Introduction to LIC Micro Insurance Plans
LIC’s micro insurance plans are designed to provide financial protection to people who are unable to afford traditional life insurance. These plans are available in both the rural and urban areas of India. Features and benefits of LIC micro insurance plans include:
– Coverage for natural and accidental death
– Coverage for hospitalization expenses
– No medical examination required
– Premiums starting from as low as Rs. 12 per month
– Policy terms ranging from 1-3 years
Features of LIC Micro Insurance Plans
LIC Micro Insurance Plans are designed to provide financial protection to the economically weaker sections of the society. Some of the features of LIC Micro Insurance Plans are:
1) Coverage: LIC Micro Insurance Plans offer a sum insured of Rs. 1 lakh which provides protection against death, disability and critical illnesses.
2) Eligibility: Anyone between the age of 18 and 55 years can avail this plan.
3) Policy Term: The policy term for LIC Micro Insurance Plans is 5 years.
4) Premium Payment Frequency: The premium can be paid on a yearly, half-yearly or quarterly basis as per the convenience of the policyholder.
5) Grace Period: A grace period of 30 days is allowed for payment of premium under this plan.
6) Loan Facility: LIC offers loan facility under this plan after completion of 3 policy years.
Benefits of LIC Micro Insurance Plans
LIC Micro Insurance Plans offer a host of benefits that make them an attractive proposition for those looking for life insurance coverage. Some of the key benefits of LIC Micro Insurance Plans are as follows:
1. They offer comprehensive life insurance coverage at affordable premiums.
2. They have a simple and hassle-free application process.
3. They provide death benefit in case of natural or accidental death during the policy tenure.
4. In case of suicide during the policy tenure, the nominee gets the entire sum assured under the plan.
5. LIC Micro Insurance Plans also offer additional benefits like maturity benefit, riders for additional protection, etc.
6. They are flexible and can be customized as per individual needs and requirements.
How to Choose the Best LIC Micro Insurance Plan?
When it comes to choosing the best LIC micro insurance plan, there are a few things that you need to keep in mind. Here are some tips that will help you choose the right plan for your needs:
1. Decide on the kind of coverage you need: The first thing you need to do is decide on the kind of coverage you need. There are two main types of LIC micro insurance plans – term life and whole life. While term life plans provide coverage for a specific period of time, whole life plans offer lifelong protection.
2. Consider your budget: Another important factor that you need to consider while choosing an LIC micro insurance plan is your budget. You should select a plan that fits well within your budget and offers adequate coverage.
3. Compare different plans: It is always advisable to compare different LIC micro insurance plans before selecting one. This will help you choose the best possible option for your requirements.
4. Choose an insurer wisely: Last but not the least, make sure you select a reputed and reliable insurer for your micro insurance needs.
Top 6 LIC Micro Insurance Plans in India
When it comes to LIC micro insurance plans in India, there are a few options available that offer great benefits and features. Here are the top 6 LIC micro insurance plans in India:
1. Jeevan Arogya Plan: This is a Lic health insurance plan from LIC that offers coverage for hospitalization expenses, day care procedures, and pre/post-hospitalization expenses. It also provides accidental death and disability cover.
2. Jeevan Nidhi Plan: This is a Lic pension plan from LIC that offers regular income after retirement. It also provides life insurance cover and offers tax benefits under section 80C of the Income Tax Act.
3. Jeevan Shakti Plus Plan: This is a Lic term insurance plan from LIC that offers financial protection to the family in case of the policyholder’s untimely death. It also provides accident benefit cover and pays out an additional sum assured in case of accidental death or dismemberment.
4. Jeevan Saral Plan: This is an endowment life insurance plan from LIC that provides financial security in case of the policyholder’s untimely death. It also offers maturity benefits and can be surrendered for cash value in case of an emergency need for funds.
5. New Jeevan Anand Plan: This is a whole life assurance policy from LIC that covers the policyholder till his/her age of 100 years or till the date of maturity, whichever is later. It also
LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a micro insurance plan that offers a host of benefits to its policyholders. Some of the key features and benefits of this plan include:
1. Coverage for natural and man-made calamities: The plan provides coverage for both natural and man-made calamities, making it an ideal choice for those who live in disaster-prone areas.
2. Affordable premiums: The premiums for this plan are highly affordable, making it accessible to a large number of people.
3. No medical examination required: Unlike other insurance plans, there is no medical examination required for this plan, making it ideal for those who are not medically fit or do not have the time to undergo a medical test.
