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LIC Micro Bachat Plan (Table No. 951) is a traditional, non-linked, participating micro-insurance plan that offers dual benefits of protection as well as savings. As the name suggests ‘micro bachat’ means ‘small savings’, this plan is designed to provide financial support to the family in case of the unfortunate death of the policyholder. If the policyholder survives the policy tenure, a lump sum amount at the time of maturity is payable. The plan also provides a loan facility to take care of liquidity needs. The plan is ideal for the low-income groups.
It is a newly launched product by LIC India, which is available at an affordable price with lots of benefits. Benefits such as Maturity benefits and Surrender benefits are available once the payment of 5 full years of premiums is paid.
Under this policy, the insured can also avail loan during the policy tenure, provided full payment of premiums for at least 3 years. In the case of an active insurance plan, 70% of the loan can be availed on the total premium paid. Whereas in the case of a paid-up policy, loan for a 60% of the amount can be availed.
LIC Micro Bachat Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 55 years
Maximum Maturity Age - 70 years
Minimum term - 10 years Maximum term - 15 years
Same as policy term
Annual, half-yearly, quarterly & monthly
Rs 50,000 to Rs 2 lakhs
Let's understand how the LIC Micro Bachat Plan works with a simple premium illustration.
Mr. Verma is looking for a life plan that offers him dual benefits of protection as well as saving.
His financial advisor advised him to buy the LIC Micro Bachat Plan. He visited PolicyX.com
Let's understand how the LIC Micro Bachat Plan works for him with a premium illustration table.
| Age of policyholder | Policy Term | Premium Term | Basic sum assured | Annual Premiums | Maturity Benefits |
| 35 years | 15 years | 15 years | Rs 1 lakh | Rs 5,116 | Rs 1,11,500 |
Here are some features of LIC Micro Bachat:
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Here is the list of documents required to buy the LIC Micro Bachat Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
You can buy the LIC Micro Bachat official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
A new page will appear on the screen.
Fill out the form at the top of the page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Visit the official website of Life Insurance Corporation of India.
Hover over the 'Wealth Creation'.
Click on the 'LIC Micro Bachat Plan'.
Click on ‘Buy Online’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
You can buy the LIC Micro Bachat Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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