LIC Micro Bachat Plan 751 Calculator
A Participating Non-Linked Micro Insurance Plan
Yearly
Half Yearly
Quarterly
Monthly (NACH)
When it comes to life insurance combined with savings, LIC Micro Bachat Plan 751 stands out as a popular choice for many. It is designed to offer both protection for your loved ones and a way to save money systematically. Understanding this plan and how to calculate the premiums, maturity amount, and benefits is essential to making informed decisions.
What is LIC Micro Bachat Plan 751?
LIC Micro Bachat Plan 751 is a regular premium, non-linked, participating individual life micro-insurance savings plan introduced by LIC India. It offers a combination of life protection and savings with flexible policy terms and affordable premiums.
Key Features
- Plan Type: Non-linked, participating micro-insurance plan
- Age Eligibility: Entry age between 18 to 55 years
- Policy Term: Minimum 10 years, maximum 15 years
- Sum Assured: From ₹1,00,000 to ₹2,00,000 (sometimes offered up to ₹3,00,000)
- Premium Payment: Equal to policy term (payable yearly, half-yearly, quarterly, or monthly by NACH)
- Loan Facility: Available after 1 year of premium payment
- Loyalty Addition: Bonus payable on maturity or death after 5 years
- No GST on Premiums: Recognized as a micro-insurance plan
Benefits of LIC Micro Bachat Plan 751
The plan is designed with dual benefits for policyholders:
1. Death Benefit
- During the first 5 years: The nominee receives the sum assured on death, which is the higher of:
- 7 times the annualized premium, or
- Basic sum assured, or
- 105% of total premiums paid
- After 5 years: The nominee receives the sum assured along with Loyalty Addition (if any).
2. Maturity Benefit
- If the policyholder survives till the end of the policy term and all premiums have been paid, the policyholder receives:
- Basic sum assured plus Loyalty Addition (if declared by LIC).
3. Loan Facility
- The policyholder may take a loan against the policy after paying premiums for at least 1 year. This provides liquidity in times of need.
4. Loyalty Addition
- Bonus or loyalty additions are declared by LIC based on profits and are paid on death after 5 years or at maturity with full premium payment.
Eligibility Criteria for LIC Micro Bachat Plan 751
- Minimum Entry Age: 18 years
- Maximum Entry Age: 55 years
- Maximum Maturity Age: 70 years (Policy term + Age at Entry)
- Policy Term: 10 to 15 years
- Sum Assured Range: ₹1,00,000 to ₹2,00,000
- Premium Modes: Yearly, Half-yearly, Quarterly, Monthly
How to Calculate LIC Micro Bachat Plan 751 Premiums and Maturity?
Calculating premiums and benefits manually can be difficult due to various factors like the age of the policyholder, premium-paying term, sum assured, and applicable loyalty additions. That is where the LIC Micro Bachat Plan 751 Calculator plays an important role.
What Does the Calculator Do?
The LIC Micro Bachat Plan 751 Calculator helps you:
- Estimate yearly, half-yearly, quarterly, or monthly premiums with applicable rebates.
- Calculate the projected maturity amount, including the sum assured and estimated loyalty addition.
- Check death benefits during different policy durations.
- Understand the premium payment schedule clearly.
Step-by-Step Guide to Using LIC Micro Bachat Plan 751 Calculator
Step 1: Enter Basic Details
- Age of the Life Assured (between 18 and 55)
- Policy Term (10 to 15 years)
- Sum Assured (₹1,00,000 to ₹2,00,000)
- Premium Payment Mode (yearly, half-yearly, quarterly, monthly)
Step 2: Calculate Premium
- The calculator will show the annualized premium amount based on LIC’s premium rates.
- It may also apply mode rebates (2% for yearly, 1% for half-yearly, none for quarterly, and an additional 3% charge for monthly mode).
Step 3: View Maturity and Death Benefits
- You will see the maturity amount, which includes the basic sum assured plus estimated loyalty addition.
