CURRENT AFFAIRS

Detailed explanation-1: -Life Insurance Corporation of India - LIC’s Micro Bachat Plan (Plan No. 951, UIN No.

Detailed explanation-2: -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.

Detailed explanation-3: -Microinsurance products offer coverage to low-income households or to individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury, or death.

Detailed explanation-4: -LIC Bima Bachat is a Simple money back plan with the bonus option. LIC Bima Bachat can be taken for 9 years, 12 years, or 15 years. Under LIC Bima Bachat, if the Life Insured is alive at the end of every three years, 15% of the Basic Sum Assured is paid as Survival Benefit, and the policy continues.

Detailed explanation-5: -Microinsurance is a category of insurance policies designed for the betterment of the economically vulnerable population of the country. This category has been created by the Insurance Regulatory and Development Authority of India (IRDAI). Microinsurance is governed as per the IRDAI Microinsurance Regulations, 2005.