LIC Bachat Plus 861 Benefits, Eligibility, and surrender value.

LIC Bachat Plus 861 Review

Life Insurance of India has up come up with a new policy named LIC Bachat Plus table no 861,
The Policy is being launched on 15 March 2021, the policy provides various benefits to its user,
as being the Financial year end the LIC has come up with the new policy to provide the tax-saving benefits to its policyholder.
LIC Bachat Plus 861 Benefits, Eligibility, and surrender value.

Let’s do LIC Bachat Plus 861 Review, The LIC Bachat Plus table no 861 Policy is Dividend into two variant
categories as follows:

  • Single-Premium and
  • Limited Premium

There are a various benefit under both the variant Categories  le us look into it one by one,

LIC Bachat Plus table no 861 Single-Premium Policy:

In single-Premium, there are two option of payment they are option 1 Lumpsum premium policy,
and the second id option 2 Premium policy payment method

Single-Premium Policy
Option 1Option 2
Death Benefits10 Times The Premium Paid1.2 Times of Premium Paid
Age Eligibility90 Days To 44 Years90 days To 70Years
Maturity18 Years to 65 Years18 Years To 80Years
Up to the age of 40 years10 years to 25 years10 Years To 25 Years
Age above 41 to 44 years10 to 16 years10 Years To 25 Years
PremiumLumpsumYearly, Semi-Yearly, Quarterly, and Monthly
Sum AssuredMinimum 1 lakhMinimum 1 lakh
No Limit On MaximumNo Limit On Maximum
MaturityBasic Sum Assured + Loyalty AdditionBasic Sum Assured + Loyalty Addition
Rider optionAccidental Death and Disability RiderAccidental Death and Disability Rider
LoanA loan facility is available after 3 monthsA loan facility is available after 3 months
SurrenderAnytimeAnytime
Maturity settlementAvailable for 5/10/15 YearsAvailable for 5/10/15 Years

Note:

The surrender value :

If you surrender the policy in the 1st year 75% of the premium amount paid is being allocated,
In case if you surrender the policy at 2nd a year 90% of the amount is provided on the premium paid till the date.

Grace Period:

The grace period is provided in this period in a specific way,
In case you are paying a premium in the yearly, semi-Yearly, or Quarterly manner the grace period
provided to you is 30 Days/1 Month,
But in case you are paying a premium on a monthly method premium pattern the Grace period provided
to you is 15 Days only.

LIC Bachat Plus table no 861 Limited Premium

Limited Premium
Option 1Option 2
Death Benefits10 Times The Premium Paid7 Times of Premium Paid
Age Eligibility90 Days To 60 Years40 Years to 60 Years
Maturity18 Years to 75 YearsMaximum up to to the age of 80 Years
Up to the age of 40 years10 years to 25 years10 Years To 25 Years
Age above 41 to 44 years10 to 16 years10 Years To 25 Years
Premium5 Years5 Years
Sum AssuredMinimum 1 lakh – No Maximum LimitMinimum 1 lakh – No Maximum Limit
MaturityBasic Sum Assured + Loyalty AdditionBasic Sum Assured + Loyalty Addition
Rider optionOption Available as Additional BenefitOption Available as Additional Benefit
LoanAfter 2 YearsAfter 2 Years
SurrenderAfter 2 YearsAfter 2 Years
Maturity settlementAvailable for 5/10/15 YearsAvailable for 5/10/15 Years

Note: 
The Grace period and even the surrender value are the same in the case of both the Single premium and the Limited premium period.

surrender value:

1st year 75% of the premium amount paid, 2nd a year 90% of the premium paid till the date.

Grace Period:

30 Days/1 Month in case premium is paid on the yearly, semi-Yearly, or Quarterly manner the grace period
However,  in the case of the Monthly premium pattern, the Grace period provided to you is 15 Days only.

LIC Bachat Plus 861 Benefits: 

Additionally Here is the list of benefits that the LIC Bachat Plus 861 policies provide:

Maturity Benefit:

In the case of the Maturity of the LIC Bachat Plus 861 the policyholder is provided with a sum Assured and an additional loyalty.

Death Benefit:

However, in the case of  LIC Bachat Plus 861 there is no maximum criteria set for the policy, but the minimum sum assured is
100000 rs and the benefit of choosing for maximum is left out to the policyholder.

Tax Benefit:

As Most of the Policy and investments provides this facility, this is even provided by LIC Bachat Plus 861
Under the Income Tax Act Under Section 80C and Under Section 10(10D)

 

Conclusion:

In summary, to the topic of “LIC Bachat Plus 861 Benefits, Eligibility, and surrender value.,”
we have collected all the data regarding the policy, Benefits, Eligibility criteria, loan, and the surrender value,
it can be said that after all tax deductions it will sum up to around 6.4 to 6.6%
the interest which is consideration ability better than other sources of investment. There are other various policies,
like LIC New Money Back Plan and other various policies that should be taken into consideration.

 

[ Read More: LIC Bima Jyoti Plan No 860 – Features, Benefits, and Eligibility ]

 

[ Read More: How To Apply For Insurance Ombudsman  ]

 

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