Lic Micro Bachat vs Lic Bima Shree Life Insurance Plan 2026 | PolicyX
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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:

  • Maturity benefits
  • Death benefits
  • Loyalty additions
  • Loan facility
  • Surrender benefits
PLAN DETAILS

Lic Micro Bachat

Lic Bima Shree
Premium Including GST
Key Features
(Key features of the plan)
  • Affordable Premiums
  • Tax Benefits
  • Flexible Policy Tenure
  • Affordable Premiums
  • Tax Benefits
  • Flexible Policy Tenure
Plan Maturity age Maximum Maturity Age - 70 years Maximum Maturity Age - 55 years
Plan Sum Assured 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
Plan Payment modes Rs 50,000 to Rs 2 lakhs Rs 10 lakhs to No limit
Plan Policy loan Annual, half-yearly, quarterly & monthly Annual, half-yearly, quarterly & monthly
Plan Sample Premium - -
Plan Brochure Brochure URL Brochure URL
Policy Term 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%

* The above sample premiums are for a 30-year-old male, nonsmoker with a sum assured of Rs 50 lakhs and a policy tenure of 25 years. You can calculate the premiums for the above life insurance plans using the PolicyX Life Insurance Calculator.

Riders

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:

  • Death Benefit: On death during the first five policy years, 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.
  • 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.
  • 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.
  • Loan Facility: The policyholder can avail 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.

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Reviewed By: Naval Goel

Naval Goel has over a decade of expertise in the insurance sector, having worked with companies like AIG, New York. He is an Associate Member of the Indian Institute of Insurance, Pune, and is authorized by IRDAI to act as Principal Officer of PolicyX.com Insurance Web Aggregator.

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