LIC Bachat Plus Plan 861 Calculator
Premium, Death Benefit, Maturity Benefit & Loyalty Addition Estimator
Key Features
- Plan No: 861 | UIN: 512N340V01
- Launch Date: 15 March 2021
- Withdrawn Date: 1 April 2022
- Single Premium or Limited Premium (5 Years)
- Maturity Benefit = Basic Sum Assured + Loyalty Addition
- Death Benefit payable to nominee as per selected option.
- Loan facility available after acquiring surrender value.
About LIC Bachat Plus Plan 861
LIC Bachat Plus Plan 861 was a non-linked, participating life assurance and savings plan. It provided life cover along with maturity benefits and loyalty additions. Policyholders could choose between single premium and limited premium payment options.
LIC Bachat Plus Plan 861 was a savings-oriented life insurance plan introduced by LIC to provide both financial protection and wealth accumulation through flexible premium payment options.
Overview of LIC Bachat Plus Plan 861
LIC Bachat Plus Plan 861 was launched on 15 March 2021 as a non-linked, participating individual life assurance and savings plan. It combined insurance coverage with savings benefits and offered the possibility of earning loyalty additions declared by LIC.
The plan was later withdrawn from sale on 1 April 2022. However, policyholders who purchased the policy before its withdrawal continue to receive benefits according to the policy terms.
What Was LIC Bachat Plus Plan 861?
This plan offered life insurance protection along with savings benefits. Customers could choose either a single premium payment or a limited premium payment option spread over five years.
The policy was structured to provide financial support in case of the policyholder’s death during the policy term while also offering a maturity payout if the policyholder survived until the end of the policy term.
Key Highlights of LIC Bachat Plus Plan 861
| Feature | Details |
|---|---|
| Plan Number | 861 |
| UIN | 512N340V01 |
| Launch Date | 15 March 2021 |
| Withdrawal Date | 1 April 2022 |
| Plan Type | Non-linked participating life assurance and savings plan |
| Premium Payment Options | Single Premium or Limited Premium (5 Years) |
| Sum Assured Choices | Two death benefit options available |
| Availability | Available online during the sale period |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 44 to 70 years (depending on option selected) |
| Maturity Age | 18 to 80 years (depending on plan option) |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No upper limit |
Benefits Under LIC Bachat Plus Plan 861
Maturity Benefit
If the life assured survived the entire policy term, LIC paid the Basic Sum Assured on Maturity along with any applicable Loyalty Additions declared under the plan. This payout could help meet future financial goals such as retirement, education, or other long-term needs.
Death Benefit
The death benefit varied according to the timing of death and the selected policy option.
- If death occurred within the first five policy years, the nominee received the Sum Assured on Death.
- If death occurred after five years but before maturity, the nominee received the Sum Assured on Death along with applicable Loyalty Additions.
- If death occurred before the commencement of risk, LIC refunded the premiums paid without any interest.
LIC Bachat Plus Plan 861
LIC Bachat Plus Plan 861 was a life insurance and savings plan developed by LIC to offer policyholders both financial protection and long-term savings benefits through flexible premium payment choices.
Introduction to LIC Bachat Plus Plan 861
LIC introduced Bachat Plus Plan 861 on 15 March 2021 as a non-linked, participating individual life assurance and savings policy. The plan combined life cover with savings benefits and allowed policyholders to participate in loyalty additions declared by LIC from time to time.
The plan was discontinued for new sales on 1 April 2022. However, policies purchased before its withdrawal continue to remain active and provide benefits according to the original policy conditions.
Understanding LIC Bachat Plus Plan 861
LIC Bachat Plus Plan 861 was designed to provide both insurance coverage and savings under a single policy. Customers had the flexibility to choose either a one-time premium payment or a limited premium payment option spread over five years.
The policy aimed to provide financial security to the family in case of the policyholder’s death during the policy term while also offering a maturity payout on survival until the end of the policy period.
