Micro Savings Plan of India First Life Insurance! Micro Savings Plan - In One Sentence!
Age limit - 18 to 50 years.
Policy Term: 10 and 15 years.
Minimum Premium: Rs 1500 to 35000. GST free.
Premium Payment Term: Only 5 years.
Premium Leave: 1 year. The risk cover will continue to be available even if not paid.
Maturity: Base Sum Assured and Annual Bonus, and Final Bonus (whatever)!
Death Benefit: 20 times the premium (10 times if additional insurance cover is not taken) plus accrued bonus for that year.
Income Tax Benefit: Sections 80 (c) and 10 (10d) under Income Tax Act 1961.
Commission: RAP will get 13.5% commission.
