Micro Bachat Policy 951

Micro Bachat 951 – LIC Micro Bachat 951 Policy Details

Micro Bachat policy 951 is a traditional, non-linked, participating micro-insurance policy that offers dual benefits of protection as well as savings. As the name of suggests Micro Bachat means Small Savings. This policy is designed to provide financial support to the family in case of unfortunate risk of the policy holder. If the policyholder survives the plan tenure, a lump sum amount at the time of maturity is payable. The policy also provides loan facility to take care of liquidity needs. The policy is ideal for the Low income peoples.

 Premium Payments Mode

Monthly (ECS), Quarterly, Half Yearly and Yearly

Term / Duration

10 to 15 Years

Minimum Entry Age

18 Years Completed

Maximum Entry Age

55 Years (Nearest Birthday)

Maximum Maturity Age

70 Years

Minimum Sum Assured


Maximum Sum Assured

2,00,000 (2lakhs)


Loan Facility is Available

Income Tax Benefit

Tax Rebate under Section 80C

Maturity Under this plan is Free under Section 10(10D)


The plan can be surrendered at any time during the policy term provided at least one full years premiums have been paid


Basic Sum Assured + Loyalty Addition if any


On risk of the life assured during the plan term sum assured on risk shall be payable which is the higher

Bassic Sum Assured


7 Times of annualized premium


105% of all the premiums paid as on date of risk.

The premium mentioned above excludes taxes, extra premium and rider premiums if any in addition to the above , loyalty addition if any shall also be payable if risk occurs after completion of 5th policy year.

Maximum Accidental Risk and disability benefit rider up to age 70 Years