LIC’s Micro Bachat Insurance Policy is of great fit for the people of the low-income group, and people with low monthly income. It is a combination of protection and saving. This plan will provide financial support to the family in case of accidental death. Also, on the 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 a premium for 3 years, then he will also get the facility of the loan in the 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 long 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 lakh 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. On the other hand, the 25 year old will have to pay Rs 51.60 for the same period and the 35 year 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.
Also, Read This: SBI is Giving Free Rs 2 lakh to Its Customers, Know How You Can Take Advantage of It?
(5) Here is the math- If a person has taken this policy for the next 15 years at the age of 35 years, then he will have to deposit a premium of Rs 52.20 (on Sum Assured of 1 thousand rupees) 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) Exemption under section 80C will be given on premium payment- During this, interest will have to be paid on the loan at the rate of 10.42 percent. There will be a discount of 1 month for the payment of premium. Since it is a life insurance policy, you will get income tax exemption under section 80C on premium payment.
Disclaimer : (The information given in this article is not insurance advice. The Informal News does not responsible for any kind of assured return of investment. Please consult your insurance adviser before investing.)
