Why You Should Consider the Benefits of LIC Micro Bachat Plan

Introduction to LIC Micro Bachat Plan
Eligibility Criteria of LIC Micro Bachat Plan
Benefits of LIC Micro Bachat Policy
– Death Benefit
– Maturity Benefit
– Tax Benefits
– Flexibility & Security
LIC’s Accidental Death & Disability Benefit Rider
FAQs LIC Micro Bachat Policy
Conclusion

Are you tired of searching for the perfect investment plan that suits your financial goals? Look no further than the LIC Micro Bachat Plan! With its flexible premium payment options and guaranteed returns, this plan is a game-changer. In this blog post, we’ll explore why you should consider the benefits of LIC’s Micro Bachat Plan and how it can help secure your future finances. Get ready to learn about an investment opportunity that could change your life!

LIC Micro Bachat Plan

LIC Micro Bachat Plan is a non-participating, traditional life insurance plan that offers financial protection in case of the death of the policyholder. The sum assured under this plan is payable to the nominee in case of the death of the policyholder during the policy term. This plan also provides for payment of a lump sum amount on survival to the policyholder at the end of the policy term.

LIC Micro Bachat Plan can be purchased by any individual between the ages of 18 and 55 years. The minimum sum assured under this plan is Rs. 1 lakh and there is no maximum limit for the sum assured. The policy term ranges from 10 to 20 years. This is a single-premium life insurance plan which means that only one premium needs to be paid for the entire policy term.

The key features and benefits of the LIC Micro Bachat Plan are as follows:

• Sum Assured – The minimum sum assured under this plan is Rs. 1 lakh. There is no maximum limit for the sum assured.

• Policy Term – The policy term ranges from 10 to 20 years.

• Premium Payment Term – This is a single premium life insurance plan which means that only one premium needs to be paid for the entire policy term.

• Death Benefit – In case of the death of the policyholder during the policy term, the nominee will receive the sum assured as a death benefit. On survival to the end of the policy term, nothing will be payable by LIC Micro Bachat Plan as death

Eligibility Criteria of LIC Micro Bachat Plan

To be eligible for the LIC Micro Bachat Plan, you must be between the ages of 18 and 55. You also must be a resident of India with valid identity proof. The policy term is 5 years, and the minimum sum assured is Rs.1,00,000.

Benefits of LIC Micro Bachat Policy

If you are looking for a life insurance policy that offers comprehensive coverage and numerous benefits, then you should consider the LIC Micro Bachat Plan. This policy is designed to provide financial protection for your family in the event of your death. Here are some of the key benefits of this policy:

· Death benefit: The death benefit is the main reason why people purchase life insurance. If you die while covered by the LIC Micro Bachat Plan, your beneficiaries will receive a lump sum payment that can be used to cover funeral expenses, outstanding debts, or any other financial obligations.

· Living benefits: In addition to the death benefit, the LIC Micro Bachat Plan also offers living benefits. If you become disabled and are unable to work, this policy will provide you with a monthly income to help cover your living expenses.

· Maturity benefit: If you live to the end of the policy term, you will receive a maturity benefit. This payout can be used for any purpose, such as paying off debt or funding your retirement.

· Tax-advantaged: Life insurance policies offer tax-advantaged treatment, meaning that the death benefit is not subject to income tax. This can provide significant savings for your beneficiaries.

The LIC Micro Bachat Plan is a versatile life insurance policy that provides comprehensive coverage and numerous benefits. If you are looking for a policy that will protect your family financially in the event of your death, then this may be the right option for you

– Death Benefit

When you purchase a life insurance policy, you are essentially betting on your own death. If you die during the policy’s term, the death benefit will be paid out to your beneficiaries. The death benefit is one of the main reasons people purchase life insurance, as it can provide financial security for your loved ones in the event of your death.

While the death benefit is the most well-known reason to purchase life insurance, it is not the only reason. Life insurance can also be used as a financial planning tool. For example, you can use life insurance to help fund your child’s education or to provide for your family in case of your premature death.

No one likes to think about their own death, but it is important to consider what would happen if you were no longer around. If you have people who depend on you financially, life insurance can give them the peace of mind that they will be taken care of if something happens to you.

– Maturity Benefit

LIC Micro Bachat Plan is a participating non-linked life insurance plan that offers financial protection in case of death of the policyholder. The policy also provides for maturity benefits in the form of a lump sum payment at the end of the policy term, provided all due premiums have been paid.

