LIC policy premium of Rs. 31/- per day and getting 2 lakh life and 4 lakh DA cover with NO GST 

LIC Micro Bachat Plan: without GST Affordable Life Insurance with High Coverage

LIC Micro Bachat is an ideal policy for individuals looking for a small investment with a secure future. It is especially beneficial for those in rural or semi-urban areas where financial planning options are limited. With premium payments as low as Rs. 31 per day, one can ensure a life cover of Rs. 4,00,000, making it a prudent choice for securing the future of one’s family.

The LIC Micro Bachat Plan is a well-structured policy that addresses the financial needs of lower-income groups. With its affordable premium, dual benefits of insurance and savings, GST exemption, and flexibility in premium payments, it is a highly attractive option for individuals seeking a reliable life insurance plan. By investing in LIC Micro Bachat, policyholders can ensure financial security for their families while also building savings for the future. This plan is a testament to LIC’s commitment to providing affordable and accessible life insurance for all segments of society.

Life Insurance Corporation of India (LIC) is known for offering a variety of insurance plans catering to different segments of society. Among these, the LIC Micro Bachat Plan is specifically designed to provide financial security to individuals from the low-income group. This plan ensures life coverage at an affordable premium, making it accessible for people seeking security for their families without putting a financial strain on their budget.

Overview of LIC Micro Bachat Plan

LIC Micro Bachat is a non-linked, participating endowment life insurance plan that combines savings with protection. It is tailored for individuals looking for an economical insurance plan that also serves as an investment. This policy is an ideal choice for small-scale earners who want to secure their family’s future while simultaneously accumulating savings for financial stability.

LIC policy premium Rs. 31/- per day and get 2 lakh life and 4 lakhs DA cover

Key Features of LIC Micro Bachat Plan

1. Affordable Premiums: One of the most attractive features of this plan is its affordability. The premium is as low as Rs. 31 per day, making it one of the most budget-friendly insurance policies available.
2. Sum Assured: The plan offers a minimum sum assured of Rs. 50,000 and a maximum sum assured of Rs. 2,00,000.
3. Life Insurance Coverage: With a minimal investment, policyholders can get a life insurance cover of up to Rs. 4,00,000.
4. Maturity Benefit: Upon completion of the policy term, the insured person will receive the sum assured plus any accrued bonuses.
5. Death Benefit: In case of the policyholder’s unfortunate demise during the policy term, the nominee will receive the sum assured along with bonuses, ensuring financial stability for their loved ones.
6. No GST on Premiums: Unlike other insurance policies where Goods and Services Tax (GST) is levied on the premium, the LIC Micro Bachat plan is exempt from GST, making it even more cost-effective.
7. Loan Facility: Policyholders can avail of a loan against their policy, offering financial assistance in times of need.
8. Optional Riders: LIC provides additional riders like Accidental Death and Disability Benefit Rider, which enhances the coverage at a nominal extra cost.

Eligibility Criteria

• Minimum Entry Age: 18 years
• Maximum Entry Age: 55 years
• Policy Term: 10 to 15 years
• Maximum Maturity Age: 70 years

Benefits of LIC Micro Bachat Plan

1. Financial Security at Low Cost

The policy is specifically designed for people from lower-income groups, providing them with low-cost but high-value life insurance coverage.

2. Dual Benefit: Insurance and Savings

Unlike term insurance, LIC Micro Bachat is an endowment plan, meaning it not only provides life insurance but also acts as a savings scheme, offering a lump sum amount on maturity.

3. No GST – More Savings

The exemption from GST on premiums ensures that the policyholder does not bear any additional tax burden, making it more affordable compared to other insurance plans.

4. Flexible Premium Payment Options

Policyholders can choose to pay their premiums annually, half-yearly, quarterly, or monthly, providing flexibility in financial planning.

5. Tax Benefits

Policyholders can avail of tax deductions under Section 80C of the Income Tax Act for the premiums paid. Additionally, the maturity benefits are tax-free under Section 10(10D).

6. Loan Facility for Financial Support

The policyholder can avail of a loan against their policy after a certain period, ensuring financial assistance in case of urgent monetary requirements.

Plan benefits

LIC policy premium of Rs. 31/- per day and getting 2 lakh life and 4 lakh DA cover with NO GST is the best option for the low-earning day-to-day earning class. 

Why Choose the LIC Micro Bachat Plan?

It is a no-GST, low-premium, affordable life insurance plan with accident and disability coverage for the needy. 

 

Spread the information to all needy people, Call 9886568000 for more information