LIC Micro Bachat Plan
LIC Micro Bachat Plan is a simple savings and protection plan where you pay small regular premiums. It gives financial support to your family if something happens to you and a lump sum amount if you survive till the end of the policy.
What is the LIC Micro Bachat Plan?
LIC Micro Bachat Plan (Plan No. 951) is a non-linked, participating life insurance plan that offers both savings and protection in one policy. It is suitable for people who want to save small amounts regularly while securing their family financially.
In this plan, your family gets financial support in case of your death during the policy term, and you receive a lump sum amount at maturity if you survive till the end. It also offers benefits like loyalty addition and a loan facility.
Key Highlights of LIC Micro Bachat Plan
| Feature | Details |
|---|---|
| Plan Type | Non-linked, Participating, Endowment Plan |
| Plan Number | 951 |
| UIN | 512N329V02 |
| Nature | Savings + Protection |
| Premium Payment | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) |
| Policy Term | 10 to 15 years |
| Premium Paying Term | Same as policy term |
| Minimum Sum Assured | Rs. 50,000 |
| Maximum Sum Assured | Rs. 2,00,000 |
| Entry Age | 18 to 55 years |
| Maturity Age | Up to 70 years |
| Death Benefit | Higher of 7 times annual premium or Basic Sum Assured |
| Maturity Benefit | Basic Sum Assured + Loyalty Addition (if any) |
| Loyalty Addition | Available after 5 years (if applicable) |
| Loan Facility | Available after 3 years |
| Medical Requirement | No medical test required (for eligible lives) |
Eligibility Criteria for LIC Micro Bachat Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 55 years (nearer birthday) |
| Policy Term | 10 to 15 years |
| Premium Paying Term | Same as policy term |
| Minimum Sum Assured | Rs. 50,000 |
| Maximum Sum Assured | Rs. 2,00,000 (per life) |
| Maturity Age | Maximum 70 years (nearer birthday) |
| Medical Requirement | Only for standard healthy lives (no medical test required) |
How Does LIC Micro Bachat Plan Works?
Join the Plan Pay Regular Premium Get Protection + Savings Benefits.
Start the Policy
You can buy this plan if you are between 18 and 55 years old.Choose Policy Duration
You select a policy term between 10 and 15 years based on your needs.Decide Sum Assured
You can choose: Minimum Sum Assured Rs. 50,000 Maximum Sum Assured Rs. 2,00,000Pay Premium
You pay premiums regularly for the entire policy term.No Medical Needed
You can buy this plan without any medical test if you are a standard healthy individual.Maturity Condition
You can stay covered up to the age of 70.Get Benefits
On survival You receive Sum Assured + Loyalty Addition.On death Your family gets financial support
Benefits of LIC Micro Bachat Plan
Here are the benefits of the LIC Micro Bachat Plan in simple and easy words:
Financial Protection
If something happens to you during the policy term, your family gets a fixed amount for support.
Maturity Benefit
If you survive till the end of the policy, you receive a lump sum amount along with a bonus (if declared).
Extra Bonus (Loyalty Addition)
You may get an additional amount after 5 years, depending on LIC's performance.
Accident Cover Option
You can add extra protection for accidental death or disability by paying a little extra premium.
Loan Facility
You can take a loan against the policy after a few years if you need money.
Tax Benefits
You can get tax benefits on premiums and payouts as per current tax rules.
Who Should Buy the LIC Micro Bachat Plan?
Anyone of the following can buy the LIC Micro Bachat Plan as part of their investment:
Micro Bachat Plan vs Other Plans
| Feature | LIC Micro Bachat Plan | Other LIC Plans |
|---|---|---|
| Plan Type | Traditional, non-linked plan | Can be ULIP, endowment, pension, or whole-life plans |
| Target Audience | Low-income individuals | All income groups |
| Premium | Low and affordable | Medium to high premium options |
| Risk | No market risk | ULIPs have market risk, and others may vary |
| Returns | Stable with loyalty addition | Market-linked or bonus-based returns |
| Sum Assured | Rs 50,000 to Rs 2 lakh | Can go up to very high amounts |
| Medical Test | Not required (for eligible lives) | Often required in many plans |
| Complexity | Simple and easy | Can be complex (especially ULIPs) |
| Flexibility | Limited options | More flexibility (fund switch, withdrawals, etc.) |
| Purpose | Basic savings + protection | Wealth creation, income, retirement, etc. |
How to Buy LIC Micro Bachat Plan?
Here are the steps to buy the LIC Micro Bachat plan :
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
Regular Premium Plan
You need to pay premiums throughout the policy term. If you miss payments, the policy can lapse or become paid-up.
Limited Sum Assured
The plan offers coverage from Rs 50,000 to Rs 2 lakh, so it is designed for small savings and basic protection only.
Fixed Policy Term
You can choose a policy term between 10 and 15 years, and the premium paying term will be the same.
No Medical Requirement
You can buy this plan without undergoing medical tests, but only if you are a standard healthy individual.
Loyalty Addition Rule
You become eligible for extra benefits (if declared) only after completing at least 5 policy years with regular premium payments.
Loan Facility
You can take a loan against the policy after paying premiums for at least 3 full years, which helps during financial needs.
Grace Period
You get 30 days of extra time to pay your premium after the due date without losing coverage.
Free Look Period
If you are not satisfied with the policy, you can cancel it within 15 days of receiving the policy document.
Revival Option
If your policy lapses due to non-payment, you can revive it within 5 years by paying pending premiums with interest.
Surrender Option
You can exit the policy after paying at least 1 year's premium and receive a surrender value as per the rules.
Documents Required for LIC Micro Bachat Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About LIC Micro Bachat Plan
Here are the key things that you should know about the LIC Micro Bachat plan:
FAQs
It is a simple life insurance plan that gives both savings and protection with small premium payments.
Anyone aged between 18 and 55 years can buy this plan if they meet the basic conditions.
You can choose coverage between Rs 50,000 and Rs 2 lakh.
No, this plan is available without medical tests for eligible healthy individuals.
You will receive the sum assured along with loyalty addition (if any).
You get a grace period of 30 days. After that, the policy may lapse or become paid-up.