This policy has been launched on 15 March 2021 and will be sold for only 180 days. Meaning you only have the chance to buy it till 15 September 2021.
Life Insurance Corporation (LIC) launched a plan last month called LIC BACHAT PLUS. It is a non-linked (not linked to the stock market), Individual Life Assurance Saving Plan. In this policy, if the policy holder dies before maturity, the nominee gets a hefty amount. If he stays alive then the policy holder gets the benefit of maturity in which there is also a loyalty edition. It is issued every year by LIC.
This policy has been launched on 15 March 2021 and will be sold for only 180 days. Meaning you only have the chance to buy it till 15 September 2021. Tax exemption under 80C can be availed on purchasing this plan and the return is also tax free. In this plan, two options for premium payment have been given. You can deposit a lump sum premium in Single Premium. Two options have also been given under this. Another is the option of Limited Premium which is for five years. Two options are also given in this. In this way, there are a total of four options for depositing premium. For ease of understanding, it can be considered as four different policies because their features are different. The minimum sum assured is 1 lakh rupees, which is equal to all four. There is no limit for maximum sum assured.
The Sum Assured on Death is 10 times the tabular premium in the first option of the single premium and 1.25 times the tabular premium in the second option. For the first option in limited premium it will be ten times the annual tabular premium and for the second option it will be seven times the annual tabular premium.
Talking about the rule of tax, the first option of single premium and limited premium in which the death benefit is ten times the annual premium, the premium is exempted under 80C. Maturity is also tax free. If you buy a policy for the purpose of investment and insurance cover, then you should choose another option of single and limited premium.
Entry is in this policy for 70 years
The minimum entry age is 90 days for both the options of single premium and the first option of limited premium. For the second option of limited premium it is 40 years. The maximum entry age for a single premium is 44 years and 70 years. For the limited premium it is 60 years and 65 years. The minimum age for maturity is 18 years. In this way any elderly person can also buy this policy. This policy has been launched especially for those who did not take a policy for themselves in their youth or could not buy insurance for children at the right time.
10-25 years policy term
The minimum policy term is 10 years. If you are taking this policy for children, then the policy term will remain till its completion of 18 years. The maximum policy term is 25 years. The premium paying term is single premium and for limited premium is 5 years. The most important thing about this policy is some assurance on death. The premium and death benefit will vary from age to age for basic basic assurance.