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LIC’s MICRO BACHAT
( Prospectous Copy )
(UIN: 512N329V02)
(A Non-Linked, Participating, Individual, Life,
Micro-Insurance, Savings Plan)
LIC’s Micro Bachat is a regular premium, Non-linked, Participating,
Individual, Life Assurance plan which offers a combination of protection
and savings. 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 policyholder. This
plan also takes care of liquidity needs through its Loan facility.
1.
Benefits:
a)
Death Benefit: On death of the Life Assured during the policy
term provided all due premiums have been paid:
On death during first five years: “Sum Assured on Death”
shall be payable.
On death after completion of five policy years but before
the date of maturity: “Sum Assured on Death” and Loyalty
Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of :
7 times of annualised premium; or
Basic Sum Assured.
2.
The death benefit shall not be less than 105% of all the
premiums paid as on date of death. Premiums referred above
shall not include any taxes, extra premium and rider premium,
if any.
- b) Maturity Benefit:On the life assured surviving to the end of
the policy term, provided all due premiums have been paid,
“Sum Assured on Maturity” along with Loyalty Addition, if
any, shall be payable.
Where “Sum Assured on Maturity” is equal to Basic Sum
Assured.
Loyalty Addition:
Depending upon the Corporation’s experience, the policies under
this plan shall be eligible for Loyalty Addition, if any, at such rate and
on such terms as may be declared by the Corporation.
In case of Death or Maturity claim in respect of in force policies,
Loyalty Addition shall be payable provided premiums have been
paid for at least five full years and after completion of five policy
years.
In case of Death or Maturity claim in respect of paid-up policies or
in case of Surrender (both in force and paid-up policies) Loyalty
Addition shall be payable provided five policy years are completed
with at least five full years’ premium have been paid and Maturity
Paid-up Sum Assured is ` 50000 or more. In such cases Loyalty
2
3.
Addition shall be considered for completed policy years for which
policy was in force. In case of Surrender, Loyalty Addition shall be
considered in special surrender value only.
Optional Benefit:
The following two optional riders are available under this plan by
payment of additional premium. However, the policyholder can opt
between either of the riders.
b)
LIC’s Accidental Death & Disability Benefit Rider (UIN:
512B209V02) :
The rider can be opted for any time within the policy term
of the Base Plan provided the outstanding policy term of the
Base Plan is at least 5 years.. If this rider is opted for, in case
of accidental death, the Accident Benefit Sum Assured will be
payable as lumpsum along with the death benefit under the
base plan. In case of accidental disability arising due to accident
(within 180 days from the date of accident), an amount equal
to the Accident Benefit Sum Assured will be paid in monthly
instalments spread over 10 years and future premiums for
Accident Benefit Sum Assured as well as premiums for the
portion of Basic Sum Assured which is equal to Accident
Benefit Sum Assured under the policy, shall be waived.
LIC’s Accident Benefit Rider (UIN: 512B203V03) :
4.
The rider can be opted for any time within the policy term
of the Base Plan provided the outstanding policy term of the
Base Plan is at least 5 years. The benefit cover under this rider
shall be available during the policy term. If this rider is opted
for, in case of accidental death, the Accident Benefit Rider
Sum Assured will be payable as lumpsum along with the death
benefit under the base plan.
The premium for LIC’s Accidental Death & Disability Benefit Rider
or LIC’s Accident Benefit Rider shall not exceed 100% of premium
under the base plan. Rider Sum Assured cannot exceed the Basic
Sum Assured.
For more details on the above riders, refer to the rider brochure or
contact LIC’s nearest Micro Insurance Unit.
Eligibility Conditions and Other Restrictions:
(This plan is only available for standard healthy lives without
undergoing any medical examination)
a)
Minimum Basic Sum Assured
: ` 50,000
b)
Maximum Basic Sum Assured per life* : ` 200,000
The Basic Sum Assured shall be available in multiples of ` 5,000/-.
