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.
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 |
|
Maximum entry age |
|
Minimum maturity age | 18 Years |
Maximum entry age |
|
Policy term | 10 years to 25 years |
Premium paying term | Policy term minus 5 years |
Some of the benefits available under Bachat Plus scheme are given below:
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.
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:
|
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. |
There is a suicide clause under this policy which states:
Yes, you may receive rebate ranging up to 2% and 7% of the premium payable under the single premium and limited premium options respectively.
Depending on your mode of payment, the modal loading may range between 0% to 3% under the limited premium option.
You can choose to pay your monthly premiums through either NACH or salary deductions.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.