LIC MICRO BACHAT INSURANCE PLAN NO. 851 – HIGHLIGHTS
LIC micro bachat insurance plan no. 851 has launched by LIC couple of days back. This insurance plan is participating, endowment and non-linked. This is the first kind of plan launched by LIC; hence everyone has an eye on its new features.
Here are Some Features of LIC Micro Bachat Insurance Plan No. 851
- This is participating and non-linked plan
- Age limit 18 to 55 years
- This plan offers savings and protection
- This is available only for standard healthy lives
- Tenure of this plan 10 to 15 years
- Discounts for high sum assured on premiums
- 2 optional riders available
- After full premium payment loans are available on this plan
- Income tax benefits available
Eligibility for this Plan
- Minimum age of entry 18 years
- Maximum age of entry 55 years
- Maximum age of maturity 70 years
- Premium payment term is a policy term
- Date of commencement just after the policy date
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Sum Assured on Death in LIC Micro Bachat Insurance Plan No. 851
- 10 times of annual premiums
- 105% of the basic sum assured
- Sum assured on maturity
- Absolute amount assured or basic sum assured are available on death
Benefits Available in LIC Micro Bachat Insurance Plan No. 851 Plan
- Death benefits
Sum assured on death would be paid to the nominee, if death occurs within 5 years from the policy date.
Loyalty additions and sum assured on death would be paid to the nominee, if death occurs after 5 years from the policy date.
- Maturity benefits
Loyalty additions and sum assured on maturity would be paid to the life assured if the assured survived till maturity and all the premiums are paid.
Optional riders available in this plan
The policyholder can choose any below rider:
- LIC’s Disability & Accidental Death benefit rider
- LIC’s Accident Death Benefit Rider
Premiums in LIC Micro Bachat Insurance Plan
Sample premium chart for every Rs 1000 sum assured:
Age/Term 10 12 15
18 85.45 68.25 51.50
25 85.55 68.35 51.60
35 85.90 68.80 52.20
45 87.60 70.75 54.50
55 91.90 75.40 59.80
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Exclusions in this LIC micro bachat insurance plan no. 851
Risk coverage will not be provided if the policyholder commits suicide within 12 months.
How Much Loan One Can Get Under This Insurance Plan?
Loan facility is available against this plan:
- One can get up to 70% of the premiums paid as a loan if the policy is in force.
- One can get up to 60% of the premiums as a loan if the policy is paid up.
- With an interest rate of 10.42% per annum, one can get this loan.
The Surrender Value of the LIC Micro Bachat Plan
After payment of a one-year premium, the policyholder can surrender this insurance plan. So the surrender value would be 30% to 80% of the total premiums paid. Therefore this value depends on the tenure and age of the plan.
Hence LIC micro bachat insurance plan no. 851 is a savings and protection plan. It comes with additional premiums and 2 benefit riders which are useful for life insured. Therefore this plan made up for small income individuals.