LIC Micro Bachat: It is a traditional, non-linked, micro-insurance plan of Life Insurance Corporation. This gives dual protection to the insured who also acts as savings. If a policyholder dies in between then it gives financial support to the nominee. If the policyholder stays alive, he gets an even assurance on maturity. Apart from this, the insured also gets the facility of loan. This plan has been designed by LIC for low income-groups.
This is not a very old plan of LIC. In this plan, the insured gets a Maturity Benefit as well as Surrender Benefit. However, it is necessary to accumulate a premium of 5 years. If the policy is active, then the loan gets up to 70 percent of the total premium deposit. The interest rate of the loan is 10.42 percent. Talking about tax, deduction under section 80C is available on the premium deposited.
Benefits of LIC Micro Savings
In this plan, the insured gets many benefits. The maturity benefit is given when the policy matures. Apart from this, Loyality Addition is also available. Every year, it is decided by LIC. If the insured dies in between, then the death benefit will be 105 percent of the total premium deposited. The benefit of Loyality Addition will be given only after the completion of five years of the policy.
Eligibility for LIC Micro Savings
Talking about eligibility, after completing 18 years, it can be entered and the maximum entry age is 55 years. The minimum sum assured is 50 thousand and the maximum is 2 lakh rupees. The policy term is from 10 years to 15 years. The premium paying term is the same as the policy term. The maximum maturity age is 70 years. A person of 55 years can take a policy for a maximum period of 15 years. The maximum sum assured for a policy cannot exceed 2 lakhs.
The policy term maximum is 15 years.
Premium calculation
According to the table above, if A is 25 years old and has taken a plan for 2 years with an unsecured plan of 2 lakhs for 15 years, then the premium amount will be Rs 10320 (51.60 * 200000/1000) annually. The premium amount for this policy can start from a minimum of Rs 2524 to Rs 17612.
Also read, Health insurance claim will be settled soon, the government has taken this big decision
Also Read: Saudi King’s Biggest Shock, World’s Largest Oil Company Profits Deducted 2.75 Lakh Crore
