Secure Life in Rs.25/- per week with LIC Micro Insurance Product
After a finance research result that was shows that 60 percent of the Indian population still resides in rural area. LIC decide to work on a special insurance product for rural area, and low income sections of society . And these products are LIC MICRO INSURANCE PRODUCT, sold only by Self Help Group (SHG) and NGOs.Micro Insurance Product
are-- LIC Jeevan Madhur
- LIC Jeevan Mangal
LIC Jeevan Madhur -an Endowment Assurance plan, launched in September 2006. In this product policy holder can easily pay premiums regularly according to its own capecity, such as at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals bases over the term of the policy.
Minimum instalment premium for different modes of premium payment shall be: - Weekly: Rs. 25/-
- Fortnightly: Rs. 50/-
- Monthly: Rs. 100/-
- Quarterly/Half-yearly/Yearly: Rs. 250/-
Benefits
- Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any.
- Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.
- Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.
Minimum age at entry 18 years (completed)
Maximum age at entry 60 years (nearest birthday)
Maximum age at maturity 65 years (nearest birthday )
Term 5 to 15 years.
Minimum Sum Assured Rs. 5,000
Maximum Sum Assured Rs. 30,000
LIC Jeevan Mangal -- Is a term assurance plan in which insurace holder get premiums on maturity. In this micro insurance product , insurace holder can pay premiums either in lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the term of the policy. but when you are planning to take LIC Jeevan Mangal know about....
Eligibility Conditions and Other Restriction
Your age must be Minimum18 years (completed ) for entry and not should be more than 60 years (nearest birthday). Maximum age at maturity is 70 years (nearest birthday).
And
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Instalment Premium :Rs 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)
Benefits:
Death Benefit:
On death during the term of the policy the Sum Assured under the basic plan is payable, provided the policy is kept in force.
- Maturity Benefit: On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable ,provided the policy is kept in force.
- Optional Rider:
- Accidental Benefit Rider: On death arising as a result of accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable .
