If you are earning very little, yet you are planning to invest, then read this full article. We would advise you to invest in a policy of LIC Micro Bachat Plan which you will get a lot of benefits. Life Insurance Corporation of India (LIC) is the most trusted institution for a investor.
What Is LIC Micro Bachat Plan?
LIC Micro Bachat Plan (Table No. 951) is a traditional, non linked, participating, micro insurance plan that offer duel benefit of protection as well as savings. As the same suggest “Micro Bachat” means ‘Small Saving‘ this plan is designed to provide financial support to the family in case of unfortunate death of the policyholder. If the policyholder survives the policy tenure, a lump sum amount at the time of maturity is payable. The plan also provides loan facility to take care of liquidity needs. the plan is ideal for the low income groups.
Under this Policy, the insured can also avail loan during the policy tenure, provide full payment of perineum for at least 3 years. In case of an insurance plan, 70% of the loan can be availed on the total premium paid. Whereas in case of a paid up policy, loan for a 60% of the amount can be availed.
Who Can Take This Policy
This policy will be available only to those between 18 and 55 years of age. No medical examination will be required under this. On the other hand, if someone pays the premium continuously for 3 years, then after that he is unable to the pay the premium, then he will continue the facility of insurance for 6 months. If this premium policy holder fills for 5 years then he will get 2 years auto cover. The number of plan is 851.
Explain that policy term of LIC Micro Bachat savings insurance plan will be 10 to 15 years. In this plan, premium can be paid on yearly, haif-yearly, quarterly and monthly basis. In this, you will also get the facility of adding accidental rider of LIC. However, you have to pay a premium for this.
Feature of LIC Micro Bachat Plan
#Best Plan For Low Income People
LIC Micro Bachat the policy is a great benefit. So let us tell you about the specialty of this policy. You can take 6 benefits by spending Rs. 28 daily. Life saving corporation of India (LIC) micro savings insurance scheme is of great use for low earning people. LIC micro insurance plan is very beneficial for those who have low earnings. it is a combination of protection and saving. This plan will provide financial support to the family in case of accidental death. In additional, the policy will provide a lump sum upon maturity. A great plan for small income people. it will be very beneficial for you. It has an insurance cover of Rs. 2 lakhs.
#Easy For a Loan
Under this scheme, 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, 25 year of age will have to pay Rs 51.60 for the same period and 35 years for Rs 53.20 premium per thousand rupees. While the premium in the 10 year plan will be Rs. 85.45 to Rs 91.90 per thousand. There will also be a 2 percent discount in a 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 1 lakh, then his annual premium will be come to Rs 5116. At the same time, loans up to 70 percent will be available in the current policy. At the same time, the loan will be eligible for up to 60% of the amount in the paid policy.
Benefits of Micro Bachat Plan
During this period, interest will have to 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 income tax exemption under section 80C on premium payment.
In case of death during the policy term and if all due premium have been paid, on death during the first five years and after the completion of five policy year but before the date of maturity sum assured of the death will be payable. The death benefit not be less the 105% of all the premium as on the date of death.
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