LIC Micro Bachat

LIC Micro Bachat (Plan 751, UIN 512N329V03) is a micro insurance plan from Life Insurance Corporation of India. It is a participating (with-profits) plan: the policy earns Simple Reversionary Bonuses that LIC declares from its surplus each year, and may add a Final Additional Bonus when the policy ends.

Premiums are paid through the policy term, in yearly, half-yearly, quarterly or monthly mode. If the policyholder dies during the term, the nominee receives: Sum Assured + bonuses. On surviving the full term, the policyholder gets: Sum Assured + bonuses.

It suits people looking for low income, basic protection and micro savings. It is not available to NRIs.