LIC Micro Bachat Plan 751 Calculator
Plan Number: 751 | UIN Number: 512N329V03 | Launched / Effective Date: 01 Oct 2024
Premium Calculation Results
| Policy Details | Value |
|---|---|
| Basic Sum Assured (BSA) | ₹0 |
| Sum Assured on Death (SAD) | ₹0 |
| Maturity Benefit | ₹0 |
| Total Premiums Paid | ₹0 |
| Policy Term | 0 Years |
| Premium Paying Term | 0 Years |
Premium is estimated from LIC sample premium rates. GST, rider premium, underwriting extra premium and Loyalty Addition are not included. Maturity Benefit shown is Basic Sum Assured only.
LIC Micro Bachat Plan 751 is a small savings and life insurance plan designed for people who want regular savings with basic life cover. The official plan name is LIC’s Micro Bachat, Plan Number 751, and its UIN is 512N329V03.
This plan is a Par, Non-Linked, Individual, Savings, Life Micro Insurance Plan. It provides life insurance during the policy term and a maturity amount if the policyholder survives until the end of the selected term.
Use the LIC Micro Bachat Plan 751 Calculator above to estimate premium, total premium payable, basic maturity amount, and minimum death benefit.
Important: The calculator gives an estimated result. Final premium, tax, rider premium, underwriting loading, Loyalty Addition, surrender value, and claim amount depend on LIC policy terms and the issued policy schedule.
Table of Contents
LIC Micro Bachat Plan 751 Calculator
The LIC Micro Bachat Plan calculator is useful for checking the likely premium before buying the policy.
Enter these details in the calculator:
- Age at entry
- Policy term
- Basic Sum Assured
- Premium payment mode
The calculator will show the estimated yearly, half-yearly, quarterly, or monthly premium. It also shows the total estimated premium payable during the term.
LIC Micro Bachat allows entry between 18 and 55 years. The policy term can be selected from 10 years to 15 years. The Basic Sum Assured starts from ₹1 lakh and goes up to ₹2 lakh.
LIC Micro Bachat Plan 751 Overview
| Particular | Details |
|---|---|
| Plan Name | LIC’s Micro Bachat |
| Plan Number | 751 |
| UIN Number | 512N329V03 |
| Plan Type | Par, Non-Linked, Individual, Savings, Life Micro Insurance Plan |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Policy Term | 10 to 15 years |
| Premium Paying Term | Same as policy term |
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | ₹2,00,000 |
| Maximum Maturity Age | 70 years |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly through NACH |
| Loan Facility | Available after required conditions are met |
| Loyalty Addition | May be payable after five completed policy years |
LIC states that the plan is available for standard healthy lives without medical examination, subject to the overall limits and conditions of the plan.
Also Check:
What Is LIC Micro Bachat Plan 751?
LIC Micro Bachat is a regular premium endowment-style life insurance plan. It combines two purposes:
- Financial support for the family if the policyholder dies during the policy term.
- A lump-sum amount on maturity if the policyholder survives until the end of the term.
The plan may also receive Loyalty Addition after five completed policy years if LIC declares it. Loyalty Addition is not guaranteed, so it should not be treated as a fixed maturity amount before LIC declares it.
This plan also includes a policy loan facility after the required premium payment condition is completed.
How to Use LIC Micro Bachat Plan 751 Calculator
Using the calculator is simple.
First, select the age of the person whose life will be insured. The age must be between 18 and 55 years.
Next, select the policy term. LIC Micro Bachat offers a term between 10 and 15 years. The premium paying term is equal to the selected policy term.
Then choose the Basic Sum Assured. The available cover starts from ₹1 lakh and goes up to ₹2 lakh.
Finally, select the payment mode: yearly, half-yearly, quarterly, or monthly.
The calculator then estimates:
- Premium for the selected payment mode
- Estimated annual premium
- Total premiums during the policy term
- Basic Sum Assured
- Minimum death benefit based on policy rules
The result does not include GST, rider premium, underwriting extra premium, or future Loyalty Addition.
LIC Micro Bachat Plan 751 Maturity Calculator
The LIC Micro Bachat Plan maturity calculator should be used carefully.
The guaranteed base maturity amount is the Basic Sum Assured, provided all due premiums are paid and the policy remains in force until maturity.
The maturity benefit is:
Basic Sum Assured + Loyalty Addition, if any
For example:
| Basic Sum Assured | Base Maturity Amount |
|---|---|
| ₹1,00,000 | ₹1,00,000 |
| ₹1,50,000 | ₹1,50,000 |
| ₹2,00,000 | ₹2,00,000 |
The above amount does not include Loyalty Addition because LIC may declare it later based on the experience of the Corporation. Therefore, no website should show a fixed Loyalty Addition amount as guaranteed.
LIC states that Loyalty Addition may be payable on maturity if at least five full years’ premiums have been paid and five policy years are completed.
