LIC has introduced a new Micro Insurance Plan ”Micro Bachat” on 16.02.2019. It is a regular premium, Non- linked, Participating Endowment Micro Insurance Plan, which offers a combination of protection and savings.

For the first time a Micro Insurance Plan has been launched providing coverage upto Rs.2 lakh.

This Plan provides financial support for the family in case of unfortunate death of the Policyholder during the policy term and a lumpsum amount at the time of maturity for the surviving policyholders.

Depending upon the experience of the Corporation, policies under this plan will be eligible for Loyalty Additions, if any, at such rates and on such terms as may be declared by the Corporation and it will be available in case of Maturity, Death or Surrender if the Policy has completed 5 years and 5 full years’ premium has been paid under the policy.

This plan also takes care of the liquidity needs through its Loan facility, provided 3 full years’ premium has been paid.

This Plan is available for Standard Healthy Lives only in the Age group of 18 to 55 years without undergoing any Medical Examination.

The Total Basic Sum Assured under all policies issued under this plan for an individual life shall not exceed Rs. 2 lakh.

Auto Cover period: If at least 3 full years’ Premium has been paid under a policy and any subsequent premium is not duly paid, Auto Cover Period of six months will be available. If at least 5 full years’ premium is paid then Auto Cover Period of two years will be available.

Premium can be paid regularly at Yearly, Half yearly, Quarterly or Monthly intervals over the term of the Policy.

Optional Benefit of LIC’s Accidental Benefit Rider or LIC’s Accidental Death and Disability Rider can be availed by payment of Additional Premium

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