LIC Bachat Plus Plan

Life Insurance Corporation (LIC) of India is offering Bachat Plus plan which is an individual, participating, non-linked life assurance scheme. On availing this scheme, you will receive not only a maturity amount which will allow you to take care of your future financial needs, but also provide death benefit to your family in case something happens to you.

The process to apply for this scheme is very simple. You can apply either online or offline.

Details of LIC’s Bachat Plus Plan

Given below are the details of LIC’s Bima Jyoti:

Category Details
Minimum sum assured Rs.1 lakh
Maximum sum assured No limit (Basic coverage amount to be in the multiples of Rs.50,000)
Minimum entry age
  • 90 days for single premium
  • 90 days to 40 years for limited premium
  • Maximum entry age
  • 44 years to 70 years for single premium
  • 60 years to 65 years for limited premium
  • Minimum maturity age 18 Years
    Maximum entry age
  • 65 years to 80 years for single premium
  • 75 years to 80 years for limited premium
  • Policy term 10 years to 25 years
    Premium paying term Policy term minus 5 years

    Benefits available under LIC’s Bachat Plus Plan

    Some of the benefits available under Bachat Plus scheme are given below:

    • Maturity benefit:You will receive a maturity benefit from the insurance company if you survive the policy term. The maturity benefit will be equal to the basic sum assured payable on maturity including the loyalty additions.
    • Death benefit:In the event of your death, the insurance company will pay the nominee the death benefit. The death benefit will be the basic sum assured payable in case of the death of the policyholder. However, the amount payable will depend on the options chosen by you. Given below in the table is the detail of the death benefit options available. You can choose only one of the options and it cannot be altered later:
    Sum assured payable on the death of the policyholder:
    Single premium Option A 10 times the tabular premium for the basic sum assured chosen by the policyholder
    Option B 1.25 times the premium for the chosen basic sum assured
    Limited premium Option A The higher of 10 times the premium for the basic sum assured including the modal loading applicable or guaranteed sum assured payable on maturity which is the basic sum assured
    Option B The higher of 7 times the premium for the basic sum assured including the modal loading applicable or guaranteed sum assured payable on maturity which is the basic sum assured
  • Loyalty additions:The insurance will pay you loyalty additions provided you have completed five policy years and paid all your premiums on time. The insurance company will pay you the loyalty addition along with your maturity benefit amount that you will be receiving at the time of exiting the policy.
  • Features of LIC’s Bachat Plus Plan

    Some of the features of LIC’s Bachat Plus Plan are given below:

    Features Details
    Rider Benefits

    The list of riders offered by LIC is given below:

    • Accidental Death and Disability Rider
    • New Term Assurance Rider
    Grace Period A grace period of 30 days will be offered to allow you to pay your premiums for half-yearly, or quarterly payment of premiums, and 15 days for monthly payment of premiums. Grace period is applicable only if you choose the limited premium option and not applicable for single premium option.
    Payment of Premiums You can choose to pay your premiums on a yearly, half-yearly, quarterly, or on a monthly basis. You can choose to pay your premiums as a lump-sum amount or in installments.
    Revival Your policy will lapse if you fail to pay your premiums once the grace period is over. However, you can revive your policy within a period of 5 years before the maturity date by clearing all your arrears of premiums including the interest charged.
    Surrender You can surrender your policy provided you have paid the premiums for two full years. You will receive a surrender value in return by the insurance company.
    Loan against policy You can avail up to 90% of the surrender value as loan against your policy provided you have met the conditions as put forward by the insurer.
    Free look period You will enjoy a free-look period of 15 days if you purchase the policy offline and 30 days for online purchase of the policy during which if you choose to return the policy, the insurance company will return the premium amount deposited by you.

    Exclusions

    There is a suicide clause under this policy which states:

    • If the policyholder commits suicide within a year of the commencement of the policy, then the insurer will not pay any claim amount except return 90% of the single premiums paid.
    • The nominee will not be liable to receive any claims except the return of 80% of the total premiums paid if the policy holder commits suicide within a year of the revival or purchasing of the insurance policy. This rule will be applicable under the limited premium option.

    FAQS

    1. Will I receive discount on my premiums under the Bachat Plus plan?
    2. Yes, you may receive rebate ranging up to 2% and 7% of the premium payable under the single premium and limited premium options respectively.

    3. What is the modal loading applicable?
    4. Depending on your mode of payment, the modal loading may range between 0% to 3% under the limited premium option.

    5. I have chosen the monthly payment mode. How can I make the payment?
    6. You can choose to pay your monthly premiums through either NACH or salary deductions.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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    Customer Reviews

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    • LIC
      "Best policy "
      0.5 5.0/5 "Blown Away!"
      LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
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      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      LIC
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
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      , tirupur
      Reviewed on Mar 20, 2020
    • Max
      "Good insurer"
      0.5 3.0/5 "Satisfactory"
      I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
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      , bangalore
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      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
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      , indore
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    • Bharti Axa Life
      "Good service "
      0.5 4.0/5 "Great!"
      On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 19, 2020
    • LIC
      "Good "
      0.5 4.5/5 "Excellent!"
      I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Secured policy"
      0.5 4.5/5 "Excellent!"
      I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
      Was this review helpful? 3
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good"
      0.5 4.5/5 "Excellent!"
      I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good service"
      0.5 4.5/5 "Excellent!"
      LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good policy "
      0.5 4.5/5 "Excellent!"
      For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good insurer"
      0.5 4.5/5 "Excellent!"
      I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
      Was this review helpful? 3
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Mar 18, 2020
    • LIC
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 18, 2020
    • LIC
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 17, 2020
    • LIC
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 16, 2020
    • Max
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
      Was this review helpful? 4
      , nasik
      Reviewed on Mar 16, 2020
    • Reliance Life
      "Average Policy"
      0.5 4.0/5 "Great!"
      Purchased my Reliance life insurance policy last 3 years before. My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 15000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
      Was this review helpful? 4
      , nasik
      Reviewed on Mar 16, 2020
    • Max
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
      Was this review helpful? 1
      , dehradun
      Reviewed on Mar 16, 2020
    • Max
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
      Was this review helpful? 3
      , dehradun
      Reviewed on Mar 16, 2020
    • Max
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
      Was this review helpful? 2
      , dehradun
      Reviewed on Mar 16, 2020
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