LIC Micro Bachat: This is the cheapest policy of LIC. Loyalty benefit is available when the policy matures. It is different from sum assured.
Life Insurance Corporation’s Micro Bachat Insurance Policy has been specially designed keeping in mind the low income people. There are five special features of this policy which makes it more attractive. There is no GST to be paid in this policy. Apart from this, a medical test is also not required for this. Loyalty benefit is available when the policy matures. It is different from sum assured. For information, let us tell you that this is the cheapest policy of LIC.
Talking about the eligibility of LIC Micro Bachat policy, people below 18 years and above 55 years of age cannot take advantage of this policy. The minimum sum assured for this policy is Rs 50,000 and above that it is available in multiples of 5 thousand. The maximum sum assured is Rs 2 lakh. The minimum policy term is 10 years and the maximum policy term is 15 years. Talking about the premium paying term, it is equal to the policy term.
Talking about riders, there are benefits of two different riders in it. However, a separate premium has to be paid for this. The first rider is the Accidental Benefit Rider. Under this, if something untoward happens to the policyholder, then his nominee will get double the benefit of the sum assured. The second is the Accidental Disability Rider. Under this, if the policyholder is no longer able to earn, then the nominee will get double the benefit of the sum assured. Apart from this, pension will be available for 10 years and premium will not have to be deposited. Maturity benefit is also available on maturity of the policy.
Talking about the premium, according to the LIC browser, if the age of the life assured is 18 years, then the premium amount per thousand assured will be Rs 85.45 per annum for the policy term of 10 years. The premium amount for 12 years premium term will be Rs 68.25 per annum and for 15 years policy term the premium amount will be Rs 51.50 per thousand sum assured. Thus, if a sum assured of Rs 2 lakh is purchased at the age of 18 years, the annual premium for a 10-year policy will be Rs 17090 (Rs 46.82 per day) and for 15 years the annual premium will be Rs 10300 (Rs 28.21 per day).
Similarly, if A’s age is assumed to be 45 years, then the premium per thousand sum assured will be Rs 87.60 per annum for 10 years term, Rs 70.75 for 12 years and Rs 54.50 for 15 years. According to this calculation, the annual premium for 10 years will be Rs 17520 (Rs 48 on a daily basis) and the annual premium for 15 years will be Rs 10900 (Rs 30 per day).
In this way, at the age of 18, if you deposit for 15 years in a micro savings scheme, then you will have to deposit about 28 rupees on a daily basis. After 15 years i.e. at the age of 33, the sum assured will be Rs 2 lakh and according to the current rule, about Rs 2.3 lakh will be available. If the age of the Life Assured is 45 years, then Rs 48 per day for a policy of 10 years and Rs 30 per day for 15 years will have to be deposited.
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