Term Insurance 371 views August 11, 2020

LIC Micro Insurance Plans

LIC is a government organization that has a lot of insurance products giving you life coverage. But on the other hand, LIC also offers some small investment insurance plans in which you can enhance your savings by contributing a small part of your income. These plans are known as the LIC Micro Insurance Plans that are meant for the individuals. These plans include regular payment of premiums and the amount of Sum Assured is also not very high. It means that your amount of premium will be low and you can contribute it from your income easily. So, let’s explore the various micro-insurance policies of LIC and see how they can help you in wealth maximization.

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Types of Micro Insurance Plans

LIC offers three types of Micro insurance Plans in which you will get the protection of life and saving enhancement. You can explore the various plans and their benefits below:-

  1. LIC Bhagya Lakshmi Plan
  2. LIC Micro Bachat Plan
  3. LIC New Jeevan Mangal Plan

LIC Bhagya Lakshmi Plan

  1. This insurance plan has a limited Premium paying Term.
  2. The minimum age of entry in this insurance plan is 18 years.
  3. You have the privilege to choose a maximum premium paying term of 13 years.
  4. You will get a life cover in this insurance plan that means the nominee will be entitled to take the Sum Assured on Death after your demise.
  5. In case of a successful survival, you will get a maturity benefit that will be equal to 110% of the Total Premiums Paid.
  6. There are multiple modes for paying the premium like monthly, yearly, half-yearly, and quarterly.
  7. Choose a yearly mode for paying the premium and enjoy a rebate on the premium.
  8. You can surrender this policy in case of an emergency.
  9. The company doesn’t allow you to take a loan against this policy.

Other Details of this Plan

ParticularsDetails
Minimum Amount of the Sum AssuredRs.20000
Maximum Amount of the Sum AssuredRs.50000
Minimum Age of Entry18 Years
Maximum Age of Entry42 Years for the Premium Paying Term of 5 Years.
55 Years for the Premium Paying Term of 6 to 13 Years.
Minimum Premium Paying Term5 Years
Maximum Premium Paying Term13 Years
Policy TermPremium Paying Term plus 2 Years
Maximum Age of Maturity65 Years

LIC Micro Bachat Plan

  1. This is a regular premium insurance plan.
  2. It includes both benefits that are death benefits and maturity benefits.
  3. 18 years is the minimum age required for this Micro Insurance Plan.
  4. The company will give you loyalty additions and it will be added to the maturity benefits.
  5. The maturity benefits will include the Sum Assured on Maturity plus the Loyalty Additions.
  6. You are free to choose the premium paying frequency that is yearly, half-yearly, quarterly, and monthly.
  7. Choosing a high amount of Sum Assured will give you rebates on the premium amount.
  8. You will get a grace period of 30 days if in case you are unable to pay the premium on time.
  9. If you do not even pay the premium during the grace period and your policy lapses then you have the option to revive the lapsed policy.
  10. The company allows you to surrender this policy or take a loan against the policy in case of an emergency.
  11. There is no need for a medical examination to take this Micro Insurance Policy.
  12. You can add LIC Accidental Death and Disability Benefits Rider and LIC Accident Benefit Rider to this policy.

Other Details of this Plan

ParticularsDetails
Minimum Amount of the Sum AssuredRs.50000
Maximum Amount of the Sum AssuredRs.200000
Minimum Age of Entry18 Years
Maximum Age of Entry55 Years
Minimum Policy Term10 Years
Maximum Policy Term15 Years
Premium Paying TermSame as the Policy Term
Maximum Age of Maturity70 Years

LIC New Jeevan Mangal Plan

  1. This plan is a non-participating, non-linked individual insurance plan.
  2. You will get death benefits and maturity benefits in this insurance plan.
  3. This policy includes Accident Benefits as well and you will not have to add a rider.
  4. You have the option to pay Regular Premium or Single Premium in this plan.
  5. 18 years is the minimum age criteria for this insurance plan.
  6. There are no loyalty additions to this plan.
  7. The maturity benefits will include the Sum Assured on Maturity.
  8. Yearly, half-yearly, quarterly, and monthly are the premium paying frequency available in this plan.
  9. The company gives you a grace period of 30 days if in case you fail to pay the premium on the due date.
  10. You have the option to revive the lapsed policy if you do not even pay the premium during the grace period and your policy lapses.
  11. The company allows you to surrender this policy in case of an emergency but you are not allowed to take a loan against the policy.

Other Details of this Plan

ParticularsDetails
Minimum Amount of the Sum AssuredRs.10000
Maximum Amount of the Sum AssuredRs.50000
Minimum Age of Entry18 Years
Maximum Age of Entry55 Years
Minimum Policy Term10 Years for Regular Premium
5 Years for Single Premium
Maximum Policy Term 15 Years for Regular Premium
10 Years for Single Premium
Maximum Age of Maturity65 Years

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