Life Insurance Corporation (LIC) of India launches Bachat Plus

NEW DELHI: The Life Insurance Corporation (LIC) of India has launched Bachat Plus, a non-linked, participating, individual life assurance savings plan. The applicants may either pay the premium in lump sum (single premium) or may avail the 5-year limited premium paying option, stated a press release.

With the taxpayers searching for options to save tax, this close ended plan – available for sale for a maximum period of 180 days – would not only provide the tax-saving option u/s 80C, but would also provide an ideal opportunity for people availing the single premium option to avail the LTC Scheme benefits.

There are two options each under the single premium and limited premium plans. Under the single premium plan, Option A provides a Sum Assured on Death of 10 times the tabular premium for the chosen Basic Sum Assured, while Option B provides a Sum Assured on Death of 1.25 times the tabular premium.

On the other hand under the limited premium plan, Option 1 provides a Sum Assured on Death of 10 times the tabular premium for the chosen Basic Sum Assured, while Option 2 provides a Sum Assured on Death of 7 times the tabular premium.

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