LIC Micro Bachat Plan 751 is a micro-insurance policy launched by Life Insurance Corporation of India. It is specially designed for individuals from lower-income segments to provide both insurance protection and savings at an affordable cost. It is a regular premium, non-linked, participating plan, meaning the returns are not market-dependent and you may get a share in profits in the form of Loyalty Additions.
This plan ensures financial protection to your family in case of unfortunate death during the policy term, and also provides a lump sum amount on maturity if the policyholder survives the term.
✅ Key Features of LIC Micro Bachat Plan 751
| Feature | Details |
|---|---|
| Plan Type | Non-linked, Participating, Regular Premium |
| Combination of | Protection + Savings |
| Age Entry | 18 years (min) to 55 years (max) |
| Policy Term | 10 to 15 years |
| Maturity Age | Max 70 years |
| Sum Assured (SA) | ₹1,00,000 to ₹2,00,000 |
| Premium Payment Mode | Yearly / Half-Yearly |
| Loan Facility | After 3 full years of premium payment |
| Bonus | Loyalty Addition (after 5 years, if applicable) |
| Optional Riders | Accident Benefit Rider / Accidental Death & Disability |
| Tax Benefit | Under Sec 80C of Income Tax Act |
💡 Why Choose LIC Micro Bachat Plan?
- Low-cost insurance & savings plan
- Easy to buy online via debit/credit card, UPI, net banking, wallets
- Suitable for rural and lower-income individuals
- Simple documentation and eligibility
- Assured returns with bonus benefits
- Financial support to family in case of death
📦 Benefits Under LIC Micro Bachat Policy
🪦 1. Death Benefit:
In case of unfortunate death during the policy term, LIC pays:
- If death occurs within the first 5 years:
→ “Sum Assured on Death” - If death occurs after completing 5 policy years:
→ “Sum Assured on Death” + Loyalty Additions (if any)
Sum Assured on Death = Higher of:
- 10 times of annualized premium, or
- Basic Sum Assured (guaranteed), or
- Sum Assured on Maturity
Minimum payout: 105% of total premiums paid (excluding taxes and rider premiums)
🎉 2. Maturity Benefit:
If the policyholder survives the full policy term:
👉 Maturity Benefit = Basic Sum Assured + Loyalty Addition (if any)
Loyalty additions are payable only if all premiums are paid and the policy is in force.
🛡️ 3. Optional Rider Benefits:
You can enhance your coverage by opting for either of the following riders:
- LIC’s Accidental Death & Disability Benefit Rider
- LIC’s Accident Benefit Rider
These can be added by paying a nominal additional premium.
📝 Eligibility Conditions
| Criteria | Values |
|---|---|
| Minimum Age at Entry | 18 years completed |
| Maximum Age at Entry | 55 years (nearest birthday) |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Basic Sum Assured (Min to Max) | ₹1,00,000 to ₹2,00,000 |
| Policy Term | 10 to 15 years |
| Premium Payment Term | Same as policy term |
💰 Loan Facility Under LIC Micro Bachat
- Loan can be availed only after paying full premiums for 3 policy years
- For an in-force policy: Up to 70% of total premium paid
- For a paid-up policy: Up to 60% of total premium paid
This provides good liquidity if you need emergency funds without surrendering your policy.
📊 Example: LIC Micro Bachat Plan with Sample Illustration
Let’s understand the plan with a real-world example:
Policyholder Details –
| Detail | Information |
|---|---|
| Name | Suraj |
| Age at Entry | 30 years |
| Policy Term | 15 years |
| Sum Assured | ₹2,00,000 |
| Premium Payment Term | 15 years |
| Yearly Premium | ₹9,953 |
| Policy Purchase Year | 2024 |
📆 Maturity Scenario
| Maturity Year | Age at Maturity | Total Premium Paid | Expected Maturity Amount |
|---|---|---|---|
| 2039 | 45 years | ₹1,59,247 | ₹2,30,000 |
Maturity = ₹2,00,000 (Sum Assured) + ₹30,000 (Loyalty Addition)
Note: Bonus is estimated based on past trends.
📅 Year-wise Policy Coverage Table
| Year | Age | Premium Paid (₹) | Normal Life Cover (₹) | Accidental Life Cover (₹) |
|---|---|---|---|---|
| 2024 | 30 | 9,953 | 2,00,000 | 4,00,000 |
| 2025 | 31 | 9,953 | 2,00,000 | 4,00,000 |
| 2026 | 32 | 9,953 | 2,00,000 | 4,00,000 |
| 2027 | 33 | 9,953 | 2,00,000 | 4,00,000 |
| 2028 | 34 | 9,953 | 2,00,000 | 4,00,000 |
| 2029 | 35 | 9,953 | 2,00,000 | 4,00,000 |
| 2030 | 36 | 9,953 | 2,00,000 | 4,00,000 |
| 2031 | 37 | 9,953 | 2,00,000 | 4,00,000 |
| 2032 | 38 | 9,953 | 2,00,000 | 4,00,000 |
| 2033 | 39 | 9,953 | 2,20,000 | 4,20,000 |
| 2034 | 40 | 9,953 | 2,24,000 | 4,24,000 |
| 2035 | 41 | 9,953 | 2,28,000 | 4,28,000 |
| 2036 | 42 | 9,953 | 2,32,000 | 4,32,000 |
| 2037 | 43 | 9,953 | 2,36,000 | 4,36,000 |
| 2038 | 44 | 9,953 | 2,40,000 | 4,30,000 |
| Total | ₹1,59,247 |
Note: Normal & Accidental life covers include projected Loyalty Additions after the 5th year.
⚰️ Example Death Scenario
Let’s say Suraj unfortunately passes away in the 8th policy year (2031):
- Total Premium Paid till 2031: ₹79,624
- Normal Death Benefit: ₹2,00,000
- Accidental Death Benefit (if rider opted): ₹2,00,000
- Loyalty Additions (if applicable): ₹30,000
👉 Total Payable to Nominee = ₹4,30,000 (tax-free)
📌 At a Glance – Plan Summary
| For Policyholder | Amount (₹) |
|---|---|
| Guaranteed Sum Assured | 2,00,000 |
| Loyalty Addition (approx.) | 30,000 |
| Maturity Amount (approx.) | 2,30,000 |
| For Nominee in Case of Death | Amount (₹) |
|---|---|
| Death Sum Assured | 2,00,000 |
| Accidental Benefit (if rider opted) | 2,00,000 |
| Loyalty Addition (approx.) | 30,000 |
| Total Death Payout (approx.) | 4,30,000 |
🛍️ How to Buy LIC Micro Bachat Plan 751 Online?
You can now buy this plan online through LIC’s New Business Digital Platform.
Accepted payment methods:
- Credit Card
- Debit Card
- Net Banking
- UPI
- Mobile Wallets
No need to visit the branch, complete everything from home with a few clicks!
📞 Final Words
LIC’s Micro Bachat Plan (751) is a perfect blend of savings and protection for individuals who want insurance security without spending large amounts. With affordable premiums, guaranteed returns, and loyalty bonuses, it’s ideal for rural and economically weaker sections to safeguard their future and that of their families.
👉 Choose wisely, invest smartly, and protect your dreams with LIC Micro Bachat Plan 751.