Minimum Age at entry
Maximum Age at entry
Policy Term
Premium Paying Term
Maximum Age at Maturity
: 18 years (completed)
: 55 years (nearer birthday)
: 10 to 15 years
: Same as Policy Term
: 70 years (nearer birthday)
|
AGE/ POLICY TERM |
10 |
12 |
15 |
|
18 |
85.45 |
68.25 |
51.50 |
|
25 |
85.55 |
68.35 |
51.60 |
|
35 |
85.90 |
68.80 |
52.20 |
|
45 |
87.60 |
70.75 |
54.50 |
|
55 |
91.90 |
75.40 |
59.80 |
|
Yearly mode |
2% of Tabular Premium |
|
Half-yearly mode |
1% of Tabular premium |
|
Quarterly Mode |
NIL |
|
In case of Monthly mode additional 3% of tabular premium shall be charged. |
|
|
Basic Sum Assured (BSA) |
Rebate (`) |
|
` 50,000 to ` 1,45,000 |
Nil |
|
` 1,50,000 to ` 1,95,000 |
` 1.50‰ Basic Sum Assured |
|
` 2,00,000 |
` 2.00‰ Basic Sum Assured |
|
|
|
|
* The total Basic Sum Assured under all policies issued under
this plan for an individual life shall not exceed ` 2 lakh.
Date of commencement of risk: Under this plan the risk will
commence immediately from the date of acceptance of the risk.
Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or
monthly intervals over the term of policy.
Grace Period:
Under this plan a grace period of 30 days shall be allowed for
payment of all modes of premiums from the date of First unpaid
premium. During this period, the policy shall be considered in-force
with the risk cover without any interruption as per the terms of the
policy. If the premium is not paid before the expiry of the days of
grace, the Policy lapses.
The above grace period will also apply to rider premiums which are
payable along with premium for base policy.
Sample Illustrative Premium:
The sample illustrative annual premiums for (exclusive of applicable
|
|
|
chosen, for annual mode of premium payment, the premiums may
vary from ` 2,524 p.a. to ` 17,612 p.a.
- Paid-upValue:
If less than one year’s premiums have been paid and any subsequent
premium be not duly paid, all the benefits under the policy shall
cease after the expiry of grace period and nothing shall be payable.
If at least one full year’s premiums have been paid and any
subsequent premiums be not duly paid, the policy shall not be void
but shall continue as a paid-up policy till the end of the policy
term. However, under a paid-up policy wherein at least three full
years’ premiums have been paid, Auto Cover Period as mentioned
below shall be applicable.
Auto Cover Period:
“Auto Cover Period” under a paid-up policy shall be the period as
specified below. This Auto Cover period starts from the date of first
unpaid premium and includes the Grace Period.
The applicable duration of Auto Cover shall be as under:
(i)
If at least three full years’ but less than five full years’ premiums
have been paid under a policy and any subsequent premium
is not duly paid: Auto Cover Period of six months shall be
available.
(ii) If at least five full years’ premiums have been paid under a
policy and any subsequent premium is not duly paid: Auto
Cover Period of two years shall be available.
The benefits payable under a paid-up policy after completion of
Grace Period but during Auto Cover Period shall be as follows:
(a) On death: Death benefit, as payable under an in force policy, shall
be paid after deduction of (a) the unpaid premium(s) in respect of
the base policy with interest thereon up to the date of death, and
(b) the balance premium(s) for the base policy falling due from the
date of death and before the next policy anniversary, if any.
This provision of Death Benefit during Auto Cover shall not be
applicable in case of death due to suicide during the Auto Cover
period.
(b) On maturity: The Sum Assured on Maturity under paid up policy
shall be reduced to such a sum called Maturity Paid-up Sum Assured
which shall be payable on life assured surviving to the end of policy
term. Maturity Paid-up Sum Assured shall be equal to Sum Assured
on Maturity multiplied by the ratio of the total period for which
premiums have already been paid bears to the maximum period
for which premiums were originally payable. In addition to Maturity
Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable.
The benefits payable under a paid-up policy after the expiry of
Auto Cover Period shall be as follows:
(a) On death: The Sum Assured on Death under paid up policy shall be
reduced to such a sum called Death Paid-up Sum Assured, which shall
be payable on death. Death Paid-up Sum Assured shall be equal to
[Sum Assured on Death multiplied by the ratio of the total period for
5
which premiums have already been paid bears to the maximum period
for which premiums were originally payable]. In addition to Death Paid-
up Sum Assured, Loyalty Addition, if any, shall also be payable.
