LIC Micro Insurance Plan LIC Small Insurance Set Up: Small Savings Contract from Life Assurance Corporation of India can be a great set up for coverage and savings! This micro-insurance plan from LIC (LIC Small Bachat Plan) is extremely helpful for low-income individuals. This insurance provides full coverage for the family in the event of death. Also, the payment amount is given to the individual on the due date.
LIC Micro Insurance Plan
To apply for a LIC Klein Savings Policy, you must be between the ages of eighteen and fifty-five. No medical examination is required for this! Even if someone pays a premium for three years. That is why he gave the benefit, even though he did not pay the premium for six months. Even if someone pays a five-year premium! That is why during this set-up (Micro Savings Scheme) he will receive motor vehicle cover for two years!
During this insurance theme (Micro Bachat Yojana) a person gets insurance from fifty thousand to 2 lakhs! If someone has paid premiums for 3 years, they will also receive a loan under this scheme. Apart from this, there is also an opportunity to list Accident Rider from Life Insurance Corporation of India. However, the premium pressure can increase during this period.
What is the policy term?
With the LIC small savings insurance policy, you get a lead time of an associate degree insurance policy of ten to fifteen years. Premiums in this plan are paid quarterly, monthly, annually, or 6 months. In addition, in this plan (Micro Savings Plan) you can also get the opportunity to allow unintended riders. You also pay a separate premium.
How to get twenty-eight subscription?
Under this LIC small savings plan, if a person is 8|18 years old! So he will have to pay a premium of Rs 51.5 per thousand for the fifteen year plan! On the other hand, if a twenty five year old takes Prerna for 15 years then a premium of Rs 51.60 and a thirty five year old has to pay a premium of Rs 52.20 per thousand.
This can be understood with an example! Suppose a 35 year old has taken a 15 year policy (Micro Bachat policy) with a total of Rs 1 lakh. Hence, that person’s annual premium will be Rs 5116! Loan of up to seventy percent will be provided under the existing policy while 60 percent loan will be provided under the paid-up policy.
Benefits of setting up LIC Small Insurance
- The insured gets many benefits during this small savings plan.
- The maturity benefit is available on the policy maturity date.
- In addition, Loyalty Edition is also available! Once a year it is determined by the Life Insurance Corporation of India.
- If someone dies in between. So one hundred and five percent of the total premiums paid will be available as a death benefit.
- The good thing about the loyalty addition is that it is only offered after the completion of 5 years of the policy.
There will be a loan facility (LIC Small Insurance Scheme)
There are many options in a small savings plan. This is often a non-inclusive insurance. Under this plan, the benefit of loyalty will be available within the policy. If the customer pays the premium for three consecutive years, the loan facility is available to him. Up to seventy percent loan will be available in existing policy! At the same time, in an overpayment policy, up to sixty percent of the amount qualifies for the loan. The loan can be forced to pay interest at a rate of 10.42 percent.
What to do if you don’t like the policy?
If you do not understand or do not like this insurance, take out this insurance within fifteen days of taking out your LIC small savings policy! That’s why you give up! You must do it within 15 days! During this policy of Life Insurance Corporation of India, the maximum amount insured cannot exceed a few lakhs.
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