LIC’s Micro Bachat Plan (Plan No. 751) — Affordable Protection & Savings Combo

LIC’s Micro Bachat is a low-cost, participating life insurance scheme designed for individuals seeking a powerful blend of protection and disciplined savings. With entry ages from 18 to 55 years and policy terms ranging from 10 to 15 years, it delivers an accessible gateway to life cover plus maturity benefits—all at affordable premiums.

How the Plan Works

• Select a Basic Sum Assured in the eligible bracket (typically ₹50,000 to ₹200,000).

• Choose a policy term (10–15 years) which also equalises the premium paying term—making it simple.

• If the insured person passes away during the term, the nominee receives the Sum Assured on Death; if the person survives to maturity, a Maturity Benefit equal to Sum Assured on Maturity (plus any declared bonus) is payable.

• The plan is participating—meaning it may receive Loyalty Additions declared by LIC after completing a minimum number of years (typically 5 years) for eligible policies.

Key Features You Should Know

• Low Entry Age to High Coverage: Entry from 18 years with generous cover under the scheme for young adults.

• Savings plus Protection: Combines life cover and savings discipline—making it a dual-purpose plan rather than pure term.

• Loan Facility: Policyholders who have paid full premiums for three years may access loans against this plan, offering added flexibility.

• Simple Premium Structure: Premiums match the policy term (same for paying and coverage)—avoiding confusion on payment schedule.

Key Things to Verify Before You Commit

• Confirm the Basic Sum Assured meets your protection goal—higher cover means higher premium, but significantly improved safety.

• Ask the insurer for illustration of Loyalty Additions and expected outcomes—they are not guaranteed but enhance value.

• Check conditions for loans and paid-up status—if premiums stop, benefits reduce accordingly.

• Understand surrender/premium-lapse implications—early exit may reduce benefits markedly.