LIC's Micro Bachat Plan

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

Revival of rider, if opted for, will be considered along with revival of the base Policy, and not in isolation.

The Revival Period and Auto Cover Period shall run concurrently i.e. Auto Cover period does not extend period of revival.

Surrender Value

The policy can be surrendered at any time provided premiums have been paid for at least one full policy year.

On surrender of the in force/paid-up policy, the Corporation shall pay the Surrender Value which is higher of Guaranteed Surrender Value or Special Surrender Value.

The Special Surrender Value shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

Taxes

Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of applicable taxes as per the prevailing rates, shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Free look period

If the Policyholder is not satisfied with the "Terms and Conditions" of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period on cover and stamp duty charges.