LIC Micro Bachat Plan 751 Premium Chart
Below is the official illustrative annual premium chart for a Basic Sum Assured of ₹1 lakh for standard lives. Taxes are extra.
| Age | 10 Years | 12 Years | 15 Years |
|---|---|---|---|
| 18 years | ₹8,722 | ₹7,012 | ₹5,380 |
| 25 years | ₹8,727 | ₹7,017 | ₹5,385 |
| 35 years | ₹8,761 | ₹7,061 | ₹5,439 |
| 45 years | ₹8,923 | ₹7,247 | ₹5,664 |
| 55 years | ₹9,388 | ₹7,752 | ₹6,233 |
The premium shown above is for ₹1 lakh Basic Sum Assured only. A higher Sum Assured will increase the premium.
LIC gives a mode rebate on tabular premium:
| Premium Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly | Nil |
| Monthly | No mode rebate mentioned |
For a Basic Sum Assured of ₹2 lakh, LIC also provides a high Basic Sum Assured rebate of ₹3 on premium as per the brochure.
Death Benefit of LIC Micro Bachat Plan 751
The death benefit depends on the timing of death and policy status.
If the life assured dies during the first five policy years, LIC pays the Sum Assured on Death, subject to policy terms.
If death happens after completion of five policy years but before maturity, LIC pays:
Sum Assured on Death + Loyalty Addition, if any
The Sum Assured on Death is the higher of:
- 7 times the annualised premium, or
- Basic Sum Assured
The death benefit will not be less than 105% of total premiums paid as on the date of death. Taxes, rider premium, and extra premium are excluded while calculating total premiums paid.
LIC Micro Bachat Plan Eligibility Conditions
LIC Micro Bachat is available only within the following limits.
| Condition | Limit |
|---|---|
| Minimum age at entry | 18 years completed |
| Maximum age at entry | 55 years nearer birthday |
| Minimum policy term | 10 years |
| Maximum policy term | 15 years |
| Premium paying term | Same as policy term |
| Maximum age at maturity | 70 years nearer birthday |
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | ₹2,00,000 |
For Basic Sum Assured from ₹1 lakh to ₹1.80 lakh, the amount is available in multiples of ₹10,000. Above ₹1.80 lakh, the amount is available in multiples of ₹20,000.
LIC Micro Bachat Loyalty Addition
Loyalty Addition is an extra amount that LIC may add to eligible policies.
It is not a guaranteed bonus. LIC decides the rate and terms based on the actual experience of the Corporation.
For in-force policies, Loyalty Addition may be paid on maturity or death after:
- Five completed policy years, and
- Payment of at least five full years’ premiums.
For surrender and paid-up policies, the conditions are different. Loyalty Addition may be considered only where the policy meets the stated eligibility criteria, including completion of five policy years and required premium payments.
Because it is not guaranteed, the calculator should show the Basic Sum Assured as the base maturity amount and keep Loyalty Addition separate.
LIC Micro Bachat Plan Loan Facility
LIC Micro Bachat includes a loan facility.
A policy loan can be taken after at least one full year’s premium has been paid. The loan amount depends on the surrender value of the policy.
LIC’s policy document states that the maximum loan can be:
| Policy Status | Maximum Loan |
|---|---|
| In-force policy | Up to 70% of surrender value |
| Paid-up policy | Up to 60% of surrender value |
The policy is assigned to LIC as security for repayment of loan and interest. Interest rate applicable at the time of loan will be decided under LIC’s policy terms.
Premium Payment Modes
LIC Micro Bachat allows the following premium payment modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly through NACH
- Salary deduction, where applicable
The premium must be paid regularly throughout the policy term. The premium paying term is the same as the policy term.
Grace Period in LIC Micro Bachat Plan
A grace period is available when a premium is not paid on the due date.
| Payment Mode | Grace Period |
|---|---|
| Yearly | 30 days |
| Half-Yearly | 30 days |
| Quarterly | 30 days |
| Monthly | 15 days |
During the grace period, the policy continues with risk cover as per policy terms. If the premium is not paid before the end of the grace period, the policy may lapse.
Lapse, Paid-Up Policy and Auto Cover Period
A policy lapses when the premium is not paid within the grace period.
After one full year’s premium has been paid, the policy may continue as a paid-up policy if later premiums are missed, subject to policy terms.
LIC also provides an Auto Cover Period in certain paid-up cases:
- If at least three full years but less than five full years’ premiums are paid, the Auto Cover Period is six months from the first unpaid premium due date.
- If at least five full years’ premiums are paid, the Auto Cover Period is two years from the first unpaid premium due date.
The Auto Cover Period does not extend the revival period.
LIC Micro Bachat Revival Rules
A lapsed policy can be revived during the lifetime of the life assured, before maturity, and within the revival period mentioned in the policy document.
LIC may ask for health evidence, payment of unpaid premiums, interest, or other requirements before approving revival.
Revival becomes effective only after LIC approves it and issues the revival receipt.
LIC Micro Bachat Surrender Value
The policy can be surrendered after completion of the first policy year if at least one full year’s premium has been paid.
However, the plan gets Guaranteed Surrender Value only after at least two full years’ premiums have been paid.
