LIC Micro Bachat Plan 951 Calculator
Non-Linked Participating Micro Insurance Plan
Eligibility Criteria
| Parameter | Details |
|---|---|
| Entry Age | 18 to 55 Years |
| Policy Term | 10, 12 or 15 Years |
| Maximum Maturity Age | 70 Years |
| Basic Sum Assured | ₹50,000 to ₹2,00,000 |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly |
Benefits Structure
| Benefit | Description |
|---|---|
| Death Benefit | Higher of Basic Sum Assured or 7× Annual Premium |
| Minimum Death Benefit | 105% of Total Premiums Paid |
| Maturity Benefit | Basic Sum Assured + Loyalty Additions |
| Loan Facility | Available after 3 Full Years Premium Payment |
| Auto Cover | Coverage Continues for 6 Months After Default |
Loyalty Addition Information
Loyalty Additions are payable only after completion of at least 5 years of premium payment. These additions are declared by LIC from time to time and are not guaranteed.
- 10 Year Policy Term – Loyalty Addition payable at maturity.
- 12 Year Policy Term – Loyalty Addition payable at maturity.
- 15 Year Policy Term – Loyalty Addition payable at maturity.
- Actual rates depend upon LIC declarations.
Premium Rebate Details
- Yearly Mode Rebate: 2%
- Half-Yearly Mode Rebate: 1%
- Quarterly Mode: No Rebate
- Monthly Mode: Approximately 3% Additional Premium
- Sum Assured ₹1.50 Lakh to ₹1.95 Lakh: 1.5% Rebate
- Sum Assured ₹2.00 Lakh: 2% Rebate
Frequently Asked Questions
What is LIC Micro Bachat Plan 951?
LIC Micro Bachat Plan 951 is a non-linked participating micro insurance plan designed for low-income individuals seeking affordable life insurance and savings benefits.
What is the minimum Sum Assured?
The minimum Basic Sum Assured is ₹50,000 and the maximum is ₹2,00,000.
What is the maximum maturity age?
The maximum maturity age under this plan is 70 years.
When was LIC Micro Bachat Plan 951 withdrawn?
The plan was withdrawn from sale on 01 October 2024.
Is GST applicable?
No GST was applicable on premiums under this micro insurance plan.
Can policyholders take loans?
Yes. Loan facility becomes available after payment of at least three full years’ premiums.
Important Notes
- Death Benefit = Higher of Basic Sum Assured or 7× Annual Premium.
- Minimum death benefit shall not be less than 105% of total premiums paid.
- Maturity Benefit = Basic Sum Assured + Loyalty Additions (if declared).
- Loyalty Additions become payable after at least 5 years of premium payment.
- Basic Sum Assured must be selected in multiples of ₹5,000.
- Maximum Maturity Age is 70 years.
- This calculator provides estimated values only.
Disclaimer
This LIC Micro Bachat Plan 951 Calculator is provided for educational and illustration purposes only. Actual premiums, loyalty additions, surrender values, death benefits and maturity benefits are determined by LIC according to official underwriting rules, policy conditions and declarations applicable at the time of policy issuance or claim settlement.
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Important Notes
- Death Benefit: Higher of the Basic Sum Assured or 7 times the Annual Premium.
- Maturity Benefit: Basic Sum Assured along with applicable Loyalty Additions.
- Loyalty Additions become payable only after completion of five years of premium payment.
- The minimum death benefit is 105% of all premiums paid.
- Sum Assured must be selected in multiples of ₹5,000.
- Maximum Maturity Age allowed under the plan is 70 years.
Introduction to LIC Micro Bachat Plan 951
Life Insurance Corporation of India (LIC) has consistently offered insurance solutions designed to meet the financial needs of different segments of society. LIC Micro Bachat Plan 951 was one such policy created specifically for individuals from lower-income groups, combining life insurance protection with savings benefits at affordable premium rates.
What is LIC Micro Bachat Plan 951?
LIC Micro Bachat Plan 951 is a non-linked, participating micro-insurance policy designed to provide both insurance coverage and savings benefits. It aims to help policyholders build a habit of regular savings while ensuring financial security for their families.
The plan offers two key advantages:
Insurance Protection
In the event of the policyholder’s death during the policy term, financial assistance is provided to the nominee through the death benefit.
Savings Benefit
If the policyholder survives until maturity, a lump sum maturity amount is paid along with eligible Loyalty Additions.
The plan was designed to make insurance accessible and affordable for economically weaker sections while encouraging long-term financial discipline.
