If your earnings are low and you are planning to buy any of LIC’s, this news may be useful for you. Today we are telling you the Micro Bachat Insurance Policy of Life Insurance Corporation of India, which is made for special low income people. Let’s learn all about this project.
Who can take the project?
This insurance is only available to those under 18 to 55 years of age. No medical examination is required under this. If someone pays a premium continuously for 3 years and thereafter no premium is paid, the insurance facility will continue for 6 months. If this premium is paid by the policyholder for 5 years, he will get auto cover for 2 years. 851 of this project.
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How many years is the policy period?
The policy term of a Micro Bachat insurance scheme is 10 to 15 years. Premiums can be paid on an annual, semi-annual, quarterly and monthly basis. You also get the chance to add an accidental rider to the LIC. However, you will have to pay a separate premium for this.
Benefits of Micro Bachat Insurance Plan
This micro insurance plan of LIC is very useful because this plan is a combination of protection and savings. The project provides financial assistance to the family in case of accidental death. Also, upon expiration of the policy, a large sum is provided. Learn the other benefits below:
2 lakh insurance
Under this policy, if an 18-year-old takes a 15-year plan, he will be paid 51.5 per thousand. At the same time, for the same period, the 25-year-old paid Rs 51.60. And 35 year olds have to pay a premium of Rs 52.20 per thousand. The premium for a 10-year plan is Rs 85.45 per thousand, from Rs 91.9 per thousand. There is also a 2% discount on the premium. If a 35-year-old takes a 15-year policy with a guarantee of Rs 1 lakh, his annual premium is Rs 5116. Under the current policy, 70 per cent of the loan is available. At the same time, 60 percent of the paid policy is eligible for the loan.
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Loan facility is available in the policy
This regular premium scheme named Micro Bachat has many features. Under this scheme, insurance costs from Rs 50,000 to Rs 2 lakh. This is an uninsured insurance plan. Under this scheme, there is also the benefit of loyalty in the policy. Anyone who has paid a premium for 3 years will also get a loan under the Micro Savings Plan.
Tax deduction under 80C is available
As it is a life insurance policy, you will be entitled to income tax deduction under Section 80C on premium payment.
The math of spending 28 rupees a day
If a 35-year-old person takes this policy for the next 15 years, he has to pay a premium of Rs 52.20 (the sum is Rs. 2 lakh, if he takes out an insurance amount of Rs. This means you have to deposit a premium of Rs 28 a day and Rs 840 a month.