(b) On maturity: The Sum Assured on Maturity under paid up policy
shall be reduced to such a sum called Maturity Paid-up Sum Assured
which shall be payable on life assured surviving to the end of policy
term. Maturity Paid-up Sum Assured shall be equal to Sum Assured
on Maturity multiplied by the ratio of the total period for which
premiums have already been paid bears to the maximum period
for which premiums were originally payable. In addition to Maturity
Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable.
In any case the Death Paid-up Sum Assured or Maturity Paid-up Sum
Assured as mentioned above shall not be less than the total premiums
paid under this policy.
Rider benefit shall not acquire paid-up value and rider benefit shall not
continue during the Auto Cover Period beyond the grace period and
cease to apply if the policy is in lapsed condition.
- Revival:
If the premiums are not paid by the end of the grace period then
the policy will lapse. A lapsed policy can be revived within a period
of 5 consecutive years from the date of first unpaid premium and
before the date of Maturity, as the case may be. The revival shall
be effected on payment of all the arrears of premium(s) together
with interest (compounding half-yearly) at such rate as fixed by the
Corporation from time to time and on satisfaction of Continued
Insurability of the Life Assured on the basis of information,
documents and reports that are already available and any additional
information in this regard if and as may be required in accordance
with the Underwriting Policy of the Corporation at the time of
revival, being furnished by the Policyholder/Life Assured.
The Corporation reserves the right to accept at original terms,
accept at revised terms or decline the revival of a discontinued
policy. The revival of discontinued policy shall take effect only
after the same is approved by the Corporation and is specifically
communicated in writing to the Policyholder.
Revival of rider, if any, will be considered along with revival of the
base Policy, and not in isolation.
The Revival Period and Auto Cover Period (as mentioned in para
10 above) shall run concurrently i.e. Auto Cover period does not
extend period of revival.
- Surrender:
The policy can be surrendered at any time provided premiums have
been paid for atleast one full policy year. On surrender of the in
force/paid-up policy, the Corporation shall pay the Surrender Value
which is higher of Guaranteed Surrender Value or Special Surrender
Value.
The Special Surrender Value is reviewable and shall be determined
6
|
Guaranteed Surrender Value factors applicable to total premiums paid |
||||||
|
Policy year |
Policy Term |
|||||
|
10 |
11 |
12 |
13 |
14 |
15 |
|
|
1 |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
|
2 |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
|
3 |
35.00% |
35.00% |
35.00% |
35.00% |
35.00% |
35.00% |
|
4 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
5 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
6 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
7 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
8 |
65.00% |
60.00% |
57.50% |
56.00% |
55.00% |
54.29% |
|
9 |
90.00% |
70.00% |
65.00% |
62.00% |
60.00% |
58.57% |
|
10 |
90.00% |
90.00% |
72.50% |
68.00% |
65.00% |
62.86% |
|
11 |
|
90.00% |
90.00% |
74.00% |
70.00% |
67.14% |
|
12 |
|
|
90.00% |
90.00% |
75.00% |
71.43% |
|
13 |
|
|
|
90.00% |
90.00% |
75.71% |
|
14 |
|
|
|
|
90.00% |
90.00% |
|
15 |
|
|
|
|
|
90.00% |
by the Corporation from time to time subject to prior approval of
IRDAI.
The Guaranteed Surrender Value payable during the policy
term shall be equal to the total premiums paid multiplied by the
Guaranteed Surrender Value factor applicable to total premiums
paid under the policy. These Guaranteed Surrender Value factors
expressed as percentages will depend on the policy term and policy
|
|
if charged under the policy due to underwriting decision and rider
premium, if any.
- PolicyLoan:
Loan can be availed during the policy term provided at least 3
full years’ premiums have been paid and subject to the terms and
conditions as the Corporation may specify from time to time.
The maximum loan as a percentage of surrender value shall be as
under:
For inforce policies – upto 70%
For paid-up policies – upto 60%
The interest rate to be charged for policy loan and as applicable for
entire term of the loan shall be determined at periodic intervals.
