LIC Bachat Plus Plan 861 Calculator

Non-Linked, Participating, Individual Life Assurance Savings Plan

Plan Number: 861 (UIN: 512N340V01)

Launch Date: 15th March 2021

Withdraw Date: 1st April 2022 (Extended from 180 days)

Status: Withdrawn

Minimum: 90 days (1 year) | Maximum: 70 years
Minimum: ₹1,00,000 | No Maximum Limit

Calculation Results

Annual Premium (Excluding GST)

₹0

GST (4.5%)

₹0

Total Annual Premium (Including GST)

₹0

Sum Assured on Maturity

₹0

Sum Assured on Death

₹0

Note:
  • Loyalty Additions (if any) will be added at maturity based on the corporation's performance.
  • The above calculations are indicative and based on standard tabular rates.
  • Actual premiums may vary based on underwriting and medical examination.
  • Death benefit includes Loyalty Addition if death occurs after 5 years.
  • GST rate is 4.5% (subject to change as per government regulations).

Life Insurance Corporation of India (LIC) is known for offering a variety of insurance and savings plans to meet the financial needs of people across India. One such plan was the LIC Bachat Plus Plan 861, which combined life assurance and savings benefits with flexible premium options. If you are looking to understand this plan thoroughly and want to know how to use the LIC Bachat Plus Plan 861 calculator, this article will guide you in simple language.

Introduction to LIC Bachat Plus Plan 861

The LIC Bachat Plus Plan 861 was launched by LIC on 15th March 2021. It was designed as a non-linked, participating, individual life assurance and savings plan. This means the plan provided insurance protection as well as the opportunity to save money with the possibility of earning bonuses declared by LIC.

However, this plan was later withdrawn from sale on 1st April 2022. Despite the withdrawal, many policyholders who purchased it continue to enjoy its benefits throughout the policy term.

What is LIC Bachat Plus Plan 861?

LIC Bachat Plus Plan 861 offered a unique combination of protection and savings. You could pay the premium either as a single lump sum amount (single premium) or as a limited premium payment for 5 years.

LIC Bachat Plus Plan 861

The plan was designed to provide benefits both in the case of the policyholder’s untimely death and on maturity if the policyholder survived the policy term. It ensured financial security for the policyholder’s family and encouraged disciplined savings.

Key Features of LIC Bachat Plus Plan 861

FeatureDetails
Plan Number861
UIN512N340V01
Launch Date15th March 2021
Withdrawal Date1st April 2022
Plan TypeNon-linked, participating, life assurance and savings plan
Premium Payment TermsSingle premium or limited premium for 5 years
Sum Assured OptionsTwo choices available for sum assured on death for each premium option
Online AvailabilityYes
Minimum Entry Age90 days
Maximum Entry Age44 to 70 years (depending on option)
Maturity Age18 to 80 years (depending on option)
Policy Tenure10 to 25 years (depending on premium option)
Minimum Sum AssuredRs. 1,00,000
Maximum Sum AssuredNo limit

Benefits of LIC Bachat Plus Plan 861

The plan was designed keeping both protection and investment needs in mind. Below is a breakdown of the benefits:

Maturity Benefit

If the policyholder survived the full policy term, LIC would pay the basic sum assured at maturity along with loyalty additions (bonuses declared by LIC). This maturity amount helps in building a corpus for future financial goals such as education, marriage, or retirement.

Death Benefit

The death benefit depends on the chosen sum assured option:

  • If the policyholder dies within the first 5 years, the nominee gets the sum assured on death.
  • If the death occurs after 5 years but before maturity, the nominee receives the sum assured on death plus loyalty additions.

If death occurs before the risk begins (i.e., before policy commencement), LIC refunds the premium paid without interest.

Loan Facility

The policyholder could avail a loan of up to 90% of the surrender value of the policy, providing liquidity in times of emergency.

Policy Revival

If the premium payments were missed, the policy could be revived within a maximum period of five consecutive years from the first unpaid premium, ensuring that policy benefits could be retained.

Grace Period and Free Look Period

  • The grace period for premium payment was 15 days for monthly payers and 30 days for quarterly, half-yearly, or yearly payers.
  • If unsatisfied, policyholders could return the policy within 15 days of offline purchase or 30 days for online purchase.

