LIC Micro Life Protect 284

About LIC Micro Life Protect 284

The LIC Micro Life Protect 284 is a special one-year renewable pure term plan with a fixed annual premium of BHD 12. The death benefit varies according to the age band of the life assured at inception/renewal. It is a pure protection plan. Hence, it only provides life insurance cover and no savings or investment value. It may be renewed year by year, subject to the applicable terms and restrictions.

Key Features of LIC Micro Life Protect 284

The plan offers simple life insurance protection through a fixed premium and renewable annual cover. Below mentioned are the key features:

• One-year renewable pure term insurance plan

• Fixed annual premium of BHD 12

• Graded sum assured based on the policyholder's age band

• Death benefit payable to the nominee or beneficiary during the policy term

• No maturity benefit or survival payout

• No optional riders or additional benefits

• Annual renewal option

• 30-day free look period

• No loan, surrender value, or paid-up value

Eligibility Criteria for LIC Micro Life Protect 284

Eligibility under the Micro Life Protect 284 plan is based on age and policy conditions.

Benefits of LIC Micro Life Protect 284

Micro Life Protect 284 provides the following benefits:

Death Benefit

If the life assured passes away during the policy term, the company pays the applicable sum assured to the nominee or beneficiary. The policy terminates once the death benefit has been paid.

Maturity Benefit

There is no maturity benefit under this plan.

Optional Benefits

No optional benefits or riders are available under Micro Life Protect 284.

Sum Assured and Premium

The plan provides life cover at a fixed premium of BHD 12 per policyholder per year. The sum assured depends on the age band at the time of inception or renewal.

Policy Details of LIC Micro Life Protect 284

Micro Life Protect 284 includes the following servicing features that govern how the policy operates.

Waiting Period

A waiting period applies under the following conditions:

• New policies: A 90-day waiting period applies before the risk commencement date.

• Policy renewals: The waiting period is waived, provided the policy is renewed within the effective renewal date and coverage continues without interruption.

Free Look Period

The policy includes a 30-day free look period from the date of receipt of the policy document. During this period, the policyholder may cancel the policy by stating the reason for cancellation. The premium paid is refunded after the deduction of the proportionate risk premium for the period covered and any expenses incurred by the company.

Nominee / Beneficiary

The life assured may appoint a nominee or beneficiary at the time of purchasing the policy or later through an endorsement. The nomination can be changed during the policy term, provided the request is made in writing, registered by the company, and endorsed on the policy.

Revival/Reinstatement

Revival or reinstatement is not applicable under this plan.

Loan Facility

No loan facility is available.

Assignment

Assignment is not permitted under this plan.

Termination of Policy

The policy terminates on the earliest of the following events:

• At the end of the policy term

• Upon settlement of the death claim

Insurance Levy / Other Taxes

Applicable insurance levy or any other taxes are charged separately in accordance with the prevailing rules of the local authorities.

Exclusions of LIC Micro Life Protect 284

Certain situations may limit the payment benefits under the policy.

Suicide

If the life assured passes away directly or indirectly due to suicide, whether sane or insane, before the expiry of 90 days from the risk commencement date, the death benefit is not payable.

Other Restrictions

If the nominee or beneficiary causes the death of the life assured through a violent act, that nominee or beneficiary forfeits the right to receive the death benefit. The benefit remains payable to the other legal heirs, if applicable.

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