The applicable interest rate shall be as declared by the Corporation
based on the method approved by the IRDAI.
Any loan outstanding along with interest shall be recovered from the
claim proceeds at the time of exit.
- Taxes:
Statutory Taxes, if any, imposed on such insurance plans by the Govt.
of India or any other constitutional Tax Authority of India shall be as
per the Tax laws and the rate of tax as applicable from time to time.
The amount of applicable taxes as per the prevailing rates, shall
be payable by the policyholder on premiums ( for base policy and
riders(s), if any) including extra premium, which shall be collected
separately over and above in addition to the premiums payable by
the policyholder. The amount of tax paid shall not be considered for
the calculation of benefits payable under the plan.
Regarding Income tax benefits/implications on premium(s) paid
and benefits payable under this plan, please consult your tax
advisor for details.
- Freelook Period:
If the Policyholder is not satisfied with the “Terms and Conditions”
of the policy, the policy may be returned to the Corporation within
15 days from the date of receipt of the policy bond stating the
reasons of objections. On receipt of the same the Corporation
shall cancel the policy and return the amount of premium deposited
after deducting the proportionate risk premium (for base plan and
rider, if any) for the period on cover, expenses incurred on medical
examination, special reports, if any and stamp duty charges.
- Exclusion:
Suicide: – This policy shall be void
If the Life Assured (whether sane or insane) commits suicide at
any time within 12 months from the date of commencement of
risk and the Corporation will not entertain any claim under the
policy except for 80% of the total premiums paid, provided
the policy is inforce.
If the Life Assured (whether sane or insane) commits suicide
within 12 months from date of revival, an amount which is
higher of 80% of the premiums paid till the date of death or
the surrender value available as on the date of death, shall be
payable. The Corporation will not entertain any other claim
under this policy.
Note: Premiums referred above shall not include any taxes, extra
amount and any rider premium, if any.
The relaxations under Auto Cover shall not be applicable in case of
death due to Suicide.
|
UIN |
512N329V02 |
|
Age of Life Assured (nearer birthday) |
35 |
|
Policy term (years) |
15 |
|
Premium Payment Term (years) |
15 |
|
Mode of premium payment |
Yearly |
|
Basic Sum Assured (`) |
100000 |
|
Amount of Annualised premium * |
5116.00 |
|
Policy Year ( |
Total Premium Paid `) |
Guaranteed Benefits |
Non Guaranteed Benefit |
Total Death Benefit |
Total Maturity Benefit |
||||
|
Sum Assured on Death |
Sum Assured on Maturity |
Loyalty Additions |
|||||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
||||
|
5 |
25,580 |
1,00,000 – |
– |
– |
|
1,00,000 |
1,00,000 – |
– |
|
|
10 |
51,160 |
1,00,000 – |
– |
|
6,500 |
1,00,000 |
1,06,500 – |
– |
|
|
15 |
76,740 |
1,00,000 |
1,00,000 – |
|
11,500 |
1,00,000 |
1,11,500 |
1,00,000 |
1,11,500 |
|
|
|
|
chargeable under the policy due to underwriting decision and Rider(s)
Premiums, if any.
**
Notes:
This illustration is applicable to a standard (from medical, life style
and occupation point of view) life wherein any riders are not opted.
Some benefits are guaranteed and some benefits which are Non
Guaranteed benefits with returns based on the future performance
show two different rates of assumed future investment returns.
iii) The non-guaranteed (variable) benefits in the above illustration has
been assuming that the death occurs at the end of policy term and
has been calculated so that they are consistent with the Projected
Investment Rate of Return assumption of 4% p.a. (Scenario 1) and
8% p.a. (Scenario 2) respectively. In other words, in preparing this
benefit illustration, it is assumed that the Projected Investment Rate
of Return that LICI will be able to earn throughout the term of
the policy will be 4% p.a. or 8% p.a., as the case may be. The
Projected Investment Rate of Return is not guaranteed and they
are not the upper or lower limits of what you might get back, as the
value of your policy is dependent on a number of factors including
actual future investment performance.
