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PLAN DETAILS:
Micro Bachat (751)
LIC Micro Bachat Plan (Table No. 751) is a traditional, non-linked participating micro-insurance plan that offers dual benefits of protection as well as savings.
The plan offers dual advantages of insurance and savings in a single plan.
It fulfills the liquidity needs of the policyholder by providing loan facility.
Min Age: = 18 years Completed
Max Age: = 55 Years (nearest birthday)
Maximum Age at Maturity: 75Years
Min Policy Term: 10 Years
Max Policy Term: 15 Years
Premium Paying Term: Equivalent to Policy term.
Min Sum Assured: 1 Lakh
Max Sum Insured: 2 Lakh
The Sum Insured till 1.8 Lakh is Available in the multiple of 10000 further on the Multiple of 20,000/- Risk Cover:
Death Benefit:
In the event of the policyholder's death during the first five years of the policy term, the sum Assured on Death will be payable on the condition that all premiums due have been paid.
On death after completion of five policy years but before the date of maturity: 'Sum Assured on Death' and Loyalty Addition, if any, shall be payable.
Where 'Sum Assured on Death' is defined as the higher of:
- 7 times of annualised premium or
- Basic Sum Assured.
The death benefit shall not be less than 105% of total premiums paid as on date of death. Premiums referred above shall not include any taxes, extra premium and rider premium, if any
Maturity Benefit:
In the event that the policyholder survives till the complete policy term of the LIC Micro Bachat Plan, the sum Assured on Maturity will be payable, provided the policyholder has paid all due premiums. Loyalty benefit, if any, is added to the sum Assured.
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