Micro Bachat 951 – LIC Micro Bachat 951 Policy Details
Micro Bachat policy 951 is a traditional, non-linked, participating micro-insurance policy that offers dual benefits of protection as well as savings. As the name of suggests Micro Bachat means Small Savings. This policy is designed to provide financial support to the family in case of unfortunate risk of the policy holder. If the policyholder survives the plan tenure, a lump sum amount at the time of maturity is payable. The policy also provides loan facility to take care of liquidity needs. The policy is ideal for the Low income peoples.
Premium Payments Mode
Monthly (ECS), Quarterly, Half Yearly and Yearly
Term / Duration
10 to 15 Years
Minimum Entry Age
18 Years Completed
Maximum Entry Age
55 Years (Nearest Birthday)
Maximum Maturity Age
70 Years
Minimum Sum Assured
50000
Maximum Sum Assured
2,00,000 (2lakhs)
Loan
Loan Facility is Available
Income Tax Benefit
Tax Rebate under Section 80C
Maturity Under this plan is Free under Section 10(10D)
Surrendered
The plan can be surrendered at any time during the policy term provided at least one full years premiums have been paid
Survival
Basic Sum Assured + Loyalty Addition if any
Risk
On risk of the life assured during the plan term sum assured on risk shall be payable which is the higher
Bassic Sum Assured
(Or)
7 Times of annualized premium
(Or)
105% of all the premiums paid as on date of risk.
The premium mentioned above excludes taxes, extra premium and rider premiums if any in addition to the above , loyalty addition if any shall also be payable if risk occurs after completion of 5th policy year.
Maximum Accidental Risk and disability benefit rider up to age 70 Years