4. Flexible tenure: The policy term can be customized as per the policyholder’s needs and requirements, making it a flexible and convenient option.
5. Tax benefits: This plan offers tax benefits under Section 80D of the Income Tax Act, 1961, making it a lucrative investment option.
Features and Benefits of LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a micro insurance plan that offers a host of features and benefits to policyholders. Some of the key features and benefits of this plan include:
– Coverage for hospitalization expenses incurred in case of accidental injuries
– Reimbursement of travel expenses incurred for treatment at a hospital outside the policyholder’s city of residence
– Cover for pre- and post-hospitalization costs
– Daily cash benefit in case of hospitalization due to an accident
– Accidental death and dismemberment benefit
This micro insurance plan from LIC provides comprehensive coverage at an affordable price, making it an ideal option for people who are looking for protection against financial risks.
LIC’s Bhagya Lakshmi Plan
LIC’s Bhagya Lakshmi Plan is a micro insurance plan that provides financial protection to women in the event of their untimely death. The plan offers a sum assured of Rs. 1 lakh and an additional accidental death benefit of Rs. 5 lakhs. The policy term is for 10 years and the premium payable is Rs. 12 per annum. The plan also provides for a maturity benefit of Rs. 1 lakh which is payable on surviving to the end of the policy term.
The LIC Bhagya Lakshmi Plan provides financial protection to women against untimely death and accidental death. It offers a sum assured of Rs. 1 lakh and an additional accidental death benefit of Rs. 5 lakhs. The policy term is for 10 years and the premium payable is only Rs. 12 per annum. The plan also provides for a maturity benefit of Rs 1 lakh which is payable on surviving to the end of the policy term. This makes it an ideal micro insurance plan for women who are the sole breadwinners of their families
Features and Benefits of LIC’s Bhagya Lakshmi Plan
LIC’s Bhagya Lakshmi Plan is a micro insurance plan that offers a host of features and benefits to policyholders. Some of the key features and benefits of this plan include:
– Sum assured of Rs. 1 lakh for natural death and Rs. 2 lakh for accidental death
– Coverage for up to 18 years
– Policy term of 5 years
– Premium waiver benefit in case of the policyholder’s death
– Discount on premium rates for women policyholders
– Convenience of mode premium payment options
These are just some of the key features and benefits offered by LIC’s Bhagya Lakshmi Plan. For more information on this micro insurance plan, please contact your nearest LIC branch or agent.
Aam Aadmi Bima Yojana:
The Aam Aadmi Bima Yojana is a micro insurance scheme launched by the Government of India in 2007. The scheme provides life insurance coverage of Rs. 30,000 to every eligible member of a family, including the breadwinner, at an annual premium of Rs. 330. The scheme also provides accidental death and disability cover of Rs. 1 lakh to the breadwinner.
The main objective of the Aam Aadmi Bima Yojana is to provide financial security to the families of rural and urban poor in the event of death or disability of the primary breadwinner. The scheme is open to all citizens of India aged 18-59 years, with an annual income up to Rs. 60,000.
Features and Benefits of Aam Admi Bima Yojana
Aam Admi Bima Yojana is a micro insurance scheme launched by the Indian government in May, 2007. The scheme aims at providing life and disability cover to rural landless labourers aged between 18 and 59 years. Under the scheme, each eligible person is provided with an insurance cover of Rs. 30,000 in case of death due to any reason, Rs. 60,000 in case of natural death and Rs. 75,000 in case of accidental death. In addition, a sum of Rs. 10,000 is paid towards funeral expenses.
The scheme also provides for disability cover in case of loss of limbs or permanent disability due to accident. In such cases, an insurance cover of Rs. 30,000 is provided to the beneficiary. The scheme also has provision for payment of monthly pension to the tune of Rs. 200 per month to the beneficiaries aged between 45 and 59 years, in case of permanent disability due to accident or illness resulting in inability to earn their livelihood.
Thus, Aam Admi Bima Yojana provides much needed financial security to the rural poor in India who are often the most vulnerable section of society and are not covered by any social security net.
Conclusion
LIC Micro Insurance Plans are a great way to get started with life insurance. They have many features and benefits that make them an attractive option for those who want to get coverage but don’t want to spend a lot of money. Some of the key features include low premiums, high coverage limits, and no medical exams. If you’re thinking about getting life insurance, be sure to check out LIC Micro Insurance Plans.
