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Features of LIC Micro Bachat :


• A micro insurance plan with maximum 2 lakh sum assured.
• Sum Assured with Loyalty addition will be paid as maturity lumpsum at the end of the policy term..

LIC Micro Bachat Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 2Lakh
Policy Term (in years) 18 55
Premium Payment Term(in yrs) Equal to Policy Term
Entry Age of Policyholder 18 55
Age at Maturity - 70
Payment modes Yearly, Half-yearly, Quarterly and Monthly (only through ECS)


Benefits of LIC Micro Bachat :


Maturity Return – At the maturity of the policy, the insured will get Sum Assured with Loyalty Addition,
Death Benefit – In case of death of the Life Insured, the nominee will receive Sum Assured with Loyalty Addition (only if the claim occurs after completion of 5 years).
Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns.
Loan on Policy - Available after payment of 3 full year premium.
Housing Loan Surity- Available

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Sum Assured

 

Policy Plan



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Policy Term (Yrs)
Double Accident Benefit

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Micro Bachat



Micro Bachat is a micro insurance plan with maximum Sum Assured as 2 lakh.

Sum Assured with Loyalty Addition shall be payable at the end of the policy term as maturity benefits.

Service Tax is applicable on the premium paid for this policy, at the rate of 4.5% for the 1st year premium and 2.25% from 2nd year onwards.