The LIC Micro Bachat Plan (No. 751) is a life insurance policy intended for middle-class and lower-class individuals throughout India. It provides your family with financial security in the event of your untimely death and, should you live out the policy term, ensures maturity benefits with loyalty additions.
Ideal for salaried individuals seeking dependable yet reasonably priced insurance coverage, farmers, small business owners, and residents of Tier 2 and Tier 3 cities in India.
LIC Micro Bachat (Plan 751)
A Participating Non-Linked Micro Insurance Plan.
Why Choose LIC Micro Bachat Plan (751)?
- Life cover + Savings in one plan
- Affordable premiums starting from just ₹5,076/year
- No GST on premium (extra savings)
- Auto cover benefit: Insurance continues for 6 months (3–5 years policy) and 2 years (after 5 years) even if premium isn’t paid.
- Loan facility available after 1 year
- Tax benefits under Section 80C and 10(10D)
- Rider options for Accidental & Disability cover at a nominal cost
Eligibility Criteria
- Sum Assured (SA): ₹1,00,000 – ₹2,00,000
- Entry Age: 18 – 55 years
- Maturity Age: Up to 70 years
- Policy Term: 10 – 15 years
- Premium Payment Term: Same as policy term
- Premium Modes: Yearly / Half-Yearly (with eNACH facility)
- Rebates:
- SA: 1.5% rebate for above ₹1.5 Lakh, 2% rebate for ₹2 Lakh
- Mode: 2% rebate (Yearly), 1% rebate (Half-Yearly)
Real-Life Example (Benefit Illustration)
Let’s say a 30-year-old individual buys a Micro Bachat Plan with:
- Sum Assured: ₹1,00,000
- Policy Term: 15 years
- Premium: ₹5,076 per year (Yearly mode)
At maturity, the insured will receive:
- Maturity Value = ₹1,15,000 (SA + Loyalty Addition)
- Life Cover throughout the term = ₹1,00,000 + Loyalty Addition
- Loan facility from 4th year onwards
- Tax savings up to ₹1.5 Lakh annually
This implies that you can provide your family with ₹1,00,000+ in coverage and earn returns and tax savings with an annual investment of just ₹5,076.
Expert Opinion
“LIC’s Micro Bachat is one of the most practical insurance solutions for rural and semi-urban India. The auto-cover and no-GST feature make it highly beneficial for policyholders who may face irregular income flows. It ensures both protection and disciplined savings.”
— Insurance Advisor, Mumbai
Frequently Asked Questions (FAQs)
Individuals from rural, semi-urban, and urban areas looking for a low-cost life insurance plan with savings benefit.
LIC continues your cover under Auto Cover for 6 months (after 3 years) and up to 2 years (after 5 years).
No, premiums under this plan are GST-free.
Yes, after paying premiums for at least 1 year.
Premiums are exempted up to ₹1.5 Lakh under Section 80C, and maturity/death claim is tax-free under Section 10(10D).
It’s an extra benefit LIC declares based on its performance, added to your maturity value.
Why LIC Micro Bachat is Right for You
- Affordable for low-income groups
- Dual benefit – Life cover + Savings
- Flexible payment options
- Backed by the trust of LIC of India
Get Started Today
Secure your future with LIC Micro Bachat Plan 751.
Connect with your nearest LIC branch or authorized agent to buy this plan.
Don’t wait – Start your insurance journey today with just ₹5,000/year!