Micro Bachat Insurance Policy of Life Insurance Corporation of India (LIC) is of great use for low earning people. Let’s know everything about this plan.
Micro Bachat Insurance Policy of Life Insurance Corporation of India (LIC) is of great use for low earning people. For those who have low income, LIC’s Micro Insurance Plan is very beneficial. This is a combination of protection and saving. This plan will give financial support to the family in case of accidental death. Also, the policy will provide a lump sum upon maturity. Let’s know everything about this plan …
(1) Loan will be available – This regular premium plan named Micro Savings has many features. In this insurance plan, insurance of 50 thousand rupees to 2 lakhs will be available. This is a non-linked insurance plan. Loyalty will also be available in the policy under this plan. If someone has given premium for 3 years, then he will also get the facility of loan in Micro Savings Plan.
(2) Who can take the plan? – Only those between the ages of 18 and 55 years will get this insurance. No medical examination will be required under this. If someone pays the premium continuously for 3 years, then after that he is unable to pay the premium, then he will continue the facility of insurance for 6 months. If this premium policyholder fills for 5 years, he will get 2 years of auto cover. The number of this plan is 851.
(3) How old will the policy term be? – The policy term of Micro Savings Insurance Plan will be 10 to 15 years. In this plan, the premium can be paid on a yearly, half-yearly, quarterly, and monthly basis. In this, you will also get the facility of adding Accidental rider to LIC. However, for this, you will have to pay a separate premium.
(4) Insurance of 2 lakhs will be available for Rs 28 daily.
Under this, if a person aged 18 years takes a 15-year plan, then he will have to pay a premium of Rs 51.5 per thousand. At the same time, the 25-year-old will have to pay Rs 51.60 for the same period and the 35-year-old will pay a premium of Rs 52.20 per thousand. 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 the premium. If you do not like this insurance after purchasing, 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. Up to 70 percent loan will be available in the current policy. At the same time, the loan will be eligible for up to 60 percent of the amount in the paid policy.
(5) This is mathematics- If a person has taken this policy for the next 15 years at the age of 35, then he will have to pay a premium of Rs 52.20 (Rs 1 thousand on the sum assured) annually. Similarly, if someone takes an insured amount of Rs 2 lakh, then he has to deposit 52.20 x 100 x 2 i.e. 10,300 annually. That is, you have to pay a premium of Rs 28 daily and Rs 840 a month.
(6) Discount on premium payment will be given under section 80C – During this time interest will be paid at 10.42 percent on the loan. There will be a discount of 1 month for payment of premium. The maximum age of maturity for this policy will be 70 years. This is a life insurance policy, so you will get an income tax exemption under section 80C on premium payment.