CURRENT AFFAIRS

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

Detailed explanation-2: -As the name suggests ‘micro bachat’ meaning ‘small savings’, this plan is designed to provide financial support to the family in case of unfortunate death of the policyholder. If the policyholder survives the policy tenure, a lump sum amount at the time of maturity is payable.

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.