LIC Bachat Plus Plan 861

Life insurance corporation of India is one of the most prominent insurance companies and they have an unparalleled trust of the customers throughout the country. LIC’s Bachat Plus Plan 861 is a non-linked, participating, individual, endowment insurance plan. This LIC savings plan offers an attractive combination of savings plus protection that protects the family of the insured in case of his/her untimely demise before the maturity tenure. In the case of survival of the policyholder, a lump sum amount is paid at the time of maturity.

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LIC Bachat Plus Plan 861 takes care of the liquidity needs of the policyholder through a loan facility.

Here is all you need to know about LIC Bachat Plus Plan 861.

Key Features Of LIC Bachat Plus Plan

  • LIC Bachat Plus is a simple protection and savings plan
  • It is an investment plus insurance plan
  • Offers dual benefits, like
    • Amount to family in case insured passes away before maturity
    • Lump-sum amount if the insured survives the maturity period
  • The proposer has the option to pay the premium either way
    • Single premium or lump sum
    • Limited premium (in 5-years period)
  • Options to be selected very carefully as per needs and requirements of the individual
  • Premiums and benefits vary from option to option
  • The option once selected shall not be altered later
  • The plan is available both offline and online
  • Death benefits, Maturity benefits, and Loyalty additions are available under the LIC Bachat Plus

LIC Bachat Plus 861 Plan - Benefits

Death Benefit

There are 2 options available under both Single Premium and Limited Premium Payment. The proposer has to choose either of the options under “Sum Assured on Death”.

It is important to give a deep thought before selecting any option under death benefit as once chosen, it cannot be altered later.

For single-premium payment options,

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”

For regular or limited premium payment options,

Sum Assured on Death

Limited Premium

Option A

Higher of

10 X "Tabular Premium for the chosen Basic Sum Assured" + Modal loading, if any 

or

Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured

Option B

Higher of

7 X "Tabular Premium for the chosen Basic Sum Assured" + Modal loading, if any 

or

Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured

1. Death during the first five years of the policy

Before the risk commencement date, refund of premium to be paid without interest. The premium shall not include taxes.

After or on the date of risk commencement, “Sum Assured on Death” shall be payable.

2. Death after completion of five years of the policy

Sum Assured on Death along with loyalty additions if any shall be payable

Maturity Benefit

“Sum Assured on Maturity” along with Loyalty Additions, if any, shall be payable

  • If the insured survives till the maturity date, provided the policy is in force
  • Where “Sum Assured on Maturity” is equal to “Basic Sum Assured”

Loyalty Additions

Loyalty addition to being paid only after the completion of five years of the policy, provided all premiums are duly paid.

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, a 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

Eligibility Conditions And Other Restrictions

Minimum basic sum assured

Rs. 1,00,000

Maximum basic sum assured

No limit

Minimum entry age

Single premium:

90 days for options A and B

Limited premium:

90 days for option A

40 years for option B

Maximum entry age

Single premium:

44 years for option A

70 years for option B

Limited premium:

60 years for option A

65 years for option B

Minimum age at maturity

18 years

Maximum age at maturity

Single premium:

65 years for option A

80 years for option B

Limited premium:

75 years for option A

80 years for option B

Policy term

Single premium:

10 to 25 years up to age 40 for option A

10 to 16 years from age 41 to age 44 for option A

10 to 25 years for option B

Limited premium:

10 to 25 years both for option A and option B

Premium payment term

Single premium or limited premium for 5 years

Sample Illustrative

  1. Single-Premium:

    The sample illustrative single premiums for Basic Sum Assured of Rs. 1 lakh for Standard lives are as under:

    Option A

    Age

    Policy Term

    10

    15

    20

    25

    10

    66510

    53780

    44460

    37395

    20

    68365

    55480

    46250

    39420

    30

    69710

    57965

    50165

    45335

    40

    78040

    73220

    76735

    93265

    Option B

    Age

    Policy Term

    10

    15

    20

    25

    10

    63635

    50275

    40825

    33810

    20

    63660

    50285

    40805

    33730

    30

    63650

    50210

    40605

    33325

    40

    63620

    49935

    39970

    32370

    50

    63580

    49430

    38900

    30585

  2. Limited Premium

    The sample illustrative for annual premiums for Basic Sum Assured of Rs. 1 lakh for Standard lives are as under:

    Option 1

    Age

    Policy Term

    10

    15

    20

    25

    10

    15925

    12815

    10585

    8935

    20

    16010

    12885

    10645

    9000

    30

    16050

    12940

    10710

    9085

    40

    16290

    13240

    11030

    9435

    50

    17240

    14335

    12180

    10495

    Option 2

    Age

    Policy Term

    10

    15

    20

    25

    40

    16040

    12965

    10900

    9435

    50

    16455

    13410

    11545

    10310

Rebates

Under Single Premium:

 Basic Sum Assured

Reduction in Tabular premium per Rs. 1000/- Basic Sum Assured

Term

10 to 20

21 to 25

Up to Rs. 1,75,000

Nil

Nil

Rs. 2, 00,000 to Rs. 4, 50,000

25

35

Rs. 5, 00,000 to Rs. 9, 50,000

45

55

Rs 10,00,000 and above

50

60

Under Limited Premium Payment:

 Basic Sum Assured

Reduction in Tabular premium per Rs. 1000/- Basic Sum Assured

Term

10 to 20

21 to 25

Up to Rs. 1, 75,000

Nil

Nil

Rs. 2, 00,000 to Rs. 4, 75,000

7

9

Rs. 5, 00,000 to Rs. 9, 50,000

9

11

Rs 10,00,000 and above

11

13

Grace Period

  1. Under Single Premium

    Not applicable

  2. Under Limited Premium

    A grace period of 30 days shall be allowed. If the premium is not paid before the expiration date of the grace period, then the policy lapses.

Documents Required

To take the policy, you need proper documents supporting your application.  Following are the documents you require:

  • Medical history
  • Address proof
  • Know your customer documents
  • Medical examination (depending on your age or the sum assured)

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LIC Bachat Plus Plan 861 Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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