Special Surrender Value may be available after completion of the first policy year if one full year’s premium has been paid.
LIC pays the higher of:
- Guaranteed Surrender Value, or
- Special Surrender Value
No surrender value is payable for rider benefits. After surrender value is paid, the policy terminates and no future benefits remain payable.
Optional Riders in LIC Micro Bachat Plan
LIC Micro Bachat offers two optional riders. Only one rider can be selected.
LIC Accidental Death and Disability Benefit Rider
This rider can be selected under an in-force policy when the remaining policy term is at least five years.
In case of accidental death within 180 days of the accident, the Accident Benefit Sum Assured may be paid in lump sum.
In case of qualifying accidental disability, the Accident Benefit Sum Assured may be paid in equal monthly instalments over 10 years, subject to rider terms.
LIC Accident Benefit Rider
This rider provides an additional lump-sum Accident Benefit Sum Assured in case of accidental death within 180 days of the accident, subject to rider terms.
The premium for the selected rider cannot exceed 30% of the base policy premium.
Free Look Period
LIC provides a 30-day free look period.
If the policyholder does not agree with the policy terms, the policy can be returned within 30 days from receipt of the electronic or physical policy document, whichever is earlier.
LIC may refund the premium after deducting the proportionate risk premium for the covered period, applicable rider risk premium, and stamp duty charges.
Suicide Exclusion
The policy has a suicide exclusion clause.
If suicide occurs within 12 months from the commencement of risk, the nominee or beneficiary may receive 80% of total premiums paid, excluding taxes, extra premium, and rider premium, if the policy is in force.
If suicide occurs within 12 months from revival, the payable amount may be the higher of 80% of total premiums paid or surrender value available on the date of death, subject to policy conditions.
Who Should Consider LIC Micro Bachat Plan 751?
LIC Micro Bachat may be suitable for people who want:
- Small life insurance cover between ₹1 lakh and ₹2 lakh.
- A disciplined long-term savings plan.
- Regular premium payment options.
- Basic maturity benefit at the end of the policy term.
- A policy loan option after paying the required premium.
- Possible Loyalty Addition after five completed policy years.
Who Should Not Choose This Plan?
This plan may not be suitable for people who need:
- High life insurance cover.
- Large investment returns.
- Guaranteed bonus or fixed Loyalty Addition.
- Flexible withdrawals at any time.
- A short-term savings product.
- Life insurance cover above ₹2 lakh.
For high protection needs, pure term insurance may be more suitable. For investment goals, it is important to compare suitable products based on risk, return expectation, liquidity, and affordability.
LIC Micro Bachat Plan 751 FAQs
What is LIC Micro Bachat Plan 751?
LIC Micro Bachat is a regular premium savings and life insurance plan. It gives life cover during the term and a maturity amount if the life assured survives until maturity.
What is the UIN number of LIC Micro Bachat?
The UIN number is 512N329V03.
What is the minimum Sum Assured in LIC Micro Bachat?
The minimum Basic Sum Assured is ₹1 lakh.
What is the maximum Sum Assured in LIC Micro Bachat?
The maximum Basic Sum Assured is ₹2 lakh per life under the plan conditions.
How is LIC Micro Bachat maturity calculated?
Maturity benefit is the Basic Sum Assured plus Loyalty Addition, if any, provided all due premiums are paid.
Is Loyalty Addition guaranteed?
No. Loyalty Addition depends on LIC’s experience and declaration. It should not be assumed as a fixed amount in advance.
Can a policy loan be taken under LIC Micro Bachat?
Yes. Loan may be available after one full year’s premium has been paid, subject to surrender value and LIC terms.
What happens if LIC Micro Bachat premium is missed?
A grace period is available. After that, the policy may lapse. If at least one full year premium has been paid, the policy may continue as paid-up, subject to policy rules.
Can LIC Micro Bachat be surrendered?
Yes. The policy can be surrendered after completion of the first policy year if one full year premium has been paid. Guaranteed Surrender Value starts after payment of at least two full years’ premiums.
Is monthly premium payment available?
Yes. Monthly premium payment is available through NACH.
Final Words
LIC Micro Bachat Plan 751 is a simple savings and life insurance policy for people looking for limited cover between ₹1 lakh and ₹2 lakh along with a maturity benefit.
The LIC Micro Bachat Plan 751 Calculator helps estimate the premium and understand the basic benefits before applying. The maturity amount should be understood properly: the guaranteed base amount is the Basic Sum Assured, while Loyalty Addition is separate and not guaranteed.
Always check the final LIC policy schedule, premium quote, tax amount, rider details, and policy conditions before purchasing the plan.
Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.
Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.
The content and tools published on this website are prepared using LIC official brochures, policy documents, benefit illustrations, and publicly available plan information. The objective is to help users better understand policy features, premium commitments, maturity benefits, surrender rules, and other important insurance calculations before making decisions.
LICPolicyCalculator.com is an independent educational platform and is not affiliated with Life Insurance Corporation of India.