Compare
Lic Micro Bachat vs Lic
No Spam
No
mis-selling
No pushy
sales
Lic Micro Bachat
CSR: 98.5%%
VS
Lic
CSR: 98.5%%
No Spam No
mis-selling No pushy
sales
Lic Micro Bachat
VS
Lic
| PLAN DETAILS |
Lic Micro Bachat |
Lic |
| Premium Including GST | ||
| Key Features (Key features of the plan) |
|
|
| Plan Uniqueness |
|
|
| Plan Maturity age | Maximum Maturity Age - 70 years | Maximum Maturity Age - Whole life |
| Premium payment term | Same as policy term | - |
| Plan Entry Age | Minimum Age - 18 years Maximum Age - 55 years | Minimum Age - 25 years Maximum Age - 100 years |
| Sum assured | Rs 50,000 to Rs 2 lakhs | Rs 1 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 - 5 years Maximum term - Whole life |
| 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:
Consult for Personalized Insurance Advice
Schedule a call with India’s number 1 trusted advisor with a 4.5+ rating on Google. We are not your average insurance agents. Our advisors are experts in their insurance knowledge and will give you the right information at the right time. The service is free of cost! Don’t worry, we won’t spam as we value your time.
