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Investment Plans 6138 views August 10, 2020
It is always a wise move to save some part of your monthly income and invest it somewhere. This will help you to enhance your savings and you can utilize the saved funds in your future. But the problem with many individuals is that they are confused among the various investments. So, if you are looking for a small monthly investment then you must explore the LIC Micro Bachat Plan that is a regular premium insurance plan. It is a combination of protection and savings that will give you death benefits and maturity benefits. You will also receive loyalty additions in this insurance plan that will increase your maturity benefits. Let’s explore all other key features of this insurance plan.
Table of Contents
You can explore some of the exclusive benefits of this plan and see how it will help to enhance your savings. You must save some part of your income and invest it as a premium in this insurance plan.
If you survive the policy term successfully then you will be entitled to receive the maturity benefits. The value of the maturity benefit will be the Sum Assured at the time of maturity and Loyalty Additions. Your basic sum assured will be sum assured on maturity and it will be decided by you when you are buying the plan.
If in case the insured dies an unfortunate death during the first five years of the policy term then the nominee will receiver on the Sum Assured on Death. But if the insured dies after five years of the policy term then the company will pay the sum assured on death and the loyalty additions up to the date of the death to the nominee.
The Sum Assured on Death will be the highest of the following:-
You will also get loyalty additions in this the micro Bachat Plan. The loyalty additions will increase your maturity amount and in case of death of the insured, the loyalty additions will be paid to the nominee. The company will only give the loyalty additions to the nominee on death if you have paid all the premiums for the first five policy years. No loyalty additions will be given to the nominee if the insured dies within the first five policy years.
The company gives you various options to make the payment of the premium. You can pay the premium amount as per your convenience on the following basis:-
You can also enjoy rebates on the premium as per the paying frequency and the Sum Assured. You can see the rebates below:-
There are also rebates on choosing a high amount of the Sum Assured:-
You can also enjoy rider benefits in this plan. The company allows you to add riders to the LIC Micro Bachat Plan in order to enjoy more coverage. The rider options available are as follows:-
You will also get a grace period of 30 days if you are unable to make the payment of premiums on the due date. 30 days of the grace period is applicable to all the modes of payment whether it is Monthly, Quarterly, Half-Yearly, and Yearly.
If you don’t make the payment of the premium within the grace period then your insurance policy will lapse. But you can revive a lapsed policy by paying all premiums due with applicable interests. The company gives you a time of 5 consecutive years from the date of the first unpaid premium to revive the lapsed policy.
You can also surrender the Micro Bachat policy in case of an emergency and take the surrender value. You can surrender this policy only if you have paid the premiums regularly for 1 year. The company will calculate the surrender value and it will be the highest of the following:-
You can also take a policy loan if you don’t want to surrender the policy. But you will have to pay all the premiums for 3 years in order to take the policy loan. The maximum loan amount as per the percentage of the surrender value will be as follows:-
You will also get a free-look period of 15 days during which you can return the policy if you don’t find it interesting. Sometimes the insured doesn’t find the terms and conditions of the policy suitable so he wants to return the policy. So in such a situation, the company gives you a free-look period of 15 days.
|Minimum Amount of the Sum Assured||Rs.50000|
|Maximum Amount of the Sum Assured||Rs.200000|
|Minimum Age of Entry||18 Years|
|Maximum Age of Entry||55 Years|
|Minimum Policy Term||10 Years|
|Maximum Policy Term||15 Years|
|Premium Paying Term||Same as the Policy Term|
|Maximum Age of Maturity||70 Years|
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