When it comes to securing the future of your family and building savings at an affordable cost, LIC Micro Bachat Plan 751 stands out as an excellent choice. Designed specifically for individuals from economically weaker sections, this plan offers both protection and savings in a tidy package. To understand this plan fully and calculate your potential premiums and benefits, using an LIC Micro Bachat Plan 751 calculator can be extremely helpful.

What is LIC Micro Bachat Plan 751?

LIC Micro Bachat Plan 751 is a non-linked, participating, regular premium micro-insurance savings plan offered by Life Insurance Corporation of India (LIC). The primary aim of this plan is to provide financial security to people from economically weaker sections by offering:

• Protection benefits in case of an unfortunate demise during the policy term.
• Savings benefits through lump sum maturity amounts with an added bonus feature.

The plan combines the dual benefit of insurance and saving in an affordable way.

Key Features of LIC Micro Bachat Plan 751

Understanding the main features of the plan helps clarify its appeal:

• Entry Age: Minimum 18 years, maximum 55 years.
• Policy Term: Options range from 10 to 15 years.
• Sum Assured: Minimum Rs. 50,000 and maximum Rs. 2,00,000 in multiples of Rs. 1,000.
• Premium Payment: Regular premium payments throughout the policy term.
• Premium Payment Modes: Annual, half-yearly, quarterly, or monthly payment options for flexibility.
• Death Benefit: Sum assured payable to nominee plus accrued bonuses in case of policyholder’s death during the policy term.
• Maturity Benefit: Lump sum payment to policyholder upon survival till the end of the policy term.
• Loyalty Additions: Bonuses declared at LIC’s discretion after completion of five policy years.
• Loan Facility: Policyholders can avail of a loan after paying premiums for one full year.
• Participation in Profits: Being a participating plan, it shares in LIC’s profits via bonuses.
• Tax Benefits: Premiums paid under the plan qualify for income tax deduction under Section 80C, and maturity proceeds/death benefits are exempt under Section 10(10D).

Who Should Consider LIC Micro Bachat Plan?

This plan is specifically designed for:

• Individuals from low-income groups who seek affordable financial protection.
• First-time insurance buyers looking for a simple plan that combines protection with savings.
• Those looking for small-ticket insurance with flexible premium payment options.
• People who want to build a savings corpus steadily over 10-15 years with the additional benefit of life cover.

How Does the LIC Micro Bachat Plan Work?

The policyholder pays regular premiums throughout the policy term. If the insured survives the full policy term, they receive the sum assured along with loyalty additions declared by LIC. In case of death during the policy term, the nominee receives the sum assured plus accrued bonuses.

The plan also allows you to take loans against your policy, which can help in emergencies.

Understanding the LIC Micro Bachat Plan 751 Calculator

What is the LIC Micro Bachat Plan Calculator?

The LIC Micro Bachat Plan 751 Calculator is a digital tool designed to help prospective and existing policyholders estimate:

• The premium amount for a chosen sum assured, policy term, and payment mode.
• The maturity benefits including estimated bonuses and loyalty additions.
• The death benefits payable to nominees.
• The surrender value (if applicable).
• The impact of different premium payment frequencies on your total premiums.

Why Use the Calculator?

Using an LIC Micro Bachat Plan calculator helps in financial planning and decision-making by providing:

• Accurate premium estimates based on your inputs.
• A clear projection of benefits and returns.
• The ability to compare different policy terms and premium modes.
• Easy understanding of complex policy features in simple numbers.

How to Use LIC Micro Bachat Plan 751 Calculator Effectively

Using the LIC Micro Bachat calculator is straightforward. Follow these simple steps:

1. Enter your age (nearest birthday). The policy entry age must be between 18 and 55 years.
2. Choose the policy term you want (10 to 15 years).
3. Select the Sum Assured between Rs. 50,000 and Rs. 2,00,000.
4. Choose the premium payment mode: annual, half-yearly, quarterly, or monthly.
5. View the premium amount calculated by the tool.
6. Optionally, view the estimated maturity benefit showing your expected returns, including bonuses.
7. Save or print this information for future reference, or discuss it with your LIC agent.

This calculation ensures you are well informed about the commitment and benefits you can expect from the plan.

Benefits of LIC Micro Bachat Plan 751

This plan offers several attractive benefits:

• Affordable Premiums: Low premium amount makes it accessible for low-income individuals.
• Dual Benefit: Provides both life cover and savings.
• Loyalty Additions: Boost your returns after 5 years.
• Loan Facility: Get a policy loan if you need liquidity during the policy tenure.
• Tax Savings: Premiums paid and benefits received enjoy tax exemptions.
• Flexibility in Premium Payment Modes: Choose a payment option that suits your cash flow.
• Peace of Mind: Financial security for your family in your absence.

Premium Payment Modes & Rebates

The plan allows premium payment using different modes with some rebates for chosen modes:

Payment Mode	Description	Rebates
Annual	Once a year	2% rebate on tabular premium
Half-Yearly	Twice a year	1% rebate on tabular premium
Quarterly	Four times a year	No rebate
Monthly	Every month (usually NACH debit)	3% extra charge on tabular premium

Choosing the right mode can optimize your premium payment according to your convenience and affordability.

Eligibility Criteria

• Minimum Entry Age: 18 years
• Maximum Entry Age: 55 years
• Maximum Maturity Age: 70 years
• Policy Term: 10 to 15 years
• Sum Assured: Rs. 50,000 to Rs. 2,00,000 in multiples of Rs. 1,000

Example Premium Illustration Using the Calculator

Let’s consider a hypothetical example of Mr. Verma aged 30 years who wants a sum assured of Rs. 1,00,000 for a 15-year term and wants to pay premiums annually.

• Annual Premium (including GST and rebates) could be approximately Rs. 2,524.
• After 15 years, he will receive the sum assured plus any loyalty additions and bonuses declared.
• If Mr. Verma dies during the tenure, his nominee receives the sum assured plus accrued bonuses.

This simple estimator gives a clear idea of his commitment and benefits by using the LIC calculator tool.

Additional Benefits and Riders

• Accidental Benefit Rider: Can be added to enhance protection.
• Accidental Death & Disability Benefit Rider: Optional for extra cover.
• The plan also features paid-up values if premiums are discontinued after at least 3 years.

Tax Benefits Explained Simply

• Premiums Paid: Eligible for deduction under Section 80C up to Rs. 1,50,000 per annum.
• Maturity and Death Proceeds: Exempt from tax under Section 10(10D) of the Income Tax Act.
• This means your investment grows tax-free, ensuring better overall returns.

Why Choose LIC Micro Bachat Plan 751?

• It is a government-backed LIC plan, offering safety and reliability.
• Ideal for people looking for small, affordable insurance with a savings component.
• The plan suits those who want simplicity without the complexity of market-linked products.
• The availability of an online calculator makes it easy to understand and plan finances.

How to Buy LIC Micro Bachat Plan 751?

You can purchase this policy:

• Offline: Through LIC agents, POSP (Point of Sales Persons for Life Insurance), or Common Service Centers.
• Online: Directly via LIC’s official website for convenience.

Before purchasing, use the LIC Micro Bachat Plan 751 calculator to get premium and benefit estimates for informed decision-making.

Frequently Asked Questions

Conclusion

The LIC Micro Bachat Plan 751 Calculator is an essential tool to make the most of this affordable and valuable plan. By estimating premiums and benefits upfront, you gain clarity, avoid surprises, and build a solid financial foundation for your family. It’s a simple, trustworthy plan that protects you and helps you save.