For those who have less income, LIC’s Micro Insurance Plan is very beneficial. It is a combination of protection and saving.
New Delhi. LIC’s Micro Bachat Insurance Policy is of great use for the people of the low income group. For those who have less income, LIC’s Micro Insurance Plan is very beneficial. It is a combination of protection and saving. This plan will provide financial support to the family in case of accidental death. Also, on maturity of the policy, a lump sum amount will be provided.
Let’s know everything about this plan…
(1) Loan facility will be available- 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 plan, the benefit of loyalty will also be available in the policy. If someone has paid premium for 3 years, then he will also get the facility of loan in Micro Savings Plan.
(2) Who can take the 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. If someone pays the premium continuously for 3 years, then after that the premium is not paid, then the facility of insurance will continue for 6 months. If this premium is paid by the policyholder for 5 years, then he will get auto cover for 2 years. The number of this plan is 851.
(3) How many years will the policy term be? – The policy term of 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, for this you will have to pay a separate premium.
(4) Insurance of 2 lakhs will be available for 28 rupees per day- Under this, 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. At the same time, for the same period, 25 years old will have to pay Rs 51.60 and 35 years old will have to pay Rs 52.20 per thousand as premium. The premium in the 10-year plan will be Rs 85.45 to Rs 91.9 per thousand. There will also be a discount of 2 percent in premium. If you do not like this insurance after purchase, then you can surrender the plan within 15 days. 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.
(5) Here is the math- If a person has taken this policy for the next 15 years at the age of 35, then he will have to deposit a premium of Rs 52.20 (on Sum Assured of Rs 1 thousand) annually. Similarly, if one takes a sum insured of Rs 2 lakh, then he will have to deposit 52.20 x 100 x 2 i.e. 10,300 annually. That is, a premium of Rs 28 per day and Rs 840 will have to be deposited in the month.
(6) Rebate will be given on premium payment under section 80C- During this time interest will have to be paid at the rate of 10.42 percent on the loan. There will be a discount of 1 month for the payment of premium. The maximum age of maturity for this policy will be 70 years. Since it is a life insurance policy, you will get income tax exemption under section 80C on premium payment.
