This is a special category created under IRDAI. Its main objective is to promote insurance coverage among the economically weaker sections of the society.
LIC’s micro insurance policy: We all know what are the needs of life insurance in today’s era. It helps you to build a financial corpus with the protection of life cover. In this era of pandemic, if you are planning to buy life insurance at low premium then micro insurance plans can prove to be a better option for you. This is a special category created under IRDAI. Its main objective is to promote insurance coverage among the economically weaker sections of the society. The premiums of these policies are comparatively low.
Popularity
Debashish Dutta, LIC agent associated with Million Dollar Roundtable Club said that “Micro insurance plans are very popular. Due to high premiums, the weaker section of the society is not able to afford traditional insurance plans. Micro insurance plans are primarily designed for those low-income groups, so that they can also cover their lives.
lic micro plan
Life Insurance Corporation of India (LIC) is the largest insurance company in the country. This public sector company offers a set of life insurance policies to the general public. Both New Jeevan Mangal and Micro Bachat are of the same type. Both these micro insurance plans were launched on 1 February 2020. Let us know the special things about such policies.
1. New Jeevan Mangal
LIC’s New Jeevan Mangal Plan is a non-linked plan, non-participating, private, life insurance plan, which gives premium return on maturity. In this plan, coverage is available on accident, which becomes a double risk cover on death in an accident.
Eligibility
Any eligible person from 18 years to 55 years can buy it. Its maximum maturity age is 65 years.
insurance coverage
In this, the minimum and maximum sum insured amount is from 10 thousand rupees to 50 thousand rupees.
Policy term and premium
The term in a regular premium policy is 10 to 15 years. Premiums are paid annually, half yearly, quarterly and monthly. Alternatively, a single premium policy can also be purchased for a tenure of 5 to 10 years.
Benefit
In case of death of the insured person due to any reason other than accident, death benefit equal to the sum assured will be paid to the nominee of the policyholder. This amount depends on the type of policy and the premium paid.
In case of sudden death, an additional sum equal to the sum assured will be paid to the nominee.
2. Micro Bachat Policy
Micro Bachat is a regular premium, non-linked, participating, individual, life insurance plan offered by Life Insurance Corporation of India (LIC). It gives protection with savings. One can also meet the liquidity requirement through loan facility in this policy.
Eligibility
Any person from 18 years to 55 years can buy it. Its maximum maturity age is 70 years.
sum insured
The minimum and maximum sum insured can be from Rs 50,000 to Rs 2 lakh.
Policy and Premium Term
The term of this policy ranges from 10 years to 15 years. The premium can be paid annually, half-yearly, quarterly and monthly.
premium
If a person at the age of 20 bought a policy for a term of 15 years and opted for the Basic Sum Assured of Rs 2 lakh, he would have to pay Rs 9,904 as annual premium, which is approximately Rs 27 per day. Is.
Benefit
Over time, when the policy is ready for payment, you will get Rs 2.30 lakh. In case of death of the Life Assured within five years of the commencement of the policy, the Sum Assured will be paid. If death occurs after five years, both the Sum Assured and Loyalty Bonus will be paid to the survivor.
