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  • LIC Micro Insurance Plans

    LIC Life Insurance

    Micro Insurance Plans offered by LIC are a perfect fit of insurance and investment. The Micro Insurance plans offered by LIC are as follows:

    1. LIC’s New Jeevan Mangal:

      This is a protection plan that of premium at maturity. It has an in-built accident benefit rider which provides double risk cover in case of death due to accident.

      Features and Benefits of LIC’s New Jeevan Mangal

      The features and benefits of this plan are:

      1. The minimum entry age is 18 years and the maximum is 60 years.
      2. The term ranges from 10 – 15 years for regular premium payment.
      3. The minimum instalment premium is Rs.15.
      4. Minimum sum assured is Rs.10,000 and the maximum is Rs.50,000.
      5. On death during the term, the sum assured is payable to the nominee.
      6. Maturity benefit is paid at the end of the policy term.
      7. Accidental benefit rider is offered with this plan.
    2. LIC's Bhagya Lakshmi Plan

      This is a non-participating limited payment LIC protection plan. 110% of total amount of premiums is paid on maturity.

      Features and Benefits of LIC's Bhagya Lakshmi Plan

      The features and benefits of this plan are:

      1. The minimum age at entry is 18 years and the maximum is 55 years.
      2. The minimum premium paying term is 5 years and the maximum is 13 years.
      3. The minimum sum assured is Rs.20,000 and the maximum is Rs.50,000.
      4. On surviving to the date of maturity, sum assured is payable which is 110% of the total amount of premiums paid during the term of the contract.
      5. If the insured dies during the term, then the sum assured is payable to the nominee.
    3. Aam Aadmi Bima Yojana:

      This plan was approved by the Ministry of Finance of India and merged with Aam Aadmi Bima Yojana and Janashree Bima Yojana.

      Features and Benefits of Aam Admi Bima Yojana

      The features and benefits of this plan are as follows:

      1. The minimum entry age is 18 years and the maximum is 59 years.
      2. The minimum premium amount is Rs.200 per month.
      3. Sum assured is paid if the member dies during the policy term.
      4. A free add-on benefit, Scholarship benefit is provided to 2 children studying between 9th and 12th Standard. Rs.100 is paid every month per child, which is paid on a half-yearly basis.
      5. Benefit will be provided for total or partial disability caused due to accident to the members of the plan.
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