No medical examination required in LIC Micro Savings Policy
The policy term of Micro Bachat Insurance Policy will be 10 to 15 years.
(1) Facility of loan will be given- This regular premium plan called Micro Savings has many features. In this insurance plan, insurance of 50 thousand rupees to 2 lakhs will be available. This is a non-linked insurance plan. Under this plan, you will also get the benefit of loyalty in the policy. If someone has given premium for 3 years, then he will also get the facility of loan in Micro Savings Plan.
(2) Who can take the plan? – This insurance will be available only to those between 18 and 55 years of age. No medical examination will be required under this. If someone pays the premium continuously for 3 years, then after that he is unable to pay the premium, then he will continue the facility of insurance for 6 months. If this premium policy holder fills for 5 years, he will get 2 years auto cover. The number of this plan is 851.(3) How old will the policy term be? The policy term of Micro Savings Insurance Plan will be 10 to 15 years. In this plan, premium can be paid on yearly, half-yearly, quarterly and monthly basis. In this, you will also get the facility of adding Accidental Rider to LIC. However, for this you will have to pay a separate premium.
(4) Insurance for 2 lakh rupees per day Under this, if a person of 18 years of age takes a 15-year plan, then he will have to pay a premium of Rs 51.5 per thousand. At the same time, 25 years of age will have to pay Rs 51.60 for the same period and 35 years for Rs 52.20 premium per thousand rupees. The premium in the 10-year plan will be Rs 85.45 to Rs 91.9 per thousand. There will also be a discount of 2 percent in premium. If you do not like this insurance after purchasing, then you can surrender the plan within 15 days. 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. Up to 70 percent loan will be available in the current policy. At the same time, the loan will be eligible for up to 60 percent of the amount in the paid policy.
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(5) This is mathematics. If a person has taken this policy for the next 15 years at the age of 35, then he will have to pay a premium of Rs 52.20 (on the sum assured of Rs 1,000) annually. Similarly, if someone takes an insured amount of Rs 2 lakh, then he has to deposit 52.20 x 100 x 2 i.e. 10,300 annually. That is, you have to pay a premium of Rs 28 daily and Rs 840 a month.
(6) Discount on premium payment under section 80C During this period, interest will have to be paid at 10.42 percent on the loan. There will be a discount of 1 month for payment of premium. The maximum age of maturity for this policy will be 70 years. This is a life insurance policy, so you will get income tax exemption under section 80C on premium payment.
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First published: October 3, 2019, 5:30 AM IST