Excelsior Correspondent
JAMMU, Feb 18: Life Insurance Corporation (LIC) of India today launched a new Micro Insurance Plan ‘Micro Bachat’ which is a regular premium, non-linked, participating endowment micro insurance plan and offers a combination of protection and savings.
This plan provides coverage upto Rs 2 lakh and provides financial support to the family in case of unfortunate death of the policyholder during the policy term and a lump-sum amount at the time of maturity for the surviving policyholders.
A handout stated that 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 three 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 handout further stated that total basic sum assured under all policies issued under this plan for an individual life shall not exceed Rs 2 lakh.
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