Maturity Benefit is the amount payable to the policyholder on survival to the end of the policy term, as specified in the policy document. The benefit is payable irrespective of whether or not any claims are made during the policy term.

The main features of LIC Micro Bachat Plan are:

1) It is a simple and convenient way to save for the future.

2) It offers death and maturity benefit.

3) Premiums can be paid monthly, quarterly, semi-annually or annually.

4)Policy term options are 5 years, 10 years or 15 years.

5)Minimum sum assured is Rs.1,00,000/-  (10 times annualized premium).

6) Policyholders have the option to avail loan against their policy after 3 years from date of commencement of risk cover.

– Tax Benefits

The LIC Micro Bachat Plan is a unique life insurance policy that offers several tax benefits. Premiums paid towards the policy are eligible for deduction under Section 80C of the Income Tax Act, 1961. The death benefit received by the nominee is also exempt from tax under Section 10(10D) of the Income Tax Act.

The policy also offers a maturity benefit, which can be used to meet various financial goals such as funding your child’s education or marriage expenses. The maturity benefit is also exempt from tax under Section 10(10D).

Apart from the above-mentioned tax benefits, the LIC Micro Bachat Plan also offer other features and benefits such as protection against death, accident and disability. It also provides for a loan facility in case of financial emergency. Thus, the LIC Micro Bachat Plan is a comprehensive life insurance policy that provides several benefits at an affordable price.

– Flexibility & Security

When it comes to life insurance, there are many different options available. However, not all life insurance policies are created equal. Some offer more flexibility and security than others. This is where the LIC Micro Bachat Plan comes in.

The LIC Micro Bachat Plan is a whole life insurance policy that offers multiple benefits to policyholders. One of the biggest advantages of this policy is its flexibility. Policyholders can choose how much coverage they need and for how long they need it. This makes the LIC Micro Bachat Plan a great option for those who want to customize their life insurance coverage.

Another advantage of the LIC Micro Bachat Plan is its security. This policy provides financial protection for policyholders and their families in the event of an unexpected death. Plus, the death benefit from this policy can be used to help cover final expenses, pay off debts, or fund other important goals.

If you’re looking for a life insurance policy that offers both flexibility and security, the LIC Micro Bachat Plan is a great option to consider. Contact your local LIC agent today to learn more about this policy and see if it’s right for you.

LIC’s Accidental Death & Disability Benefit Rider

LIC’s Accidental Death & Disability Benefit Rider is an add-on to the LIC Micro Bachat Plan that provides additional protection in the event of accidental death or disability. The rider pays a benefit of up to Rs. 5 lakhs in the event of an accidental death, and up to Rs. 10 lakhs in the event of an accidental disablement. The rider also provides for a waiver of premium in the event of an accident that results in disability.

FAQs LIC Micro Bachat Policy

LIC’s Micro Bachat Plan is a great way to save for the future and get life insurance coverage at the same time. Here are some frequently asked questions about this policy:

1. What is the Micro Bachat Plan?

The Micro Bachat Plan is a life insurance policy offered by LIC that provides death and maturity benefits. It also offers a saving component, which allows policyholders to build up cash value over time.

2. Who is eligible for the Micro Bachat Plan?

Anyone between the ages of 18 and 50 can apply for the Micro Bachat Plan. You must also be a resident of India with a regular income to qualify.

3. How much does the Micro Bachat Plan cost?

The premium for the Micro Bachat Plan depends on factors such as your age, gender, smoking status, and sum assured. However, it generally starts at around Rs. 500 per year.

4. What are the benefits of the Micro Bachat Plan?

The main benefit of theMicro Bachat Plan is that it offers both life insurance protection and savings opportunities. The death benefit will pay out a lump sum to your beneficiaries in case of your untimely death, while the maturity benefit will provide you with a lump sum payment upon completion of the policy term. The savings component lets you build up cash value over time, which you can then use for financial goals such as retirement planning or children’s education

Conclusion

The LIC Micro Bachat Plan is an exceptional savings and investment plan that can help you to meet your financial needs in the long-term. With its low cost, guaranteed returns and high liquidity, it’s a great option for those looking to save money without sacrificing too much of their hard-earned cash. So if you’re considering investing in a life insurance policy, be sure to check out this plan before making any decisions. You won’t regret it!