LIC's Micro Bachat

Micro Insurance Plans - LIC's Micro Bachat

LICs Micro Bachat is a regular premium, non-linked, participating micro-insurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholder.

Eligibility Criteria

Minimum age at entry

18 years (completed)

Maximum age at entry

55 years (Nearer birthday)

Maximum age at maturity

70 years (Nearer birthday)

Minimum Premium Paying Term

10 years

Maximum Premium Paying Term

15 years

Minimum Sum Assured

₹ 50,000/-

Maximum Sum Assured

₹2,00,000/-

Benefits

Death Benefit: 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 years but before the date of maturity ‘Sum Assured on Death’ will be payable. The death benefit will not be less than 105% of all the premiums paid as on the date of death.

Maturity Benefit:The sum assured on maturity along with the Loyalty Addition will be payable if all due premiums have been paid and the policyholder survives till the end of the policy term.

Surrender Benefit:The policy can be surrendered at any time after 1 successful year of the policy. To avail the surrender benefit, the insured must have paid for at least on full policy year.

Key Features

• LICs Micro Bachat plan offers dual advantage of insurance and savings and fulfills the liquidity needs of the policyholder by providing loan facility.

• Policy holder can make the premium payments via quarterly, monthly, half-yearly or yearly mode.

• Policy holder is entitled to a rebate of 2% of tabular premium in the yearly mode & 1% of tabular premium in the half-yearly mode.

• Policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium and before the date of maturity.