- Death benefit projection based on policy duration and sum assured definition.
Step 4: Review Loan Facility and Other Benefits
- Understand loan eligibility after 1 year.
- See surrender value (if the policy is surrendered after 1 year).
Using the calculator is simple, and many LIC agent websites or insurance comparison portals offer free online calculators for this plan.
Example Calculation Using LIC Micro Bachat Plan 751 Calculator
Let’s take an example:
- Age: 30 years
- Policy Term: 15 years
- Sum Assured: ₹2,00,000
- Premium Mode: Yearly
The calculator shows:
- Yearly premium: Approximately ₹10,400
- Total premiums paid over 15 years: ₹1,56,000
- Estimated Loyalty Addition at maturity: ₹30,000 (subject to LIC’s profits)
- Expected maturity amount: ₹2,30,000 (Basic sum assured + Loyalty Addition)
Death benefits would vary based on when the unfortunate event occurs but will be higher than the premiums paid with added loyalty bonuses after 5 years of completion.
Why Choose LIC Micro Bachat Plan 751?
Affordable Premiums for Protection and Savings
The plan is designed for those who want a life cover with savings without burdening their finances. Premiums are relatively low and flexible in payment mode.
No Medical Examination Required
Due to its micro-insurance nature, small sum assured ranges and entry age limits, no medical tests are needed, making it accessible for all.
Loyalty Additions for Extra Returns
Apart from the sum assured, policyholders may receive bonuses called loyalty additions, increasing maturity benefits.
Loan Facility for Financial Emergencies
Loan facilities after one year allow policyholders to fulfill short-term cash needs without surrendering the policy.
Tax Benefits
Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act, and maturity proceeds are also exempt under Section 10(10D) [important external source: Income Tax Department].
How to Buy LIC Micro Bachat Plan 751?
The plan can be purchased through:
- LIC branch offices
- LIC agents or advisors
- Online LIC portals (subject to availability)
- Authorized insurance platforms and brokers
Before buying, compare premiums and benefits using the LIC Micro Bachat Plan 751 Calculator to understand exact costs and benefits tailored for your age and sum assured.
Frequently Asked Questions (FAQs)
What is LIC Micro Bachat Plan 751?
LIC Micro Bachat Plan 751 is a life insurance savings plan that offers both protection and savings benefits for a fixed policy term with affordable premiums and no medical examination required.
Who is eligible to buy this plan?
Individuals between the age of 18 to 55 years are eligible to buy this plan, with the policy term ranging from 10 to 15 years.
What is the minimum and maximum sum assured under this plan?
The sum assured starts from ₹1,00,000 and goes up to ₹2,00,000 or sometimes ₹3,00,000 depending on LIC’s offerings.
Can I pay premiums monthly?
Yes, monthly premium payments are allowed via the NACH facility but are subject to a small additional charge compared to yearly or half-yearly payments.
What benefits do I get if I survive the policy term?
You will receive the basic sum assured along with any declared loyalty additions (bonus) upon maturity of the policy.
Are there any tax benefits under this plan?
Yes, premiums paid qualify for tax deductions under Section 80C, and maturity proceeds are exempt from tax under Section 10(10D) of the Income Tax Act.
Is there any loan facility available?
Yes, you can avail of a loan against the policy after paying premiums for at least one year.
Summary
The LIC Micro Bachat Plan 751 is a simple, affordable, and effective insurance-cum-savings plan perfect for individuals seeking a combination of protection and savings. Using the LIC Micro Bachat Plan 751 Calculator allows policyholders to estimate premiums and expected maturity amounts and understand benefits clearly, helping them plan their finances better.
This plan’s attractive features, like no medical tests, loan facility, loyalty additions, and tax benefits, make it a smart choice for many. If looking for a small-ticket insurance with savings potential, LIC Micro Bachat Plan 751 is worth considering.