LIC Micro Insurance Policy: LIC Micro Insurance Policy is a very important insurance policy for your life, which can bring you a lot of benefits.
LIC Micro Insurance Policy: LIC Micro Insurance Policy: We all know that in today’s era what is the need of life insurance for human life? It also helps you to build a financial corpus with the security of life cover. In this era of pandemic, if you are planning to buy life insurance at low premium, then micro insurance plan can prove to be a better option for you. This is a special category created under IRDAI. Its main objective is to promote insurance coverage among the economically weaker sections of the society. The premiums of these policies are comparatively low.
LIC agents associated with the Million Dollar Roundtable Club say that micro insurance plans are very popular. Due to high premiums, the weaker section of the society is not able to afford traditional insurance plans. Micro insurance plans are primarily designed for those low income groups, so that they can also cover their lives.
LIC micro plan
Life Insurance Corporation of India (LIC) is the largest insurance company in the country. This public sector company offers a set of life insurance policies to the general public. Both New Jeevan Mangal and Micro Bachat are of the same type. Both these micro insurance plans were launched on 1 February 2020.
New Jeevan Mangal
LIC’s New Jeevan Mangal Plan is a non-linked plan, non-participating, private, life insurance plan, which gives premium return on maturity. Accident coverage is available in this plan, which becomes a double risk cover on accidental death.
Eligibility
Any eligible person from 18 years to 55 years can buy it. Its maximum maturity age is 65 years.
Insurance coverage
In this, the minimum and maximum sum insured ranges from 10 thousand rupees to 50 thousand rupees.
Policy Term and Premium
The tenure in a regular premium policy is 10 to 15 years. Premiums are paid annually, half yearly, quarterly and monthly. Alternatively, a single premium policy can also be purchased for a tenure of 5 to 10 years.
Benefit
In case of death of the Life Assured due to cause other than accident, death benefit equal to the Sum Assured will be paid to the nominee of the policyholder. This amount depends on the type of policy and the premium paid.
In case of accidental death, an additional amount equal to the sum assured will be paid to the nominee.
Micro Bachat Policy
Micro Bachat is a regular premium, non-linked, participating, individual, life insurance plan offered by Life Insurance Corporation of India (LIC). It gives security with savings. One can also meet the liquidity requirement through the loan facility in this policy.
Eligibility
It can be bought by any person from 18 years to 55 years. Its maximum maturity age is 70 years.
Insurance coverage
The minimum and maximum sum insured can be from Rs 50,000 to Rs 2 lakh.
Policy and Premium Term
The term of this policy ranges from 10 years to 15 years. Premium can be paid annually, half yearly, quarterly and monthly.
Premium
If a person at the age of 20 buys a policy for a term of 15 years and opts for a Basic Sum Assured of Rs 2 lakh, he will have to pay Rs 9,904 as annual premium, which is approximately Rs 27 per day Is.
