If your earnings are less and still you are planning to buy any plan of LIC, then this news can be useful for you. Today we are telling you about the Life Insurance Corporation of India’s Micro Bachat Insurance Policy, which has been made for the people with special low income group. Let’s know everything about this plan.
Who can take the plan?
This insurance will be available only to those in the age group 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.
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How many years is the policy term?
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.
Benefits of Micro Bachat Insurance Scheme
This micro insurance plan of LIC is very beneficial because this plan is a combination of protection and savings. This plan will provide financial support to the family in case of accidental death. Also, on maturity of the policy, a lump sum amount will be provided. Know other benefits below:
2 lakh insurance
Under this policy, 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. At the same time, for the same period, 25 years old will have to pay Rs 51.60 and 35 years old will have to pay Rs 52.20 per thousand as premium. The premium for a 10-year plan will be Rs 85.45 to Rs 91.9 per thousand. There will also be a discount of 2% in premium. 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 a paid-up policy.
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Loan facility is available on the policy
This regular premium plan named Micro Bachat has many features. In this insurance plan, insurance will be available from Rs 50,000 to Rs 2 lakh. 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 premium for 3 years, then he will also get the facility of loan in Micro Savings Plan.
Tax exemption is available under 80C
Since it is a life insurance policy, you will get income tax exemption under section 80C on premium payment.
The math of spending 28 rupees a day
If a person of 35 years has taken this policy for the next 15 years, then he will have to deposit a premium of Rs 52.20 (on Sum Assured of Rs. Similarly, if one takes a sum insured of Rs 2 lakh, he/she 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.