- iv)Themain objective of the illustration is that the client is able to
appreciate the features of the product and the flow of benefits in
different circumstances with some level of quantification.
- SECTION45 OF THE INSURANCE ACT, 1938:
The provision of Section 45 of the Insurance Act, 1938 shall be
applicable as amended from time to time. The simplified version of
this provision is as under:
Provisions regarding policy not being called into question in terms of
Section 45 of the Insurance Act, 1938 are as follows:
No Policy of Life Insurance shall be called in question on any ground
whatsoever after expiry of 3 years from
- thedate of issuance of policy or
- thedate of commencement of risk or
- thedate of revival of policy or
- thedate of rider to the policy
whichever is later.
On the ground of fraud, a policy of Life Insurance may be called in
question within 3 years from
- thedate of issuance of policy or
- thedate of commencement of risk or
- thedate of revival of policy or
- thedate of rider to the policy
whichever is later.
For this, the insurer should communicate in writing to the insured
or legal representative or nominee or assignees of insured, as
applicable, mentioning the ground and materials on which such
decision is based.
Fraud means any of the following acts committed by insured or by
his agent, with the intent to deceive the insurer or to induce the
insurer to issue a life insurance policy:
The suggestion, as a fact of that which is not true and which the
insured does not believe to be true;
- Theactive concealment of a fact by the insured having
knowledge or belief of the fact;
Any other act fitted to deceive; and
Any such act or omission as the law specifically declares to be
fraudulent
Mere silence is not fraud unless, depending on circumstances of the
case, it is the duty of the insured or his agent keeping silence to
speak or silence is in itself equivalent to speak.
No Insurer shall repudiate a life insurance Policy on the ground of
Fraud, if the Insured / beneficiary can prove that the misstatement
was true to the best of his knowledge and there was no deliberate
intention to suppress the fact or that such mis-statement of or
suppression of material fact are within the knowledge of the insurer.
Onus of disproving is upon the policyholder, if alive, or beneficiaries.
Life insurance Policy can be called in question within 3 years on
the ground that any statement of or suppression of a fact material
to expectancy of life of the insured was incorrectly made in the
proposal or other document basis which policy was issued or revived
or rider issued. For this, the insurer should communicate in writing
to the insured or legal representative or nominee or assignees of
insured, as applicable, mentioning the ground and materials on which
decision to repudiate the policy of life insurance is based.
In case repudiation is on ground of mis-statement and not on fraud,
the premium collected on policy till the date of repudiation shall be
paid to the insured or legal representative or nominee or assignees
of insured, within a period of 90 days from the date of repudiation.
Fact shall not be considered material unless it has a direct bearing
on the risk undertaken by the insurer. The onus is on insurer to
show that if the insurer had been aware of the said fact, no life
insurance policy would have been issued to the insured.
The insurer can call for proof of age at any time if he is entitled
to do so and no policy shall be deemed to be called in question
merely because the terms of the policy are adjusted on subsequent
proof of age of life insured. So, this Section will not be applicable
for questioning age or adjustment based on proof of age submitted
subsequently.
[Disclaimer: This is not a comprehensive list of Section 45 of the
Insurance Act, 1938 and only a simplified version prepared for
general information. Policy Holders are advised to refer to Section
45 of the Insurance Act,1938, for complete and accurate details.]
- PROHIBITIONOF REBATES (SECTION 41 OF THE INSURANCE
ACT, 1938):
No person shall allow or offer to allow, either directly or indirectly,
as an inducement to any person to take out or renew or continue an
insurance in respect of any kind of risk relating to lives or property
in India, any rebate of the whole or part of the commission payable
or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any
rebate, except such rebate as may be allowed in accordance with
the published prospectuses or tables of the insurer.
Any person making default in complying with the provisions of
this section shall be liable for a penalty which may extend to ten
lakh rupees.
This product brochure gives only salient features of the plan. For
further details please refer to the Policy document on our website
www.licindia.in or contact our nearest Micro Insurance Office.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /
FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies,
announcing bonus or investment of premiums. Public receiving such
phone calls are requested to lodge a police complaint.
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg, Mumbai-400021
Website: www.licindia.in
Registration Number: 512