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LIC’s Micro Bachat Plan 751

LIC’s Micro Bachat Plan 751

IC’s Micro Bachat Plan (751) LIC’s Micro Bachat Plan 751 is basically a regular premium, non linked, participating micro insurance plan which offers 2 benefits of protection and savings in one single policy. This policy also offers loan facility provided the premium of 3 years have been paid.

LIC’s Micro Bachat Plan 751 is basically a regular premium, non linked, participating micro insurance plan which offers 2 benefits of protection and savings in one single policy. This policy also offers loan facility provided the premium of 3 years have been paid.

In case of an active insurance plan, 70 percent of loan can be availed on the total premium paid. Whereas, in case of a paid-up policy, a loan of 60 per cent can be availed.

Features of this policy – (Table 751)

  1. This is a non-linked and participating insurance plan.
  2. People aged between 18 to 55 yrs can take this policy.
  3. This policy is a combination of protection + savings.
  4. The tenure of the policy is between 10 to 15 years.
  5. Loyalty additions after 5 years onwards (provided all insurance premiums are paid).
  6. 2 optional rider available in this policy.
  7. Loan facility available only after paying 3 years full premium.
  8. Income Tax benefit u/s 80C of Income Tax Act,1961.
  9. Premium can be paid monthly, quarterly, half yearly and yearly.

Benefits of the policy

A) 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.

B) 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.

C) 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.

Eligibility conditions of this policy


 

Minimum and Maximum Age at entry

18 yrs (completed) and (55 yrs nearer birthday)

Minimum and Maximum Basic Sum Assured

Rs 50,000 and Rs 2 lacs

Maximum Age at Maturity

 

70 yrs nearer birthday

Tenure of the policy

 

Between 10 to 15 yrs

LIC’s Micro Bachat Plan (751) with an Example

An example of Suraj who is "LIC jeevan labh plan 936 buy online" with following details.

Sum Assured (Rs.)

2,00,000

Age (Years)

30

Policy Term(Years)

15

Premium Paying Term

15

Purchase Year

2022

Yearly Premium

9953/-

As per above example, policy holder needs to pay the premium of Rs. 9953/- every year for 15 years (Premium Paying Term) and after completion of 15 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.

Maturity Details

If Policy holder survives 15 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

MATURITY YEARAGE AT MATURITYTOTAL PREMIUM PAIDMATURITY AMOUNT (APPROX.)

2037

45

1,59,247

2,30,000

Maturity of LIC’s Micro Bachat Plan 751 is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Loyalty Addition (if any) during the policy term.

YEAR-WISE POLICY DETAILS

YearAgePaid PremiumNormal Life Cover
(Approx.)
Accidental Life Cover (Approx.)
2022309953200000400000
2023319953200000400000
2024329953200000400000
2025339953200000400000
2026349953200000400000
2027359953200000400000
2028369953200000400000
2029379953200000400000
2030389953200000400000
2031399953220000420000
YearAgePaid PremiumNormal Life Cover
(Approx.)
Accidental Life Cover (Approx.)
2032409953224000424000
2033419953228000428000
2034429953232000432000
2035439953236000436000
2036449953240000430000
Total159247Maturity Amount230000

 

 Normal Life Cover = Death Sum Assured + Loyalty Addition (if any).

Accidental Life Cover = Death Sum Assured + Loyalty Addition (if any).

To understand year-wise death claim, suppose death happens in year 2029, by that policy year, total paid premium will be 79624 and Normal Life Cover and Accidental Life Covers will be 200000 and 400000 respectively. Please refer to highlighted row in the above table.

Please Note: Above calculator is developed for helping people to understand this plan and it is based on personal understanding of this plan. Bonus is based on already declared bonus rates of New Endowment Plan (814). FAB is based on declared FAB rate of similar plan group.

Plan Benefits for YouAmount ()
Guaranteed Sum Assured200000
Loyalty addition bonus (if any)30000
Maturity230000
Plan Benefits for Nominee/Family After YouAmount ()
On Death Before Maturity (Guaranteed Sum Assured)200000
If Accidental Death (if opted)200000
Loyalty addition bonus (if any)30000
Total Payable to Nominee (Tax Free)430000

 

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