The LIC Micro Bachat Insurance Plan is a great plan for protection and savings. This plan is very beneficial for low-income people. This plan provides cover to the family in case of sudden death.

People between the ages of 18 and 55 can apply for this insurance. No medical test is required for this. In this case, if a person pays premium for 3 years, then he is given the benefit of not paying premium for six months. If a person pays premium for 5 years, he gets 3 years of auto cover.

In this insurance plan (LIC Micro Insurance Plan), a person gets insurance from 50 thousand to 2 lakh rupees. If a person pays premium for a period of 3 years, then he is given loan facility under this scheme.

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A person can take a plan for a period of 10 to 15 years under LIC Micro Insurance. In this plan, premium can be paid on monthly, quarterly, half-yearly and annual basis. There is a facility to add accidental rider in this plan. For this, a separate premium has to be paid.

How is the 28 Rupees Plan? (LIC Micro Insurance Plan)

Under this plan, if a person is 18 years old, then he has to pay a premium of Rs 51.50 per thousand for a 15-year plan. On the other hand, if a 25-year-old person takes this plan for 15 years, then he has to pay a premium of Rs 51.60. A 35-year-old person has to pay a premium of Rs 52.20 per thousand.

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If a 35-year-old person takes a 15-year policy with an insurance of Rs 1 lakh, his annual premium will be Rs 5116. If someone does not understand or does not like this insurance plan within 15 days of taking the policy, then it can be surrendered.