LIC Micro Bachat Plan 751 was designed with one specific goal: bring insurance savings to India's rural and semi-urban population who could not afford traditional endowment premiums.

What is Micro Bachat?

It is a participating endowment plan with a very low minimum sum assured - just Rs 50,000. This makes it accessible to daily-wage earners, small farmers, shop owners, and domestic workers in villages and small towns.

Key Features

  • ▸Minimum Sum Assured: Rs 50,000
  • ▸Maximum Sum Assured: Rs 2 lakh
  • ▸Entry Age: 18 to 55 years
  • ▸Policy Term: 10, 15, or 20 years
  • ▸Premium Payment: Regular pay (yearly or half-yearly - no monthly option)
  • ▸Bonus: Simple Reversionary Bonus applies
  • ▸Loan: Available after 3 years
  • ▸Tax Benefit: 80C on premium, 10(10D) on maturity

Micro Bachat Premium Example

A 30-year-old in a village near Gorakhpur takes Rs 2 lakh sum assured for 15 years:

  • ▸Approximate annual premium: Rs 12,000-14,000 (roughly Rs 1,100-1,200/month equivalent)
  • ▸Maturity benefit: approximately Rs 3.5-4 lakh (indicative, with bonus)

For someone earning Rs 15,000/month, this is a manageable commitment that builds a meaningful corpus over 15 years.

Who Should Buy Micro Bachat?

Ideal for:

  • ▸Rural workers, farmers, self-employed artisans
  • ▸First-time insurance buyers who want a low-risk start
  • ▸Parents wanting a small corpus for a child's school fees or marriage
  • ▸Those who don't qualify for larger sum-assured plans due to health conditions

Not ideal for:

  • ▸Urban professionals (too low an SA for income replacement)
  • ▸Those who need a large maturity corpus

Micro Bachat vs Jan Suraksha (Plan 880)

Jan Suraksha is a simpler, lower-cost term plan. Micro Bachat has a savings component - it returns the maturity amount, while Jan Suraksha does not pay anything if the policy matures without a death claim. Choose Micro Bachat if savings is the goal; choose Jan Suraksha if pure life cover is the priority.

To enrol your family members from a village near Gorakhpur into LIC's safety net, call Ajay Kumar Poddar at 9415313434.