum AssuredLimited Premium Payment Option 1: Tabular Premium for the chosen Basic Sum Assured plus 10 times the model loading Exceeding or Guaranteed Sum Assured on Maturity such as Exceeding Basic Sum AssuredSecond Option: Tabular Premium for the chosen Basic Sum Assured plus 7 times of model loading or Guaranteed Sum Assured on Maturity such as Exceeding Basic Sum Assured Here Tabular Premium means- Premium as applicable for the opted option and Single Premium or Limited Premium Payment for Basic Sum Assured
Age limit for taking policy (LIC Bachat Plus Plan)
Minimum Entry Age
Single Premium: 90 days of birth under both the options
Limited Premium: 90 days of birth under the first option. Under the second, the minimum entry age is 40 years.
Maximum Entry Age
Single premium: 44 years under the first option, 70 years under the second option
Limited Premium: 60 years under 1st option, 65 years under 2nd option
Minimum maturity age: 18 years
Maximum Maturity Age: 65 years under 1st option in single premium, 80 years under 2nd option, 75 years under 1st option in limited premium, 80 years under 2nd option
Policy term (LIC Bachat Plus Plan)
The policy term based on age limit for single premium in LIC Bachat Plus plan is as follows-
10 to 25 years till the age of 40 years under the first option. 10 to 16 years up to the age of 41 to 44 years, 10 to 25 years under the second option
In case of Limited Premium, the policy term is 10 to 25 years under both the options.
Important rules related to death benefit payment (LIC Bachat Plus Plan)
If the policyholder dies within 5 years of taking the policy
If this happens 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 this happens after the date of commencement of risk, the Sum Assured on Death will be payable. Sum Assured on Death will be payable after the completion of 5 years of the policy but before the maturity date. Also, if there is any loyalty addition, that will also be given. The death benefit under Limited Premium Payment shall not be less than 105 per cent of all premiums paid.
Maturity benefit (LIC Bachat Plus Plan)
If the policyholder survives till the maturity date of the policy, then the maturity amount will be paid to him/her. Also, if there is any loyalty addition, that will also be given. The maturity amount will be equal to the Basic Sum Assured. The policyholder can either take the maturity benefit in lump sum or can avail 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.
Rider benefit also available (LIC Bachat Plus Plan)
If the policyholder wishes, he can also take rider benefit along with LIC bachat plus plan. Two optional riders ‘LIC Accidental Death and Disability Benefit’ and ‘LIC New Term Assurance’ can be availed under the scheme by paying additional premium. There is no compulsion for the policyholder to take these along with the policy, they are optional.
Rules of surrender (LIC Bachat Plus Plan)
In case of single premium payment, the policy can be surrendered anytime before maturity. If you are surrendering in the first policy year, you will get 75 percent of the single premium amount. After this, 90% 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.
Loan and free look period details (LIC Bachat Plus Plan)
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. In limited premium payment option, the loan will be available after payment of premium for at least 2 years.
Talking about the free look period, if the policyholder is not satisfied with the policy, then it can be returned within 15 days of taking it in case of offline policy. If taken online, it can be done within 30 days. After deducting the risk premium, the premium deposited will be returned to the policy taker.
What are the rules in case of suicide (LIC Bachat Plus Plan)
If the policyholder commits suicide within one year from the 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 suicide clause will not be applicable in case of policyholder who is less than 8 years of age.
