Micro Bachat is built around smaller cover amounts, but keeping up the premiums still matters. A low starting cover does not mean you can skip payments without affecting the policy. The auto cover feature gives some protection in specific cases, so it helps to understand when that period begins and ends.
Start with cover you can keep paying for
This version allows people from eighteen to fifty five years to apply for cover from one lakh to two lakh rupees. Premiums run for the chosen policy term, rather than ending several years earlier. Check that the payment fits your regular budget before choosing the highest cover available under the plan.
What auto cover does after a missed payment
After enough full years of premiums have been paid, auto cover can protect the death benefit for a limited period after a missed premium, with deductions under the contract. It does not make unpaid premiums disappear. For a different older limited-payment arrangement, see the Jeevan Azad policy calculator for existing-policy comparisons.
One lakh cover and a possible loyalty addition
If you hold one lakh rupees of cover for fifteen years and pay all due premiums, the base maturity amount is one lakh rupees. An eligible loyalty addition may increase that amount if LIC declares it. Do not add a fixed bonus for every year, because that is not how this benefit is promised.
FAQ
Q: Can I start this Micro Bachat version with fifty thousand rupees?
A: No. This version starts at one lakh rupees. An older policy with a smaller cover belongs to different terms and should be checked separately.
Q: Does one missed premium always give two years of auto cover?
A: No. Two years requires at least five full paid years; three to fewer than five paid years gives six months, subject to the stated conditions.
Q: Will LIC pay a loyalty bonus into my account after five years?
A: Not automatically. A loyalty addition may be payable on an eligible claim under LIC declarations; it is not a scheduled cash payment simply for reaching five years.