Work Hours
Monday to Saturday: 8AM - 8PM
Weekend: 10AM - 6PM
Best LIC Agent in Kolkata, Somenath Naskar.
Schedule your FREE consultation today and let me help you find the best Insurance plan for you!
Call me on the below given number.
Are you looking for an affordable savings plan that offers both protection and growth? Look no further than the LIC Micro Bachat Plan. As the best LIC agent in Kolkata, I’m excited to share everything you need to know about this fantastic option for small investors.
Table of Contents
Key Takeaways
- LIC Micro Bachat Plan offers both protection and savings.
- Affordable premiums starting from ₹2,524 per year.
- Flexible policy terms of 10 to 15 years.
- Death and maturity benefits with potential loyalty additions.
- Optional riders for enhanced protection.
- Loan facility available after 3 years of premium payments.
What is the LIC Micro Bachat Plan?
The LIC Micro Bachat Plan (UIN: 512N329V02) is a non-linked, participating, individual life micro-insurance savings plan. It’s designed to provide financial support to your family in case of your untimely demise during the policy term, while also offering a lump sum amount at maturity if you survive the policy term.
Key Features of LIC Micro Bachat Plan
- Affordable Premiums: Starting from as low as ₹2,524 per year, this plan is accessible to a wide range of income groups.
- Flexible Policy Terms: Choose a policy term between 10 to 15 years to suit your financial goals.
- Death Benefit: Provides financial security to your family in case of your unfortunate demise.
- Maturity Benefit: Receive a lump sum amount at the end of the policy term.
- Loyalty Additions: Potential for additional returns through loyalty additions.
- Loan Facility: Option to take a loan against the policy after paying premiums for 3 years.
Who Should Consider the LIC Micro Bachat Plan?
This plan is ideal for:
- Young professionals starting their savings journey
- Small business owners looking for affordable insurance
- Parents wanting to secure their children’s future
- Anyone seeking a balance of protection and savings
Detailed Benefits of LIC Micro Bachat Plan
Death Benefit
If the policyholder passes away during the policy term:
- Within the first 5 years: “Sum Assured on Death” is payable
- After 5 years: “Sum Assured on Death” plus Loyalty Addition (if any)
The “Sum Assured on Death” is the higher of:
- 7 times the annualized premium
- Basic Sum Assured
Note: The death benefit will not be less than 105% of all premiums paid as of the date of death.
Maturity Benefit
If you survive the policy term:
- You receive the “Sum Assured on Maturity” (equal to Basic Sum Assured)
- Plus any Loyalty Additions declared
Loyalty Additions
LIC may declare Loyalty Additions based on the company’s experience. These are typically payable:
- On death claims (after 5 policy years)
- On maturity
- On surrender (under specific conditions)
Optional Riders
To enhance your protection, you can opt for either of these riders:
- LIC’s Accidental Death & Disability Benefit Rider (UIN: 512B209V02)
- LIC’s Accident Benefit Rider (UIN: 512B203V03)
These riders provide additional coverage in case of accidents, adding an extra layer of security to your policy.
Eligibility and Policy Terms
| Criteria | Details |
|---|---|
| Minimum Basic Sum Assured | ₹50,000 |
| Maximum Basic Sum Assured | ₹200,000 |
| Entry Age | 18 to 55 years |
| Policy Term | 10 to 15 years |
| Premium Payment Term | Same as Policy Term |
| Maximum Age at Maturity | 70 years |
Premium Payment Options
You can pay your premiums:
- Yearly
- Half-yearly
- Quarterly
- Monthly
Pro tip: Opt for yearly payments to avail a 2% rebate on the tabular premium!
Surrender and Loan Options
Surrender Value
You can surrender your policy after paying premiums for at least one full year. The surrender value will be the higher of:
- Guaranteed Surrender Value
- Special Surrender Value
Policy Loan
After paying premiums for 3 full years, you can avail a loan against your policy. The maximum loan amount is:
- Up to 70% of surrender value for in-force policies
- Up to 60% of surrender value for paid-up policies
Why Choose LIC Micro Bachat Plan?
- Affordable Protection: Get life cover at budget-friendly premiums.
- Savings Discipline: Regular premium payments help build a savings habit.
- Guaranteed Returns: Know exactly what you’ll receive at maturity.
- Tax Benefits: Premiums paid may be eligible for tax deductions under Section 80C.
- Trusted Brand: LIC is India’s largest and most trusted life insurance provider.
How to Get Started with LIC Micro Bachat Plan
As the best LIC agent in Kolkata, I’m here to help you every step of the way. Here’s how to get started:
- Assess Your Needs: Determine the coverage amount and policy term that suits your goals.
- Contact Me: Reach out to me at 7980031260 for personalized guidance.
- Documentation: I’ll assist you with the necessary paperwork.
- Premium Payment: Choose your preferred payment mode and start your policy.
Remember, the LIC Micro Bachat Plan is more than just an insurance policy – it’s a step towards financial security and peace of mind. As your trusted LIC agent in Kolkata, I’m here to help you make the best choice for your future. Call me at 7980031260 to get started on your journey to financial well-being!
Frequently Asked Questions
Can I increase my sum assured during the policy term?
No, the sum assured remains fixed throughout the policy term.
What happens if I miss a premium payment?
There’s a 30-day grace period. If you don’t pay within this time, the policy may lapse.
Is medical examination required for this plan?
No, this plan is available without medical examination for standard healthy lives.
Can I revive a lapsed policy?
Yes, you can revive a lapsed policy within 5 years from the first unpaid premium date.
Are there any tax benefits with this plan?
Yes, premiums paid may be eligible for tax deductions under Section 80C. However, please consult a tax advisor for specific details.
Explore Various LIC Plans and Policies
