Overview
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 is payable at the time of maturity. The plan also provides a loan facility to take care of liquidity needs. The plan is ideal for low-income groups.
It is a newly launched product by LIC India, available at an affordable price with many benefits. Benefits such as Maturity Benefits and Surrender Benefits are available once five full years of premiums have been paid.
Under this policy, the insured can also avail a loan during the policy tenure, provided full payment of premiums for at least three 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, a loan for 60% of the amount can be availed.
LIC Micro Bachat Plan offers you a range of benefits including:
- Maturity benefits
- Death benefits
- Loyalty additions
- Loan facility
- Surrender benefits
How to Buy LIC Micro Bachat Plan Online via PolicyX.com
- 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.
Benefits of LIC Micro Bachat Plan
There are various benefits to buying the LIC Micro Bachat Plan. Let's understand each of them in detail:
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Death Benefit
On death during the first five policy years, a benefit is payable in case of death of an insured person before the maturity time. Before the date of commencement of risk: Refund of premium(s) paid without interest will be payable.
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Maturity Benefits
In the case where the insured survives till the end of the policy period, provided all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition, will be payable.
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Loyalty Additions
The plan is eligible for Loyalty Addition, if any, at the rates and terms declared by the LIC. In case of death of the insured or during the maturity claim in respect to in-force policies, Loyalty Addition will be payable but only after completing 5 years of the policy.
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Loan Facility
The policyholder can avail a loan during the policy term after completing 3 years of the plan so as to meet the liquidity requirements of the policyholder. Also, the loan will be only applicable subject to the terms and conditions as the Corporation may specify from time to time.
Auto Cover Period
Auto cover period under a paid-up policy is available. The auto cover period will start from the first unpaid premium, including Grace Period.
Revival Benefit
A lapsed policy of the insured can be revived within 2 consecutive years from the date of the first unpaid premium and is allowed under applicable product regulations before the date of Maturity.
Grace Period
With this plan, the insured will get a grace period of 30 days. In case the insured is unable to pay the premium on time, the payment can be done within the next 30 days.
Tax Benefits
LIC Micro Bachat Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Micro Bachat Plan Online via LIC India
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on '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.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Micro Bachat Plan
Here is the list of documents required to buy the LIC Micro Bachat Plan:
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Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Age Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
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Medical Records
Medical Records of the policyholder if requested.
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Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan at a Glance
| What's Good Here |
What's Missing |
| Death Benefits |
Premium Offset |
| Maturity Benefits |
High sum assured rebate |
| Loan Facility |
Auto cover continuance |
| Loyalty Additions |
Top-up premium |
In a Nutshell
If you are looking for an endowment plan that offers dual benefits of protection as well as saving, you should buy the LIC Micro Bachat Plan. If you are still confused about whether buying this plan is right for you or not, then you can contact us at PolicyX.com.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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