Launch and Withdrawal Dates
| Particulars | Details |
|---|---|
| Launch Date | 1 February 2020 |
| Withdrawal Date | 1 October 2024 |
Although LIC Micro Bachat Plan 951 is no longer available for new purchases, existing policyholders continue to receive all benefits according to the policy conditions.
Who Should Consider LIC Micro Bachat Plan 951?
This plan was particularly suitable for individuals seeking low-cost insurance protection along with savings benefits.
It was ideal for:
- Individuals between 18 and 55 years of age.
- People looking for policy terms of 10, 12, or 15 years.
- Those seeking affordable insurance premiums.
- Individuals preferring safe and low-risk savings options.
- Families wanting financial protection against unforeseen events.
Key Features of LIC Micro Bachat Plan 951
- Traditional non-linked participating micro-insurance policy.
- Premiums payable monthly, quarterly, half-yearly, or annually.
- Basic Sum Assured ranging from ₹50,000 to ₹2,00,000.
- Policy terms of 10, 12, or 15 years.
- Entry age from 18 to 55 years.
- Maximum maturity age of 70 years.
- Grace period of 30 days for premium payments.
- Loan facility available after payment of three full years’ premiums.
- Surrender value available after completion of one full year.
- Auto Cover Benefit available under specified conditions.
- Exemption from GST, making premiums more affordable.
Benefits of LIC Micro Bachat Plan 951
Death Benefit
If the life assured dies during the policy term, the nominee receives the higher of:
- Seven times the annualized premium, or
- Basic Sum Assured.
In addition, the death benefit will not be less than 105% of all premiums paid up to the date of death.
This ensures financial support to the family during difficult circumstances.
Maturity Benefit
If the policyholder survives the entire policy term, LIC pays:
- Basic Sum Assured, and
- Applicable Loyalty Additions declared by LIC.
This maturity payout serves as a savings corpus accumulated over the policy term.
Loyalty Additions
Loyalty Additions are additional benefits declared by LIC and payable at maturity, subject to policy conditions.
These additions are generally available after completion of at least five years of premium payments and help increase the overall maturity value.
Loan Facility
After payment of at least three full years’ premiums, policyholders become eligible for loans against the policy.
Loan eligibility, interest rates, and conditions are determined by LIC from time to time.
Surrender Benefit
The policy acquires surrender value after payment of one full year’s premium.
On surrender, the policyholder receives the higher of:
- Guaranteed Surrender Value, or
- Special Surrender Value,
as applicable under LIC rules.
Optional Rider Benefits
Additional protection could be obtained through optional riders such as:
Accidental Death and Disability Benefit Rider
Provides additional benefits in case of accidental death or permanent disability.
Accident Benefit Rider
Offers extra financial protection in the event of accidental death.
These riders are available on payment of additional premiums and enhance overall coverage.
Eligibility Criteria for LIC Micro Bachat Plan 951
| Parameter | Details |
|---|---|
| Entry Age | 18 to 55 Years |
| Maximum Maturity Age | 70 Years |
| Policy Term | 10, 12, or 15 Years |
| Basic Sum Assured | ₹50,000 to ₹2,00,000 |
| Premium Paying Term | Same as Policy Term |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Grace Period | 30 Days |
Understanding LIC Micro Bachat Plan 951 Calculator
The LIC Micro Bachat Plan 951 Calculator helps estimate policy benefits and premium requirements based on user inputs.
The calculator generally considers:
- Entry age.
- Policy term.
- Basic Sum Assured.
- Premium payment frequency.
Based on these details, it calculates:
- Premium payable under different modes.
- Total premiums during the policy term.
- Estimated maturity value.
- Death benefit payable to the nominee.
This makes it easier for prospective buyers and existing policyholders to understand the financial aspects of the policy before making decisions.
How to Use LIC Micro Bachat Plan 951 Calculator
The LIC Micro Bachat Plan 951 Calculator is a simple tool that helps estimate premium amounts, maturity benefits, and death benefits based on the policy details entered by the user.
Steps to Use the Calculator
Step 1: Enter Your Age
Provide your current age at entry. The eligible age range is between 18 and 55 years.
Step 2: Select Policy Term
Choose the desired policy duration from the available options:
- 10 Years
- 12 Years
- 15 Years
Step 3: Choose Basic Sum Assured
Select the required Sum Assured between ₹50,000 and ₹2,00,000 in multiples of ₹5,000.
Step 4: Select Premium Payment Mode
Choose the preferred premium payment frequency:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Step 5: Calculate Premium
After entering all required information, the calculator displays the estimated premium amount payable under the selected option.
