LIC Micro Bachat Plan no 951

LIC Micro Bachat Plan No 951 is available only for standard healthy lives without any medical examination. The total Basic Sum Assured of Rs 2 lakhs is allowed under all the policies issued to an individual under the LIC Micro Bachat plan. It is a regular premium, Non-Linked, Participating, Individual, Life, Micro-Insurance, Savings Plan.

Unique Identification Number: 512N329V02

LIC Micro Bachat Maturity Benefit:

Sum Assured on Maturity + Loyalty Addition, if any.

1. Where Sum assured on maturity is equal to Basic Sum Assured.
2. On Survival to the end of the policy term provided all due premiums have been paid.
3. Payable in Lump Sum or as per Settlement Option exercised

Death benefit:

On death during first five years: “Sum Assured on Death”.

On death after completion of five policy years but before the stipulated Date of Maturity:

Sum Assured on Death + Loyalty Addition, if any.

1. Where “Sum Assured on Death” is defined as the higher of 10 times of annualized premium; or Basic Sum Assured.
2. This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premium, any rider premium, and taxes) up to the date of death.

Income Tax Benefit:

• under section 80C of the Income Tax Act, premiums paid under the LIC’s Micro Bachat Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
• under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee under LIC Micro Bachat Plan is entirely tax-free and no TDS is deductible.

Synopsis of LIC Micro Bachat Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 18 years (completed) Maximum – 55 years (nearer birthday)
2	Policy Term & Premium paying term	Minimum: 10 years(completed) Maximum: 15 years(nearer birthday)
3	Maximum maturity Age	70 years (completed)
4	Basic Sum assured (in multiples of 5,000/-)	Minimum – 50,000/- Maximum – 2,00,000/-
5	Mode rebate	Yearly –  2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, Monthly – Nil
6	Large Sum Assured rebate (per 1000 S.A)	50,000 to 1,45,000 – NIL 1,50,000 to 1,95,000 – Rs: 1.50 %o B.S.A. 2,00,000 – Rs: 2 %o B.S.A
7	Mode of payment of premiums	Yearly  Half-yearly Quarterly Monthly
8	Grace Period	30 days for all modes
9	Surrender & Policy Loan	Surrender after payment of premiums of 1 full year *conditions apply Loan after payment of premiums of 3 full years. * condition apply
10	Revival	Within 2 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider

Auto Cover Period under LIC Micro Bachat:

“Auto Cover Period” under a paid-up policy shall starts from the date of the first unpaid premium and includes the Grace Period. The applicable duration of Auto Cover shall be as under:

1. If at least three full years’ but less than five full years’ premiums have been paid and any subsequent premium is not duly paid: Auto Cover Period of six months from the due date of first unpaid premium shall be available.
2. If at least five full years’ premiums have been paid and any subsequent premium is not duly paid: the Auto Cover Period of two years from the due date of first unpaid premium shall be available.

Suicide Clause:-

• For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/

Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.

Other LIC Plans

Endowment Plans * Lic New Jeevan Anand * Lic Jeevan Labh * Lic New Endowment Plan * Lic Single Premium Endowment Plan * Lic New Bima Bachat * LIC Jeevan Lakshya * LIC Aadhaar Shila * LIC Aadhaar Stambh Whole Life Plans * LIC Jeevan Umang Money-Back Plans * LIC Bima Shree * LIC Jeevan Shiromani * LIC NEW MONEY BACK PLAN – 20 YEARS * LIC NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC NEW CHILDREN’S MONEY BACK PLAN * LIC Jeevan Tarun Pension Plans * LIC Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC NEW ENDOWMENT PLUS * LIC NIVESH PLUS * LIC SIIP Health Insurance Plans * LIC JEEVAN AROGYA * LIC Cancer Cover Term Assurance Plans * LIC TECH TERM * LIC Jeevan Amar Riders * LIC Linked Accidental Death Benefit Rider * LIC Accidental Death and Disability Benefit Rider * LIC Accident Benefit Rider * LIC Premium Waiver Benefit Rider * LIC New Critical Illness Benefit Rider * LIC NEW TERM ASSURANCE RIDER Micro Insurance Plans * LIC New Jeevan Mangal * LIC Micro Bachat Plan * LIC Bhagya Lakshmi