Micro Insurance Plan LIC: LIC always brings some new policy for people with small income. Know about this special policy which gives insurance of 2 lakhs in just 28 rupees.
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 is very beneficial for such people who have less income . It is a combination of protection and saving. This plan will not only provide financial assistance to the family in case of accidental death but will also provide a lump sum amount in case of match.
There are many features in this regular premium plan named Micro Bachat. Insurance from Rs 50 thousand to Rs 2 lakh will be available in this insurance plan. This is a non linked insurance plan. Under this, the benefit of loyalty will also be available in the policy. If someone has paid the premium for 3 years, then he will also be given the facility of loan in the micro savings plan.
This insurance will be available only to those in the age group of 18 to 55 years. Under this, there will be no need for any kind of medical examination. Also, if the premium is paid continuously for 3 years, then even if the premium is not paid, the insurance facility will continue for 6 months. On the other hand, if this premium policy holder pays for 5 years, then he will get auto cover for 2 years.
How long is the policy term?
The policy term of LIC’s micro savings insurance plan will be 10 to 15 years. In this plan, premium can be paid on yearly, half-yearly, quarterly and monthly basis. In this, you will also get the facility to add LIC’s Accidental Rider. However, its premium will have to be paid separately.
Plan for just Rs 28
Under this plan, if a person of 18 years of age takes a plan of 15 years, then he will have to pay a premium of Rs 51.5 per thousand. Along with this, 25 years old will have to pay a premium of Rs 51.60 and 35 years old will have to pay Rs 52.20 premium per thousand for the same period.
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 be Rs 5,116. Loan up to 70% of the amount will be available in the current policy. On the other hand, up to 60 percent of the amount will be eligible for loan in the paid-up policy. If you do not like this insurance after buying it, then you can surrender the plan within 15 days.
Understand like this 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 pay a premium of Rs 52.20 (on Rs 1 thousand sum assured) annually. Similarly, if someone takes a sum assured of Rs 2 lakh, then he will have to deposit Rs 10,300 annually. This amount will have to be deposited as a premium of Rs 28 daily and Rs 840 in a month.