Understanding Premium Payment Options

The LIC Bachat Plus Plan 861 gave flexibility in premium payments:

  • Single Premium: Pay the entire premium amount in one lump sum.
  • Limited Premium: Pay premiums for 5 years only, despite longer policy term.

Both options have two choices for sum assured on death, affecting premium costs and benefits.

How Does the LIC Bachat Plus Plan 861 Calculator Work?

Using the LIC Bachat Plus Plan 861 calculator helps you estimate your premium payments and maturity benefits based on your inputs. This tool simplifies the decision-making process by providing you with financial visibility before buying the policy.

Inputs for the Calculator

  • Age of the policyholder
  • Policy term or tenure (between 10 to 25 years)
  • Sum assured
  • Premium payment option (single or limited premium)

Outputs from the Calculator

  • Amount of premium to pay (single or yearly for limited Premium)
  • Estimated maturity benefit including bonuses
  • Death benefit estimate based on sum assured and policy details

Using this calculator helps you plan your finances better by understanding how much you need to pay and what returns you can expect while also ensuring protection for your family.

Steps to Use the LIC Bachat Plus Plan 861 Calculator

  1. Visit the official LIC website or the LIC online service portal where the calculator is available.
  2. Select the LIC Bachat Plus Plan 861 from the list of products.
  3. Enter your age, gender, policy tenure, sum assured, and premium payment option.
  4. The calculator will provide your estimated premium amount and maturity benefits.
  5. Use the results to decide your investment and premium payment strategy.

Important Notes on Bonus and Loyalty Additions

The LIC Bachat Plus Plan 861 is a participating plan, meaning it participates in LIC’s profits. Policyholders receive bonuses in addition to guaranteed sums. The main bonus is called Loyalty Addition, which is declared at the end of the policy term as an extra amount.

Bonuses are not guaranteed and depend on LIC’s financial performance each year. This adds an investment growth element to your savings beyond the basic assured benefit.

Who Should Consider LIC Bachat Plus Plan 861?

This plan was suitable for individuals who wanted:

  • A combination of protection and savings.
  • Flexibility in premium payment (limited or single premium).
  • Guaranteed returns with the potential for bonuses.
  • Financial security for dependents in case of untimely death.
  • Loan facility against the policy for emergencies.

Comparison with Other LIC Plans

FeaturesLIC Bachat Plus Plan 861Other LIC Endowment Plans
Premium OptionsSingle or Limited (5 years)Usually Limited (varies by plan)
Policy Term10-25 yearsVaries (10-35 years)
Entry Age90 days to 70 yearsVaries
Loan FacilityUp to 90% of surrender valueAvailable in most plans
BonusesLoyalty Addition and other bonusesBonuses depending on plan
Death Benefit OptionsTwo options at purchaseUsually fixed

Withdrawal of LIC Bachat Plus Plan 861

LIC withdrew the Bachat Plus Plan 861 from new sales on 1st April 2022. However, existing policyholders continue to enjoy the benefits until their policy matures or they surrender the policy.

For latest information about LIC plans and ongoing offerings, customers can visit the official LIC website: LIC India Official or consult LIC agents.

FAQs on LIC Bachat Plus Plan 861 and Calculator

What is LIC Bachat Plus Plan 861?

It is a non-linked, participating savings and life assurance plan with options for single or limited premium payment over 5 years.

When was LIC Bachat Plus Plan 861 launched?

It was launched on 15th March 2021.

Is LIC Bachat Plus Plan 861 still available for purchase?

No, it was withdrawn from sale on 1st April 2022.

What are the premium payment options in this plan?

Premium can be paid either as a single lump sum or limited premium for 5 years.

What is the minimum sum assured?

The minimum basic sum assured is Rs. 1,00,000.

Can I pay premiums monthly?

No, monthly premium payment is not available for this plan.

Does LIC Bachat Plus Plan 861 offer any bonus?

Yes, it offers loyalty additions (bonuses) declared by LIC based on profits.

Conclusion

The LIC Bachat Plus Plan 861 was a well-designed insurance-cum-savings plan that offered both financial protection and wealth creation opportunities. With flexible premium payment options and a guaranteed sum assured benefit plus loyalty additions, it catered well to the financial needs of diverse individuals.

Though it was withdrawn from the market in April 2022, understanding its features, benefits, and the use of its calculator remains useful for those who hold the policy or want to compare with current LIC offerings.