LIC Best Micro Insurance Plan: LIC’s Micro Bachat Insurance Policy is of great use for the people of low income group. LIC’s micro insurance plan for people who have low earnings (Micro Insurance Plan) Extremely beneficial. It is a combination of protection and saving. This plan will not only give financial assistance to the family in case of accidental death, but also a lump sum amount on maturity. (Money) will provide.
There are many features in this regular premium plan named Micro Bachat. In this insurance plan, insurance of 50 thousand rupees to 2 lakh will be available. This is a non linked insurance plan. Under this, the benefit of loyalty will also be available in the policy. If someone has paid premium for 3 years, then he will also be given loan facility in Micro Savings Plan.
This insurance will be available only to those between the age of 18 to 55 years. Under this, no medical examination will be required. Also, if the premium is paid for 3 consecutive years, then the insurance facility will continue for 6 months even if the premium is not paid. On the other hand, if the policyholder pays this premium for 5 years, then he will get auto cover for 2 years.
How many years is the policy term?
The policy term of LIC’s Micro Bachat Insurance Plan will be 10 to 15 years. Premiums can be paid in this plan on yearly, half-yearly, quarterly and monthly basis. In this you will also get the facility of adding LIC’s accidental rider. However, its premium will have to be paid separately.
Plan in just Rs 28
Under this plan, if a person of 18 years of age takes a 15-year plan, then he will have to pay a premium of Rs 51.5 per thousand. Also, the 25-year-old will have to pay Rs.51.60 for the same period and Rs.52.20 per thousand for the 35-year-old.
On the other hand, if a 35-year-old person takes a 15-year policy with a sum assured of Rs 1 lakh, then his annual premium will come to Rs 5116. In the current policy, a loan of up to 70 percent of the amount will be available. At the same time, the loan will be eligible for up to 60 percent of the amount in the paid-up policy. If you do not like this insurance after purchase, then you can surrender the plan within 15 days.
So understand what is this policy
If a person has taken this policy for the next 15 years at the age of 35 years, then he will have to deposit a premium of Rs 52.20 (on Sum Assured of Rs. Similarly, if one takes a sum insured of Rs 2 lakh, then he will have to deposit 10,300 annually. This amount will have to be deposited as a premium of Rs 28 per day and Rs 840 in a month.