Step 6: Review Results
The calculator provides:
- Premium amount payable.
- Total premiums during the policy term.
- Estimated maturity benefit.
- Death benefit payable to the nominee.
This allows users to select a plan that matches both their budget and protection requirements.
Premium and Rebate Details
Premium rates are determined based on several factors, including age, policy term, Sum Assured, and payment frequency.
LIC provided certain rebates under the plan:
Mode Rebate
| Premium Mode | Rebate |
|---|---|
| Yearly | 2% of Tabular Premium |
| Half-Yearly | 1% of Tabular Premium |
| Quarterly | No Rebate |
| Monthly | Additional 3% Loading |
Sum Assured Rebate
| Sum Assured | Rebate |
|---|---|
| ₹1,50,000 to ₹1,95,000 | 1.5% |
| ₹2,00,000 | 2% |
These rebates helped reduce the overall premium burden for eligible policyholders.
Policy Revival and Lapse
If premiums are not paid within the grace period, the policy lapses.
However, LIC allows revival of the policy within five years from the date of the first unpaid premium by paying:
- Outstanding premiums.
- Applicable interest charges.
The revival terms and interest rates are determined by LIC from time to time.
If the policy is not revived within the allowed period, it may terminate according to policy conditions.
Exclusions and Important Conditions
Suicide Clause
If the life assured commits suicide within 12 months from the commencement of risk or from the date of policy revival, the nominee receives:
- 80% of premiums paid, or
- Surrender Value,
whichever is higher.
No other claim amount is payable in such circumstances.
Loan Default
Failure to pay loan interest beyond permitted limits may result in policy termination as per LIC rules.
Advantages of LIC Micro Bachat Plan 951
- Affordable premiums for lower-income families.
- Combination of insurance protection and savings.
- No GST on premium payments.
- Multiple premium payment options.
- Loan facility available after three years.
- Optional rider benefits.
- Loyalty Additions enhance maturity value.
- Auto Cover Benefit offers continued protection.
- Guaranteed surrender value provides financial flexibility.
Limitations of LIC Micro Bachat Plan 951
- Withdrawn from sale after 1 October 2024.
- Maximum Sum Assured limited to ₹2,00,000.
- Policy term options restricted to 10, 12, and 15 years.
- Loyalty Additions are not guaranteed and depend on LIC’s future declarations.
Frequently Asked Questions
What is LIC Micro Bachat Plan 951?
LIC Micro Bachat Plan 951 is a participating, non-linked micro-insurance policy that combines life insurance protection with savings benefits. It was specially designed for individuals looking for affordable insurance coverage along with long-term savings.
Who can purchase LIC Micro Bachat Plan 951?
Individuals aged between 18 and 55 years were eligible to purchase this policy. The plan was suitable for people seeking low-cost life insurance with manageable premium payments.
What is the minimum and maximum Sum Assured available under the plan?
The Basic Sum Assured ranges from ₹50,000 to ₹2,00,000 and must be selected in multiples of ₹5,000.
What happens if the policyholder dies during the policy term?
In the event of the policyholder’s death during the policy term, the nominee receives the higher of:
- Seven times the annualized premium, or
- Basic Sum Assured.
Additionally, the death benefit will not be less than 105% of all premiums paid up to the date of death.
What benefits are payable on maturity?
If the policyholder survives until the end of the policy term, LIC pays:
- Basic Sum Assured, and
- Applicable Loyalty Additions declared by LIC.
This provides both savings accumulation and financial security.
When was LIC Micro Bachat Plan 951 launched and withdrawn?
LIC Micro Bachat Plan 951 was launched on 1 February 2020 and withdrawn from sale on 1 October 2024. Although new purchases are no longer allowed, existing policyholders continue to receive benefits according to the policy terms.
Conclusion
LIC Micro Bachat Plan 951 was a thoughtfully designed micro-insurance policy that offered a combination of life insurance protection and savings benefits at affordable premium rates. It was particularly beneficial for individuals from economically weaker sections who wanted financial security without a heavy premium burden.
With features such as death protection, maturity benefits, Loyalty Additions, loan availability, Auto Cover Benefit, and flexible premium payment options, the plan provided a balanced solution for long-term financial planning. Although the policy is no longer available for new sales, existing policyholders can continue to enjoy its benefits until maturity.
The LIC Micro Bachat Plan 951 Calculator remains a valuable tool for estimating premiums, maturity values, death benefits, and overall policy returns, helping policyholders make informed financial decisions and manage their policies more effectively.
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