LIC Micro Bachat Plan No. 951:- LIC’s Micro Bachat is a regular premium, Non-linked, Participating, Individual, Life Assurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its Loan facility.
Eligibility Criterias Of LIC Micro Bachat Plan No. 951
| Criterias | Details |
|---|---|
| Age | 18-55 Years |
| Basic Sum Assured (SA) | 50000-2 lac |
| Policy Term | 10-15 yr |
| Premium Paying Term | Same as policy term |
| Maturity age | 70 |
| Mode of premium | Yearly, Half yearly, Quarterly, Monthly (eNACH) |
| Official Website | https://licindia.in/lic-s-micro-bachat-plan-plan-no.-951 |
Features & Benefits of LIC Micro Bachat Plan No. 951
Death Benefit –
The death benefit payable in case of death of the policyholder before the stipulated maturity date provided the policy is in force shall be as under.
- On death during the first five years: “Sum Assured on Death” will be payable
- On death after completion of five policy years but before Maturity: “Sum Assured on Death” + Loyalty Addition if any.
- Where “Sum Assured on Death” is defined as the highest of –
• 10 times of annualized premium; or
• Sum Assured on Maturity as defined in Condition 1B below; or
• Absolute amount assured to be paid on death, i.e. Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid excluding extra amount if charged under the policy due to underwriting decision and Rider(s) premium, if any, as on date of death.
Maturity Benefit –
If the policyholder survives till the end of the maturity period, “Sum Assured on Maturity” + Loyalty Addition, if any, shall be payable provided the policy is in force.. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Rider Benefit –
There are 2 rider benefits under this policy which any policyholder can opt for by paying an additional premium. The policyholder can opt between either of the LIC’s Accidental Death & Disability Benefit Rider) or LIC’s Accident Benefit Rider under this policy.
LIC Micro Bachat Plan Benefit illustration:
for Sum assured 1 lac, Age 30, Policy term 15 yrs,Premium paying term 15 yrs, Mode-Yearly
Documents Required for Buying Lic Micro Bachat Plan No. 951
Identity Proof:
- Aadhar Card
- Voter ID
- PAN Card
- Passport
- Driving License
Address Proof:
- Aadhar Card
- Utility Bills (Electricity, Water, Gas)
- Voter ID
- Passport
- Driving License
- Rent Agreement
Age Proof:
- Birth Certificate
- School/College Certificate
- Passport
- Aadhar Card
- PAN Card
Income Proof (if applicable):
- Salary Slip
- Bank Statement
- Income Tax Returns (ITR)
Photographs:
- Passport-sized photographs
Existing Policy Details (if any):
- If you have any existing LIC policies, you may need to provide details for reference.
Ensure all documents are self-attested and bring original copies for verification when submitting your application.
Pingback: APAAR ID Card 2025 free : Full Form, Registration, Benefits & How to Download Apaar ID Card