LIC launches 'Micro Bachat' plan...22, February 2019: Banking Affairs

LIC launches 'Micro Bachat' plan
*Indian state-owned insurance group and investment company Life Insurance Corporation (LIC) has launched a new microinsurance plan 'Micro Bachat'.
*It is a regular premium, non-linked participating endowment microinsurance plan, offers a combination of protection and Saving. For the first time, a microinsurance plan has been launched providing coverage up to Rs 2lakh.

*This plan is available for standard healthy lives only in the age group of 18-55 years without undergoing any medical examination.


This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholders.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India.

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