LIC's micro savings plan is 'saving today, protecting tomorrow'. Its investment will put an end to all the tensions in life...

The Life Insurance Corporation of India (LIC) has been offering several plans for its investors, ensuring long-term financial security and lifelong income. Another such unique SIP policy is the Micro Bachat Plan. The LIC Micro Bachat Plan is a life insurance policy that offers the benefits of both insurance and savings. It is a regular premium plan that provides financial security to the policyholder's family if they die during the policy term. Furthermore, if the policyholder survives the full term, they receive a lump sum along with loyalty additions. This plan is a reliable option for small investors who want both life protection and savings at a low premium.

Understand the LIC Micro Savings Plan in Simple Terms
Available for:
18 to 55 years
Scheme Term:
10 to 15 years
Sum Assured:
₹1,00,000 to ₹2,00,000 (minimum investment amount ₹1,00,000)

Loan facility available
LIC's Accident Benefit Rider and LIC's Accidental Death and Disability Benefit Rider are available.

Benefits of the LIC Micro Savings Plan
LIC's Micro Savings Plan is a safe and reliable insurance option for small investors. This plan not only provides life cover, but also offers benefits from savings and loyalty bonuses. Let's explore its key benefits.

Death Policy:
If the insured dies during the policy term, the family can receive a minimum of 105% of the total premium.

Maturity Benefit:
If the policyholder survives the full policy term, they receive a loyalty addition to the basic sum assured, which can be a fixed lump sum payment.

Loyalty Addition:
Under the LIC Micro Savings Plan, the policyholder can receive a loyalty addition based on the company's performance and market experience. This bonus is added to the maturity or death benefit, provided premiums have been paid regularly for at least five years.

Premium Payment Flexibility:
The policyholder can pay premiums monthly, quarterly, half-yearly, or annually, as per their convenience.

Premium Payment Discount:
Yes, if premiums are not paid on time, LIC may offer an additional 30-day grace period. During this period, all policy benefits continue.

Surrender Value:
If premiums have been paid for one year, the policy can be surrendered at any time. LIC returns the higher of the guaranteed or special surrender value.

Policy Loan Facility:
A loan can be taken against the policy after paying premiums for 3 years. Yes, on in-force policies: up to 70% of the surrender value. On paid-up policies: up to 60% of the surrender value.

Free Look Period:
If the customer is not happy with the policy within 15 days of purchasing it, they can cancel the policy, and LIC will refund the premium after deductions.

Final Words
LIC Micro Bachat Plan is considered an affordable and reliable policy from the Life Insurance Corporation of India (LIC), which offers the benefits of both insurance protection and savings. This plan is ideal for those who want to secure their family's future at a low premium. You can choose the right policy as per your needs by taking expert advice and comparing plans like LIC Endowment, LIC Child Plan, LIC Pension, or LIC Micro Insurance. (Note: This article is for informational purposes only and should not be construed as investment advice in any way. It is recommended to consult a financial advisor for investment advice.)

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