LIC launches Micro Bachat plan

Hyderabad: Life Insurance Corporation of India on Monday launched a new Micro Insurance Plan “Micro Bachat”.   It is a regular premium, non-linked, participating Endowment Micro Insurance Plan, which offers a combination of protection and savings. 

Announcing the plan, Suseel Kumar, Zonal Manager, LIC further informed that for the first time a Micro Insurance Plan is launched providing coverage up to Rs 2 lakhs. He stated that the plan provides financial support for the family in case of unfortunate death of the policy holder during the policy term and a lumpsum amount at the time of maturity for the surviving policyholders.   

While explaining the features of the plan he stated that this plan will be eligible for loyalty additions, after 5 years, if any, depending upon the experience of the Corporation.  The plan provides for Loan facility provided 3 full years’ premiums have 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.   
 
Further, the total basic sum assured under all the policies issued under this plan for an individual life should not exceed Rs 2 lakh.  The premiums under this plan can be paid regularly at yearly, half-yearly, quarterly or monthly intervals over the term of the policy.