Micro Bachat Insurance Policy: Life Insurance Corporation of India is the largest insurance company in the country. It keeps on bringing insurance policies for every section of India. If you come from the lower income group and want to get high returns in small investments, then LIC has come up with a great insurance policy for you. The name of this policy is LIC Micro Bachat Insurance Policy. This insurance policy is a non-linked, individual life insurance endowment plan. By making small investments in this plan, you can accumulate a good amount of funds and can get that amount after a certain period of time. After the death of the policyholder, the nominee also gets the benefit of death benefit.
Special features of LIC Micro Bachat Bima Yojana-
- Minimum Sum Assured of the scheme – Rs 50,000
- Maximum Sum Assured of the scheme -2,00,000
- The age of purchase of the plan – 18 to 55 years of age
- Policy Term-10 to 15 years
- Maximum maturity age of this plan – 70 years
Policy premium payment rule
Let us tell you that if you buy LIC’s Micro Bachat Insurance Policy, then you get many options to pay its premium. You can pay its monthly premium. Second on three months, third on 6 months and last on annual basis you can deposit premium. In this scheme, you will also get loan facility on paying premium for three consecutive years. Along with this, if you want, you can add accidental rider benefit to the policy, but for this you will have to pay a separate fee.
Know how much premium will have to be paid-
If you buy a policy of 15 years at the age of 18, then you will have to pay Rs 51.50 per thousand rupees. At the same time, at the age of 35, you will have to pay Rs 52.20 for a term of 15 years and at the age of 55, Rs 59.80 for a tenure of 15 years. In such a situation, if you buy a sum assured plan of Rs 2 lakh in 18 years, then you will have to pay Rs 10,300 on an annual basis. You will have to spend 28 rupees every day like this.
How to buy and surrender the policy-
To buy this policy, you can adopt both online and offline methods. Apart from this, you can buy the policy by visiting any LIC branch near your home. If you do not like the policy after taking it, then you can surrender it within 15 days after purchasing 15 policies.
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