LIC Bachat Plus Plan 861, Benefits, Features, parameter, Example and Review
Table of Contents
LIC of India new plan launched on 15th March 2021 which name is LIC Bachat Plus Plan 861 (LIC Table No. 861). It is closed ended plan and shall be available as well as offline and online for a maximum period of 180 days only.
“LIC’s Bachat Plus plan 861” is a Non-Linked, Participating, Individual Life Assurance Savings plan. Under this plan, the premium can be paid either as Lump Sum (Single Premium) or as Limited Premium with a Premium Payment Term of 5 years. Under each of these premium payment options the proposer will have two options to choose “Sum Assured on Death”
The policy shall participate in the profits in the form of Loyalty Addition. This Plan can be purchased Offline through agents other intermediaries as well as Online directly through website www.licindia.in
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- Premiums need to be paid for less number of years than Maturity year
- Ideal Plan for planning Child’s Education and Marriage and financial protection.
- Options to avail accidental and disability benefit rider and term rider.
- Settlement option available for maturity and death benefits in instalments 5, 10, and 15 years.
LIC Bachat Plus Plan 861 Parameter/ Eligibility
|Minimum Age at Entry||Single Premium|
90 days (Completed) in option A and B
90 days (Completed) in option 1
40 years (Completed) in option 2
|Maximum Age at Entry||Single Premium|
44 years (Nearer Birthday) in option A
70 years (Nearer Birthday) in option B
60 years (Nearer Birthday) in option 1
65 years (Nearer Birthday) in option 2
|Basic Sum Assured||Minimum: 1,00,000|
Maximum No Limit
(in multiple of 25,000)
|Premium Paying Mode||Single, Yearly, Half Yearly, Quarterly, Monthly (NACH)|
|Policy Term||Single Premium|
10 to 25 years upto Age 40 under Option A
10 to 16 years from Age 41 to Age 44 under Option A
10 to 25 years both for Option 1 and Option 2
|Premium Payment Term||Option A & Option B: Single Premium|
Option 1 & Option 2: 5 Years
Also Read this : LIC’s Best Lifetime Money Back plan
Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|Premium Payment Mode||Percentage(%)|
|Half yearly Mode||1%|
|Quarterly and Monthly||Nil|
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
|Basic Sum Assured (BSA)||Rebate per Rs. 1000 /- S.A.|
(Term 10 to 20 Years)
|Rebate per Rs. 1000 /- S.A.|
(Term 21 to 25 Years)
|Upto 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|
LIC Bachat Plus Plan 861 Benefits
On the life assured surviving to the end of the policy term, provided all the due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable, where “Sum Assured on Maturity” is equal to Basic Sum Assured.
The proposer will have an option to choose “Sum Assured on Death'” as per the two options available under each of Single Premium and Limited Premium payment.
The proposer has to choose one of the options at the proposal stage itself and mention the same in addendum to the proposal form subject to the eligibility conditions. The premiums and benefits shall vary as per the Option chosen and cannot be altered subsequently.
|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”|
|Limited premium||Option 1||
Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be as under:
On death during first five policy years
Before the date of commencement of risk: Refund of premium(s) paid without interest shall be payable. The premium(s) referred above shall not include any taxes, extra premium and Rider premium(s), if any.
On or after the date of commencement of risk: “Sum Assured on Death” shall be payable.
On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” along with Loyalty Addition, if any, shall be payable.
The death benefit under Limited Premium payment shall not be less than 105% of total premiums paid upto the date of death, excluding extra premium, Rider premium and taxes, if any.
Read also : LIC new Jeevan Anand plan 915 lifetime plan
LIC Bachat Plus policy 861 Surrender, Loan and Paid-up value.
LIC Bachat Plus policy 861 Surrender, Loan and Paid-up value details is given below.
Surrender period : Policy can be surrender after 3 month for single premium option and 2 full years payment of premiums for Limited premium policy.
Loan under LIC Bachat Plus Policy 861
Loan facility shall be available under the plan subject to the following conditions.
1. Under Single Premium: Loan shall be available at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later. The maximum loan that can be granted shall be 90% of the surrender value
Under Limited Premium: Loan shall be available after at least two full years premiums have been paid. The maximum loan that can be granted as a percentage of surrender value shall be as under:
- For inforce policies – 90%
- For paid-up policies – 80%
Paid-up value : Once a LIC Bachat Plus Plan 861 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value for limited premium option.
Paid-up value formula
|Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid|
LIC Bachat Plus Plan 861 with an Example
An example of Vinod who is purchasing this Plan with following details.
|Sum Assured (Rs.)||10,00,000|
|Policy Term (Years)||21 years|
|Premium Paying Term||5 years|
|Yearly Premium||1st. yrs (97394), 2nd yrs. (95297) onward|
As per above example, policy holder needs to pay the premium of Rs. 97394 1st. year and Rs. 95297 2nd year onward every year for 5 years (Premium Paying Term) and after completion of 21 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.
If Policy holder survives 21 years, then Maturity (Sum Assured + Loyalty Addition) will be as under.
|Maturity Year||Age at Maturity||Total Premium Paid||Maturity Amount (Approx.)|
Death Claim Details
In case of death during policy term ( Before 21 years ), Sum Assured + loyalty Addition (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to basic Sum Assured (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How to Understand given below Table?
|Year||Age||Normal Risk Cover||ACCD. Risk Cover||Premium||Maturity|
Suppose if, unfortunate death of policyholder happens in year 2036 (at age 45), then by that time total premium paid will be Rs. 4,78,552 and nominee will get death claim as Rs. 12,58,000 in case of normal death or Rs. 22,58,000 as accidental death claim in case of death due to accident and policy will be stop.
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Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : Loan facility is available under LIC Bachat Plus Plan 861.
- Under Single Premium: After 3 months from the Date of issuance of policy
- Under Limited Premium: After 3 months from the Date of issuance of policy
Riders Facility : Accidental Death and Disability Benefit Rider and Term Assurance Rider is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.
Proposal Form : Form No. 300, 340 and 360.
LIC others Endowment plans
अधिक जानकारी के लिए कृपया संपर्क करें:
बास्पा नंद पंचोली
संपर्क सूत्र-: 9891009400
कार्यालय का पता:-
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