LIC Micro Bachat Plan ( No. 951, UIN No. 512N329V02 )
It provides financial protection if the insured person dies during the term of the policy. If the insured person survives until the end of the policy term, they will receive a maturity benefit along with a loyalty bonus.
नोट - सभी पाठक ध्यान दे! हो सकता है की लेख में लिखित कुछ प्रक्रियाएं वर्तमान समय में अधिकारिक वेबसाइट पर सक्रिय नहीं है। अत:सभी प्रक्रियाएं सक्रिय हो जाने पर आप लेख में लिखित तरीकों से सभी प्रक्रियाओं की जानकारी प्राप्त कर सकत है।
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LIC Micro Bachat Plan Key Polints
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) |
| Rebate allowed | For SA: 1.5%o above 1.5 lac, 2%o-2lac Mode: 2% in Yly, 1% in Hly |
| Official Website | Click Here |
Features & Benefits of LIC Micro Bachat Plan No. 951
Benefits of LIC MICRO BACHAT Plan (No. 951) (under in-force policies):
- No GST on Premium: No Goods and Services Tax is applied to the premiums.
- Auto Cover:
- If the premium is not paid, the insurance coverage continues automatically:
- For SIX MONTHS if the policy has been in force for 3 to 5 years.
- For TWO YEARS if the policy has been in force for five years or more.
- Paid-Up Value: The policy acquires a paid-up value after one year’s premium has been paid.
- Accidental & Disability Rider: Available at a nominal cost, providing additional coverage for accidents and disability.
- Maturity Claim:
- Sum Assured + Loyalty Addition.
- Death Benefit:
- Within the first five policy years: Sum Assured only.
- After five policy years but before maturity: Higher of 7 times the annualized premium or the Basic Sum Assured + Loyalty Addition (if any), with a minimum of 105% of total premiums paid.
- Loan and Surrender: Available after three policy years.
- Loyalty Addition: Payable on maturity based on LIC’s experience.
- Tax Benefits:
- Premiums are exempt up to ₹1.50 lakhs under Section 80C.
- Claims are tax-free under Section 10(10D).
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
To buy the LIC MICRO BACHAT (Plan No. 951), you typically need the following documents:
- 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.
Download brief details of policy in Pdf
