Micro Bachat



Product Summary

LIC’s Micro Bachat is a Regular Premium, Non-Linked, Participating, Individual, Life, Micro-Insurance Savings Plan with Auto Cover facility. This plan shall be available only for standard healthy lives without any medical examination. The total Basic Sum Assured under all the policies issued to an individual under this plan and under all policies issued in the earlier version of this Plan (Plan 851 with UIN 512N329V01) shall not exceed Rs 2 Lakhs (i.e. The combined Basic Sum Assured under all the policies issued to an individual in both plans 851 & 951 shall not exceed Rs 2 Lakh.

Premium Payment Mode

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (Ordinary).

Eligibility conditions and restrictions

Minimum Age at entry:18 Years (completed)
Maximum Entry Age:55 years (nearer birthday)
Maximum Age at Maturity:70 years (nearer birthday)
Minimum Policy term:10 years
Maximum Policy Term:15 years
Premium Paying Term:Same as Policy Term
Minimum Basic Sum Assured:Rs. 50,000/-
Maximum Basic Sum Assured:Rs. 2,00,000

The Basic Sum Assured shall be in multiples of Rs. 5,000/-.

Mode Rebate:

Yearly2% of tabular premium
Half-Yearly1% of tabular premium
Quarterly, Monthly& SSS modeNil

In case of monthly mode additional loading of 3% of tabular premium shall be charged.

High Basic Sum Assured Rebate:

Basic Sum Assured (B.S.A)Rebate(Rs.)
50,000 to 1,45,000Nil
1,50,000 to 1,95,0001.50 ‰ B.S.A
2,00,0002.00 ‰ B.S.A

Policy Benefits:

Death Benefit

On death during first five policy years: “Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of

  • 7 times the annualised premium or,
  • Basic Sum Assured.

The death benefit shall not be less than 105% of total premiums paid upto the date of death.
The premium mentioned above excludes taxes, any extra amount chargeable under the policy due to underwriting decision (applicable at revival stage only) and rider premiums, if any.

Maturity Benefit

On the Life Assured surviving to the stipulated date of maturity, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable; where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Policy Loan

No loan will be available under this plan.


Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.