The lIC has come up with an insurance scheme for the economically weaker sections of the society under its micro insurance segment titled as ‘Bhagya laxmi’ in which a person can opt for this policy just with an investment of Rs2 per day for 13 years.
Any person aged between 18 years and 55 years can apply for this policy. Since this insurance policy is meant especially for the economically weaker sections of the society, the application process of this policy has also been simplified. So any person can apply for this policy just with a simple proposal form and a document proving his or her identity, maintained the officials concerned. But this micro insurance policy is available only in the Rs20,000 sum assured and Rs50,000 sum assured categories, said Shivendra Kumar, Senior Divisional Manager, lIC’s Haldwani unit, while launching the micro insurance policy here on Monday.
The interesting fact about this policy is that while the term of the policy is seven to 15 years, the policy-holder will have to pay two years less than the allotted period. In case a policy-holder invests under this policy for seven years he or she would pay premium only for five years and the said insurance policy will remain in force with all benefits for the rest two years.
The mode of payment of premium under this insurance policy is yearly, half yearly, quarterly and monthly, added Kumar. More so, unlike other insurance schemes, the lIC has given two months grace period for payment of premium in this micro insurance policy, further said the official concerned. Among others, senior officials of the lIC Haldwani division PS Rana, J S Bonal and Harish Shankar Joshi were present on the occasion.