Current Affairs - Business - Discussion

A new microinsurance plan 'Micro Bachat' was launched by the Life Insurance Corporation (LIC) of India. It provides coverage of up to 2 lakhs and is the first micro-insurance plan to do so. It provides both protection and savings and is a regular premium, non-linked, participating endowment microinsurance plan. In case a policyholder dies, this plan would provide financial assistance to the family. For surviving policyholders, a lump sum amount at the time of maturity shall be provided It can be availed only by standard healthy citizens in the age group of 18-55 years without undergoing any medical examination.