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Lic Micro Bachat
VS
Lic Bima Shree
| PLAN DETAILS |
Lic Micro Bachat |
Lic Bima Shree |
| Premium Including GST | ||
| Key Features (Key features of the plan) |
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| Plan Uniqueness |
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| Plan Maturity age | Maximum Maturity Age - 70 years | Maximum Maturity Age - 55 years |
| Premium payment term | Same as policy term | 10 to 16 years |
| Plan Entry Age | Minimum Age - 18 years Maximum Age - 55 years | Minimum Age - 8 years Maximum Age - 45 years |
| Sum assured | Rs 50,000 to Rs 2 lakhs | Rs 10 lakhs to No limit |
| Premium payment frequency | Annual, half-yearly, quarterly & monthly | Annual, half-yearly, quarterly & monthly |
| Plan Sample Premium | - | - |
| Plan Brochure | Brochure URL | Brochure URL |
| Policy tenure | Minimum term - 10 years Maximum term - 15 years | Minimum term - 14 years Maximum term - 20 years |
| Claim Settlement Ratio (2024-25) | 98.5% | 98.5% |
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:
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