All Life Insurance Company Policies have meant for the people who can afford premium in thousands. But there are schemes meant for Financially Weaker Section people on very low premium.
If Rs. 15 /- paid weekly, the individual can be covered under Insurance. The Life Insurance Company has introduced Micro Insurance Scheme in the market at low premium on the name JEEVAN MANGAL. This is the best cheap LIC premium policy.
This new insurance scheme works like General Endowment policy. After due date the amount paid against Insurance and premium will be returned to the individual. In meanwhile the Policy holder dies, only the entire insurance amount will be paid .
- 18 years completed and below 60 years persons are eligible to obtain this Policy
- The 10 years policy time is considered only in cases where the entire premium amount paid at once
- Year wise premium payment holders , can go for option of duration of time between 10 to 15 years
- Minimum insurance amount is Rs. 10,000/- and maximum amount is Rs. 50,000/-
As per the advantage of the individuals the premium can be paid . Total amount can also be paid at once. If the entire amount payment is heavy the person can go for year wise payment. If the year wise payment is also heavy, the individual can go for (6) months / (3) months. If the individual felt that the premium amount may not secured by him at once, he can pay weekly or 15 days.For example 35 years person opted for 10 years duration, and obtained Rs. 30,000/-insurance policy, he has to pay annual premium of Rs. 1325/- The total amount arrives to Rs. 13250/- for 10 years. The policy holder lives up to mature date of his policy, the said amount and Insured amount of Rs. 30,000/- will be paid to him. If he dies before mature date only the insurance amount of Rs 30,000/- will be paid to him
If the individual has agreed for 10 years payment at a time only Rs. 3489/- is required. . However, 30,000/- insurance will be covered on him.
If any policy holder dies in accident there was no insurance coverage under this policy. To avoid this problem he has to choose the option of Accidental Benefit Raider, and need to pay additional premium. However this option is not compulsory. In accident the policy holder faces any permanent loss to the parts of his body this Raider option will cover and helps him. The amount which has been agreed for payment under this Accident Benefit scheme will be paid to him on monthly installment. If this claim has been made by the individual there is no need to pay the future premiums. But the insurance will be covered on him up to mature date.