Lic Jeevan Saathi vs Lic Micro Bachat

LIC Jeevan Saathi is basically an endowment assurance policy that is there to ensure the lives of husband and wife. It offers the required financial protection to the insured's life. Under the same, the insured lives will be able to get the maturity amount and the end of the policy term.

It is a unit-linked insurance plan under which a couple can get the required insurance coverage within a single policy. In this policy, the proposer will be called Principal Life Assured (P.L.A.) and the other life (husband/wife) will be called Spouse Life Assured (S.L.A.). Recently, this plan has gained so much popularity just because of its unique features. The plan allows the P.L.A. to choose the sum assured amount, under which both lives will be insured. It may also vary if you opt for a single premium or regular premium contract, as well as your age and the amount of premium agreed to pay.

When it comes to regular premium policies, in case of the demise of the P.L.A. during the policy's tenure, the plan will help his/her spouse for waiver of all future premiums including outstanding premiums as well.

LIC Jeevan Saathi Plan offers you a range of benefits including:

• Maturity benefits
• Bonuses
• Partial withdrawals

• Switching
• Death benefits

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