LIC's Micro Bachat is a regular premium, non-linked, participating micro-insurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its Loan facility.
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
On death of the Life Assured during the policy term provided all due premiums have been paid:
On death during first five years: “Sum Assured on Death” shall be payable.
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.
Payment of Premiums
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals over the term of policy.
Eligibility Conditions and Other Restrictions
(This plan is only available for standard healthy lives without undergoing any medical examination)
- a) Minimum Basic Sum Assured : Rs. 50,000
- Maximum Basic Sum Assured per life* : Rs. 200,000
The Basic Sum Assured shall be available in multiples of Rs.5,000/-.
- Minimum Age at entry : 18 years (completed)
- Maximum Age at entry : 55 years (nearer birthday)
- Policy Term : 10 to 15 years
- Premium Paying Term : Same as Policy Term
- Maximum Age at Maturity : 70 years (nearer birthday)
* The total Basic Sum Assured under all policies issued under this plan for an individual life shall not exceed Rs. 2 lakh.
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk.