LIC launches new 'BachatPlus' policy

Hyderabad: Public sector insurance major Life Insurance Corporation of India introduced new policy 'Bachat Plus', a non-linked participating individual savings plan which offers combination of protection and savings.

The policy provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. Proposer can choose to pay the premium either as single premium or for a limited period of five years.

It can be purchased through LIC agents or on their website. The minimum basic sum assured is one lakh with no upper limit. The eligibility conditions will be as per premium payment and options chosen accordingly by the proposer.

High basic sum assured rebate is offered for both modes of premium payment. The sum assured on death is provided as per the two options available under each of the payment.

The death of the life during the term will be payable as sum assured and after completion of five years but before maturity an addition of loyalty with sum assured is payable.

The basic sum assured with loyalty shall be payable for life assured surviving with stipulated maturity.