LIC Micro Insurance Plan 2022 – Features & Benefits

LIC Micro Insurance Plan 2022 :– LIC’s Micro Bachat Insurance Policy is of great use for the people of low income group. LIC’s Micro Insurance Plan is very beneficial for such people who have less income. It is a combination of protection and saving. This plan will not only provide financial assistance to the family in case of accidental death but will also provide lump sum amount on maturity.

There are many features in this regular premium plan named Micro Bachat. In this insurance plan, insurance will be available from 50 thousand rupees to 2 lakhs. This is a non linked insurance plan. Under this, the benefit of loyalty will also be available in the policy. If someone has paid premium for 3 years, then he will also be given loan facility in Micro Savings Plan.

This insurance will be available only to those between the age of 18 to 55 years. Under this, no medical examination will be required. Also, if the premium is paid for 3 consecutive years, then the insurance facility will continue for 6 months even if the premium is not paid. On the other hand, if the policyholder pays this premium for 5 years, then he will get auto cover for 2 years.

LIC Micro Insurance Plan 2022

The policy term of LIC’s Micro Bachat Insurance Plan will be 10 to 15 years. Premiums can be paid in this plan on yearly, half-yearly, quarterly and monthly basis. In this you will also get the facility of adding LIC’s accidental rider. However, its premium will have to be paid separately.

LIC Micro Insurance Plan
LIC Micro Insurance Plan

Plan in just Rs 28

Under this plan, if a person of 18 years of age takes a 15-year plan, then he will have to pay a premium of Rs 51.5 per thousand. Also, for the same period, the 25 year old will have to pay Rs 51.60 and the 35 year old will have to pay Rs 52.20 per thousand as premium.

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If a 35-year-old person takes a 15-year policy with a sum assured of Rs 1 lakh, then his annual premium will come to Rs 5116. In the current policy, a loan of up to 70 percent of the amount will be available. At the same time, the loan will be eligible for up to 60 percent of the amount in the paid-up policy. If you do not like this insurance after purchase, then you can surrender the plan within 15 days.

If a person has taken this policy for the next 15 years at the age of 35, then he will have to deposit a premium of Rs 52.20 (on Sum Assured of Rs. Similarly, if one takes a sum insured of Rs 2 lakh, then he will have to deposit 10,300 annually. This amount will have to be deposited as a premium of Rs 28 daily and Rs 840 in a month.

LIC Micro Insurance Plans FAQs

What is special in LIC Micro Bachat Plan Policy?
18 to 55 years age people can apply under this insurance. No medical tests are asked for this. Also, if a person pays the premium for 3 years, then he is given the benefit even if he does not pay the premium for 6 months.

what is death benefit?
If the policyholder dies within 5 years of taking the policy, the nominee will get Rs 2,00,000. If the policyholder dies after 5 years of taking the plan, then the nominee will get Rs 2 lakh of Sum Assured along with Loyalty Addition money

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