LIC Micro Bachat Plan buy
Policy Features, Benefits, and Eligibility
Introduction
The LIC Micro Bachat Plan is a non-linked, participating endowment life insurance policy designed to provide financial security to individuals with low income. This plan, offered by the Life Insurance Corporation of India (LIC), serves as an ideal savings and protection scheme, ensuring future financial stability along with life cover.
Main Features of LIC Micro Bachat Plan
- Double Benefit plan: Provides savings and protection in one policy.
- Low Premium: Affordable premium rates to cater to individuals with low incomes.
- Sum Assured: Minimum ₹50,000 and Maximum ₹2,00,000.
- Policy Term: Available for 10 to 15 years.
- Premium Payment Modes: Yearly, Half-yearly, Quarterly, and Monthly (through NACH or Salary deduction).
- Loan Facility: Policyholders can avail of a loan after completing three years.
- Maturity Benefit: If the policyholder survives the term, they receive the basic sum assured along with bonuses.
- Death Benefit: In case of the policyholder’s demise, the nominee receives the sum assured plus vested bonuses.
- Tax Benefits: Premiums paid qualify for tax deductions under Section 80C, and the maturity amount is exempt under Section 10(10D).
- Rider Option: The plan provides an Accidental Death & Disability Benefit Rider.
Requirements to buy LIC Micro Bachat Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 15 years |
| Maximum Maturity Age | 70 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | ₹2,00,000 |
Benefits of LIC Micro Bachat Plan
1. Maturity Benefit
If the policyholder survives the policy term and has paid all premiums, they receive the basic sum assured plus loyalty additions as maturity benefits.
2. Death Benefit
If the insured person passes away during the policy term, the nominee receives the sum assured along with bonus benefits.
3. Bonus Benefits
This is a participating plan, meaning LIC may declare loyalty additions, which will be paid at the time of maturity or in case of death.
4. Loan Facility under LIC Micro Bachat Plan
After 3 policy years, the policyholder can avail a loan against the policy.
5. Tax Benefits
- Premiums paid qualify for deductions under Section 80C.
- The death and maturity benefits are tax-free under Section 10(10D).
6. Accidental Death & Disability Benefit Rider
Policyholders can opt for this rider for extra protection. In case of accidental death, an additional sum assured is paid to the nominee. If the policyholder suffers permanent disability, they receive the sum assured in monthly installments.
The proposer, before buying any insurance policy, should know that there are some exclusions in almost all plans.
Exclusions in
- Suicide Clause: If the policyholder dies by suicide within 12 months, no death benefit is payable, except for a refund of premiums paid.
- Lapse of Policy: If premiums are not paid within the grace period, the policy will lapse, and benefits will cease unless revived.
Why Choose LIC Micro Bachat Plan?
- Low-Income Friendly: Designed for individuals with lower incomes.
- Guaranteed Returns: Ensures savings and life coverage.
- Flexible Payment Options: Various premium modes available.
- Loyalty Additions: Extra benefits provided based on LIC’s performance.
LIC Micro Bachat Plan is an excellent option for individuals looking for a secure savings option along with life insurance coverage. With its low premium, decent returns, and additional benefits like loans and riders, this policy is a great way to ensure financial security for the future.
For more details, call 9886568000