LIC's Micro Bachat
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LIC's Micro Bachat (Plan No. 951, UIN No. 512N329V02) is a regular premium-paying, non-linked, participating micro-insurance plan offered by the Life Insurance Corporation of India (LIC). Designed to provide affordable life insurance coverage, it combines protection with savings, making it suitable for individuals seeking financial security for their families.
📋 Key Features
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Policy Term: 10 to 15 years
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Premium Payment Term: Same as the policy term
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Entry Age: 18 to 55 years (as per last birthday)
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Maturity Age: Maximum 70 years (as per last birthday)
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Basic Sum Assured: ₹50,000 to ₹2,00,000 (in multiples of ₹5,000)
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Policy Type: Non-linked, Participating, Individual Life Assurance
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Risk Commencement: From the date of acceptance of risk
💰 Benefits
1. Death Benefit
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During the first 5 policy years: The nominee receives the higher of:
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Basic Sum Assured
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7 times the annualized premium
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After the first 5 policy years: The nominee receives the death benefit along with any applicable loyalty additions.
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In all cases, the death benefit is not less than 105% of all premiums paid as on the date of death.
2. Maturity Benefit
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If the life assured survives the entire policy term, the Sum Assured on Maturity (equal to the Basic Sum Assured) is payable along with any applicable loyalty additions.
3. Loyalty Additions
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Loyalty additions are payable only if premiums have been paid for at least 5 years and the policy has completed 5 years.