LIC Bachat Plus Scheme: New Policy! Combination of protection and savings - All you need to know

LIC Bachat Plus Scheme New Policy: In a major development, Life Insurance Corporation (LIC) on Monday said it has introduced a new policy, Bachat Plus that offers a combination of protection and savings.

The plan, with a five-year maturity, provides financial support for the family of the deceased policy holder any time before maturity and a lump sum amount at the time of maturity for the surviving policy holder,  Life Insurance Corporation said.

It gives an option to choose 'sum assured on death' for both single premium and limited premium payment modes.

If the policyholder dies after the completion of policy but before the stipulated date of maturity, the sum assured on death will be paid along with loyalty addition.

The minimum basic sum assured is Rs 1 lakh and there is no upper limit. High basic sum assured rebate is offered for both modes of premium payments.

LIC OF INDIA LAUNCHES NEW PLAN - LIC's BACHAT PLUS pic.twitter.com/itnmkwD7fl

— LIC India Forever (@LICIndiaForever) March 15, 2021

This plan also takes care of liquidity needs through its loan facility.