Plan Details
| Feature | Details |
|---|---|
| Plan Number | 861 |
| UIN | 512N340V01 |
| Launch Date | 15 March 2021 |
| Withdrawn On | 1 April 2022 |
| Plan Category | Non-linked participating life assurance and savings plan |
| Premium Payment Option | Single Premium or 5-Year Limited Premium |
| Death Benefit Options | Two choices available |
| Online Purchase Facility | Available during the sale period |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 44 to 70 years (depending on selected option) |
| Maturity Age | 18 to 80 years (depending on policy option) |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No specified limit |
Benefits Available Under LIC Bachat Plus Plan 861
Maturity Benefit
If the life assured survived throughout the policy term, LIC paid the Basic Sum Assured on Maturity together with any Loyalty Additions declared under the plan. This maturity amount could be used to support various future financial objectives such as education expenses, retirement planning, or wealth creation.
Death Benefit
The death benefit payable depended on when the death occurred during the policy term.
- In case of death within the first five policy years, the nominee received the Sum Assured on Death.
- If death occurred after completion of five years but before maturity, the nominee received the Sum Assured on Death along with any applicable Loyalty Additions.
- If the life assured passed away before the commencement of risk, LIC refunded the premiums received without any interest.
Loyalty Additions and Bonus Benefits
LIC Bachat Plus Plan 861 was a participating insurance plan, allowing policyholders to share in LIC’s profits through Loyalty Additions. These additions were payable along with policy benefits and enhanced the overall value of the policy.
Since Loyalty Additions depended on LIC’s financial performance and surplus declarations, they were not guaranteed. However, they provided an opportunity for policyholders to receive additional returns over and above the guaranteed benefits available under the plan.
Who Was LIC Bachat Plus Plan 861 Suitable For?
This plan was generally considered appropriate for individuals seeking:
- Life insurance protection along with savings benefits.
- Flexible premium payment choices through single premium or limited premium options.
- Assured benefits with the possibility of additional Loyalty Additions.
- Financial protection for family members in case of an unfortunate death.
- Access to loan facilities against the policy during emergencies.
Comparison with Other LIC Plans
| Feature | LIC Bachat Plus Plan 861 | Other LIC Endowment Plans |
|---|---|---|
| Premium Payment Options | Single Premium or 5-Year Limited Premium | Varies according to the plan |
| Policy Term | 10 to 25 Years | Usually between 10 and 35 Years |
| Entry Age | 90 Days to 70 Years | Depends on the specific plan |
| Loan Facility | Available up to 90% of Surrender Value | Generally available |
| Bonus Benefit | Loyalty Additions and other applicable benefits | Depends on plan structure |
| Death Benefit Options | Choice of two options at inception | Usually predetermined |
Withdrawal of LIC Bachat Plus Plan 861
LIC discontinued the sale of Bachat Plus Plan 861 from 1 April 2022. Although new policies are no longer issued under this plan, existing policyholders continue to receive all benefits according to the original policy conditions until maturity, surrender, or claim settlement.
For updated information regarding current LIC insurance products, policyholders may refer to LIC’s official resources or consult authorised LIC representatives.
Frequently Asked Questions
What is LIC Bachat Plus Plan 861?
LIC Bachat Plus Plan 861 was a non-linked participating life insurance and savings plan that offered protection benefits along with savings accumulation through single or limited premium payments.
When was LIC Bachat Plus Plan 861 introduced?
The plan was launched by LIC on 15 March 2021.
Is LIC Bachat Plus Plan 861 currently available?
No. The plan was withdrawn from sale on 1 April 2022 and is no longer available for new purchases.
What premium payment options were available?
Policyholders could choose either a one-time single premium payment or a limited premium payment option spread over five years.
What was the minimum Basic Sum Assured?
The minimum Basic Sum Assured available under the plan was ₹1,00,000.
Was monthly premium payment allowed?
No. Monthly premium payment mode was not available under LIC Bachat Plus Plan 861.
Did the plan provide bonus benefits?
Yes. Eligible policies could receive Loyalty Additions declared by LIC based on the corporation’s financial performance and surplus experience.
Conclusion
LIC Bachat Plus Plan 861 was a life insurance and savings plan that combined financial protection with long-term savings benefits. Through its flexible premium payment choices and the opportunity to receive Loyalty Additions, the plan offered a balanced approach to insurance coverage and wealth accumulation.
Although the plan was discontinued for new sales in April 2022, it continues to remain relevant for existing policyholders. Understanding its features, benefits, and calculator estimates can help policyholders evaluate their coverage, maturity benefits, and overall policy value more effectively.
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