1.

TATA AIG LIFE INSURANCE :

 The best policy among micro insurance policies of TATA AIG is” Ayushman Yojana”

Key Features:
 Convenience of single premium payment
 Policy Term of 10 years
 Death Benefit paid to the nominee in case of unfortunate death of life insured
 Option to choose Life Cover from a minimum of Rs.5,000 to a maximum of Rs.50,000
 On maturity, get 125% of the single premium paid

 Promoting Activities:

 Created special films aimed at increasing awareness of the importance of insurance in the
rural community.
 This awareness program is reinforced with the help of existing Moffices

(Mobile vans).

 Paintings and posters depicting and spreading the desired message across the villages.

 USP:

 The policyholder, upon maturity of the policy receives 125% of the single
premium paid.

2. SBI LIFE INSURANCE:

 The best policy among micro insurance policies of SBI LIFE INSURANCE is
“Grameen Shakti” which is a Group Micro insurance product.

 Key features
 Duration of plan: 5 years or 10 years as per the Group Master policyholders choice.
 Age at entry:
 Minimum 18 years.
 Maximum 50 years.
 Sum assured: Rs.5,000/- to Rs.50,000/- (in multiples of 5,000) as per choice of Master
Policyholder
 Premium frequency: Yearly
 Maturity benefits:
Depending on term chosen by the Master Policyholder, on survival of the policy term a
percentage of total premiums paid would be refunded.
 5 years - 50% of premium paid net of service tax.
 10 years - 100% of premium paid net of service tax.
 Death Benefits:
 First 45 days after the cover start date or after the revival date - No death claim
will be accepted (inclusive of accidental death).
 Form 46th day from cover start date / revival date - Sum assured is payable

 Surrender value: The surrender value will be payable if at least 3 years premiums have
been paid and is payable as follows:
 For a 5 year term - 35% of (total premiums paid net of service tax less the first
year premium)
 For a 10 year term - 65% of (total premiums paid net of service tax less the first
year premium)

 Grace Period:
 30 days from the premium payment due date which is common for all Group
Members under the same Master policy.
 USP:

 Group Micro insurance product with Refund of premiums at maturity

3. LIFE INSURANCE CORPORATION OF INDIA :

 The best policy among micro insurance policies of LIC is ”New Janaraksha Plan”

 Key features:

 Age at entry:
  Minimum age: 18 years
 Maximum age:50 years
 Sum assured:
 Minimum SA: Rs.30,000 /-
 Maximum SA: Rs.10,00,000 /-

 Maximum maturity age is 70 years

 Death Benefit

The Sum assured plus all bonuses to date is payable in a lump sum upon the death of the
life assured during the policy term.

 Accident benefit per 100 sum assured included in the term of payment of premium.

 Minimum term 12 years

 Maximum term 30 years

 Accident Benefit

The Sum assured (subject to a limit of Rs.5 lakhs) is payable in a lump sum on accidental
death of the life assured during the policy term. In case of permanent disability of the life
assured due to accident during the policy term, this benefit is payable in installments.

 Maturity Benefit
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum
on survival to the end of the policy term.
 Tax Benefit
The Premiums are exempt u/s 80C. Maturity/Death Claim is exempt u/s 10(10D)
 USP:
Auto cover: This provides full life insurance for 3 years even when the premiums are not
paid.