LIC Micro Bachat Plan in CSC

ELIGIBILITY CONDITIONS & RESTRICTIONS

•    Minimum Age at entry: 18 years (completed)

•     Maximum Age at entry: 55 years (nearer birthday)

•     Minimum Policy Term: 10 years

•     Maximum Policy Term: 15 years

•     Maximum Age at Maturity: 70 years (nearer birthday)

•     Mode of Premium Payment allowed: Yearly, Half Yearly,  Quarterly, Monthly (Ordinary)

•     Age at entry to be taken as age nearer birthday (ANB) except for the minimum age at entry i.e. 18 years, where it is in completed years.

 

ELIGIBILITY CONDITIONS & RESTRICTIONS

•                Minimum Basic Sum Assured: Rs.50,000

•                Maximum Basic Sum Assured: Rs.2,00,000 

• The Basic Sum Assured shall be in multiples of Rs.5,000

•       Commencement of Risk :

•              Under this plan, the risk will commence immediately from the date of issuance of policy i.e., a date when a proposal, after underwriting, is accepted as a policy.

 

MODE REBATE

•                Mode Rebate :

                  Yearly mode:  2% of tabular premium

                  Half-yearly mode:  1% of tabular premium

                  Quarterly mode:  NIL

 

            In case of Monthly mode, additional loading of 3% of tabular premium shall be charged.

 

•                Grace Period :

 

            A grace period of 30 days from the due date of premium will be allowed for all modes of premium payment.

 

Plan No. 951	Mr. A	Mr. B	Mr. C	Mr. D
Age	20	30	40	50
Sum Assured	200000 (rebate Rs.2.00 /1000 SA)	150000 (rebate Rs.1.50 /1000 SA)	100000 (rebate - Nil)	50000 (rebate - Nil)
Term	15 Yrs	15 Yrs	15 Yrs	15 Yrs
Mode	Yly  (rebate 2% of tabular premium)	Hly (rebate 1% of tabular premium)	Qly (rebate - nil)	M ly  (loading – Rs.3.00 /1000 SA)
Tabular Premium per 1000 SA	51.55	51.80	53.00	56.75
After mode rebate/ loading	51.55 X 98% = 50.519	51.80 X 99.00% = 51.282	NA	56.75 x 103% = 58.4525
After SA rebate	50.519 – 2.00 = 48.519	51.282 – 1.00 = 50.282	NA	NA
Add AB/ABDB Extra @ 0.50/1.00/1.50 per  1000 SA	48.519 + 0.50 = 49.019	50.0282 + 1.00 = 51.282	53.00 + 1.50 = 54.50	58.4525 + 0.50 = 58.9525
Premium Payable	49.019 X 200  = 9,804	51.282 X 150 = 7,692.30/2  = 3,846	54.50 x 100 = 5,450.00/4 = 1,362	58.9525 X 50 = 2947.625/12  = 246

 

 

Benefits under the Plan

 

A)Death Benefit on death during first five policy years :

 “Sum Assured on Death” shall be payable i.e., higher of

(a) 7 times the annualized premium; or

(b) Basic Sum Assured (BSA). 

 

•       Death Benefit on death after completion of five policy years but before the date of maturity : 

“Sum Assured on Death” + Loyalty Additions if any shall be payable.

•      The death benefit shall not be less than 105% of total premiums paid up to the date of death (excluding taxes, extra premium, rider premium).

Apply for this scheme:

•    Click on the given link LIC Micro Bachat Plan 

•    On Top Right Corner Click on "Digital Seva connect"

•    Click on "LIC's Micro Bachat" Under "Micro Insurance" tap

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