Bachat Yojana – Product Specification-bachat-yojana-plan

Details About Premium Annual premium in Rupees Bachat Yojana – Policy Details Grace Period: If the insured fails to pay his monthly premiums, then he is allowed a grace period of 15 days. And, if the insured fails to pay his any other premium payment modes, then he shall be allowed a grace period of 30 days. The plan is subject to lapse if the insured fails to pay his premiums even within the grace period and is further subject to non forfeiture benefits. Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. The policy is terminated on occurrence of any of the following events: on payment of the Surrender Benefit, or Death Benefit or Maturity Benefit; after the end of 2 years from the date of lapse. Free Look Period: If the insured feel that he is not happy with any of the benefits provided by the plan, then he is free to cancel it within 15 days of receiving the policy documents. The insured is free to cancel his plan, after reviewing it by sending a documented notice stating the reason for dissatisfaction. The company shall make refunds of all the premiums paid after making the required deductions of medical expenses, stamp duty charge, administration expenses and etc. Additional Features or Riders A Policy loan facility can be availed, provided it does not exceed 90% of the policy’s Special Surrender Value at the year end of the relevant policy year. If the policyholder makes the premium payments for a minimum of 3 years and subsequently does not pay premiums thereafter, then the benefits under the policy shall be reduced proportionate which is called Reduced Paid-up Value. Reinstatement of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the lapse. Sufficient evidence of insurability has to be provided to the company, and all due premiums and interest accumulated have to be paid at the time of reinstatement. A surrendered policy is not eligible for reinstatement. Exclusions Suicide: If the insured commits suicide within the first 12 months, then the company shall refund 80% of the premiums to his family. And, if the insured commits suicide, within 1 year of plan renewal, then the higher of the Surrender Value and 80% of the premiums paid till death shall be paid to the nominees of the insured.