LIC Bachat Plus: Life insurance is considered the first step of any financial planning. Financial security of the family is necessary before investment so that they do not lack money after you. But often people in India shy away from taking life insurance because they consider it an expense. Any return on the premium paid for the policy or the thought of not getting this money back prevents them from buying the policy. Taking a solution to this issue, Life Corporation of India has launched a special policy – LIC Bachat Plus.
After maturity, the policyholder will get a lump sum amount
As per the name, this policy has savings as well as protection. If the policyholder dies before the maturity of the policy, then his family will get financial help.
At the same time, after maturity, the policyholder will get a lump sum amount. For this policy, you can deposit the single premium in one go or you can pay the premium for a limited period of 5 years. You can pay this installment every year, every half year, quarter or every month.
A grace period of 30 days will also be given for delay in payment of premium. However, keep in mind that if the premium is not paid even after the grace period is over, then the policy will lapse and no benefit will be available.
Sum Assured on Death facility will be available in both the premium paying options. If the policy has completed 5 years but has not matured, then along with the sum assured, you will also get a loyalty addition.
Sum Assured on Maturity and Loyalty Addition will also be available on the maturity of the policy. The Sum Assured on Maturity is the same amount as the Basic Sum Assured.
To invest in LIC Bachat Plus, you can invest offline through an intermediary or agent or can also be purchased online from www.licindia.in. You can also take exemption under Income Tax Section 80C on the policy.
The minimum sum assured for the policy is Rs 1 lakh while there is no upper limit for it. On LIC Bachat Plus, the policyholder will also be able to take a loan if needed.
