Life Insurance Corporation (LIC) Monday launched a new microinsurance plan 'Micro Bachat'. It is a regular premium, non-linked, participating endowment microinsurance plan, which offers a combination of protection and savings, LIC said in a statement.
For the first time, a microinsurance plan has been launched providing coverage up to Rs 2 lakh, it said. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholders, it said.
This plan is available for standard healthy lives only in the age group of 18-55 years without undergoing any medical examination, it added.
(With inputs from agencies.)