LIC Bachat Plus Plan-861 is a unique life insurance plan by the Life Insurance Corporation of India (LIC) that combines protection with guaranteed savings. This policy allows you to secure your family’s future while building a savings fund over time. With a one-time premium payment option, Bachat Plus is ideal for those who want hassle-free financial security without regular premium commitments. It’s perfect for individuals looking for both a safety net and a reliable way to save.
What is the LIC Bachat Plus Plan-861 Policy?
LIC Bachat Plus Plan-861 is a non-linked, participating life insurance policy. This means that it offers a guaranteed maturity benefit along with life cover, providing financial support to your family if anything unexpected happens. The policy also offers loyalty additions at maturity, enhancing the savings component. It’s straightforward and convenient, with a single or limited premium payment option, making it an attractive choice for those who want life cover without ongoing payments.
Key Features ofLIC Bachat Plus Plan-861
- Life Cover with Savings: LIC Bachat Plus Plan-861 provides life coverage and a guaranteed maturity benefit, so you can plan for the future while securing your loved ones.
- Single or Limited Premium Payment Options: You have the flexibility to pay once or in limited installments, giving you control over your finances.
- Loyalty Additions: The policy includes loyalty additions at maturity, increasing the total payout.
- Loan Facility: After a certain period, you can take a loan against this policy, offering financial flexibility when needed.
- Multiple Sum Assured Options: Choose from different sum assured options to fit your budget and financial goals.
Why Choose LIC Bachat Plus Plan-861?
- Easy Premium Options: You can choose between a one-time payment or limited payments, making it hassle-free and convenient.
- Financial Security: The policy offers life coverage, providing financial stability to your family if anything were to happen.
- Savings Growth with Loyalty Additions: Bachat Plus not only provides life cover but also grows your savings through loyalty additions, enhancing the maturity payout.
- Tax Benefits: Enjoy tax deductions on premiums and tax-free maturity benefits under the applicable sections of the Income Tax Act.
Eligibility for LIC Bachat Plus Plan-861 Policy
| Feature | Details |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 60 years |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Premium Payment Modes | Single Premium or Limited Premium Options |
Benefits of LIC Bachat Plus Plan-861 Policy
LIC Bachat Plus Plan-861 is packed with benefits that make it a valuable plan for securing your financial future. Here’s what you can expect:
- Death Benefit: In the event of the policyholder’s passing, the death benefit is paid to the nominee, providing financial protection for the family.
- Maturity Benefit: If the policyholder survives the policy term, they receive the sum assured along with loyalty additions, giving you a valuable savings corpus.
- Loan Facility: After the policy acquires a surrender value, you can apply for a loan, providing financial flexibility if needed.
- Tax Savings: The premiums you pay are eligible for tax deductions, adding further value to the policy.
How to Apply for LIC Bachat Plus Plan-861 Policy?
You can apply for LIC Bachat Plus by visiting an LIC branch, contacting an LIC agent, or applying online through the official LIC website. Make sure to review the policy details carefully and choose the sum assured and payment option that best fits your needs.
FAQs
1. What are the premium payment options for LIC Bachat Plus?
- LIC Bachat Plus offers both single premium and limited premium options, giving you flexibility in managing payments.
2. Who can apply for LIC Bachat Plus Policy?
- Individuals from 90 days to 60 years of age are eligible to apply for this policy, making it suitable for a wide range of people.
3. Can I take a loan against my LIC Bachat Plus Policy?
- Yes, after the policy acquires a surrender value, you can take a loan against it, providing you with financial flexibility when needed.
4. Is there any maturity benefit in the LIC Bachat Plus Policy?
- Yes, upon policy maturity, the policyholder receives the sum assured along with loyalty additions, offering a substantial payout.
5. Does LIC Bachat Plus provide tax benefits?
- Yes, you can enjoy tax deductions on premiums and receive tax-free maturity benefits under applicable sections of the Income Tax Act.
Conclusion
The LIC Bachat Plus Plan-861 Policy is a flexible and reliable way to combine life insurance protection with savings. With the option of single or limited premium payments, this policy is designed for individuals who prefer simplicity and convenience in financial planning. It’s a great way to build a financial safety net, grow savings with loyalty additions, and ensure your loved ones are secure, even if the unexpected happens.
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