Income Assure Plan vs Lic Micro Bachat

Bajaj Life Income Assure Plan by Bajaj Life Insurance is a participating savings plan offering guaranteed regular monthly income and assured life cover. The investment plan allows you to increase base cover with optional riders to protect against death, disability, and disease.

Under this plan, you'll even get a high sum assured rebate on an annual premium for each complete additional Rs. 1,000 sum assured purchased. With Bajaj Life Income Assure, you'll receive a yearly cash bonus at the end of each financial year, if any is declared.

Bajaj Life Income Assure Plan offers you a range of benefits including:

• Choice of 2 life cover variants
• Flexibility to choose premium payment term
• Special premium rates for women

• High sum assured rebate
• Choice of rider options

LIC Micro Bachat Plan (Table No. 951) is a traditional, non-linked, participating micro-insurance plan that offers dual benefits of protection as well as savings. As the name suggests ‘micro bachat’ means ‘small savings’, this plan is designed to provide financial support to the family in case of the unfortunate death of the policyholder. If the policyholder survives the policy tenure, a lump sum amount at the time of maturity is payable. The plan also provides a loan facility to take care of liquidity needs. The plan is ideal for the low-income groups.

It is a newly launched product by LIC India, which is available at an affordable price with lots of benefits. Benefits such as  Maturity benefits and Surrender benefits are available once the payment of 5 full years of premiums is paid.

Under this policy, the insured can also avail loan during the policy tenure, provided full payment of premiums for at least 3 years. In the case of an active insurance plan, 70% of the loan can be availed on the total premium paid. Whereas in the case of a paid-up policy, loan for a 60% of the amount can be availed.

LIC Micro Bachat Plan offers you a range of benefits including:

• Maturity benefits
• Death benefits
• Loyalty additions

• Loan facility
• Surrender benefits