Know about lic micro bachat insurance policy, premium and its benefits
LIC’s savings plans are very beneficial for the future. You also get many benefits in these plans. Where your amount is deposited, you can also take advantage of the loan facility for a fixed tenure. You also get relief in tax. Today we are going to tell you about one such plan of LIC. Whose name is LIC Micro Bachat Insurance Policy.
In fact LIC Micro Bachat Insurance Policy is for low income earners. In which you get a benefit of 2 lakh rupees. For this, you need to save only 28 rupees daily. This scheme has been designed for those who cannot invest in LIC’s high premium plans. Let us give you complete information about this policy.
Loan facility available: Even though the name of this policy is Micro Bachat Yojana, but all the features in it are same as regular policy. In this plan, you get insurance from Rs 50,000 to Rs 2 lakh and it is a non-linked insurance plan. In which you also get the benefit of loyalty. If an investor has paid the premium continuously for three consecutive years, then you also become entitled to take a loan.
Who can invest in this policy: In this LIC policy, any person between the age of 18 years to 55 years can be insured. In this you do not feel the need of any kind of medical examination. After paying the premium continuously for three years, if one is not able to pay the premium, then the facility of the policy will continue for 6 months. On the other hand, on depositing the premium for 5 years, you get auto cover for 2 years.
For how many years can one take the policy: You can take this policy for 10 to 15 years. Whose premium you can pay annually, half yearly and quarterly and also on month basis. In this you also get the facility of adding LIC’s accidental rider. For which you have to pay a separate premium.
Saving of Rs 28 per day will get the benefit of 2 lakhs: 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. Now let’s try to understand its mathematics. If a person takes a sum insured of Rs 2 lakh for the next 15 years at the age of 35, then he has to deposit 52.20 x 100 x 2 i.e. 10,300 annually. This means that you have to pay a premium by saving Rs 28 per day and Rs 840 in a month.
Tax relief: The maximum age of maturity for this policy is 70 years. Since it is a life insurance policy, you get income tax exemption under section 80C on premium payment.
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