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LIC’s Micro Bachat Plan 751: Complete Guide, Benefits,
Premium, Eligibility, and Returns (2026)
Life Insurance Corporation of India (LIC) has always played
a crucial role in providing affordable and reliable life insurance solutions to
millions of Indians. Among its various products, LIC’s Micro Bachat Plan 751
is specially designed for individuals looking for low-premium insurance with
savings benefits. This plan is particularly suitable for people from rural
areas, low-income groups, and first-time insurance buyers.
In this detailed article, we will cover everything you need
to know about LIC Micro Bachat 751, including features, benefits,
eligibility, premium structure, returns, tax benefits, and whether this plan is
right for you.
What is LIC’s Micro Bachat Plan 751?
LIC Micro Bachat Plan 751 is a non-linked,
non-participating, endowment life insurance plan. It provides both life
cover and savings at an affordable premium. The plan ensures financial
protection for the family in case of the policyholder’s death and also offers a
lump sum maturity benefit if the policyholder survives the policy term.
This plan is categorized as a micro-insurance product,
meaning it is designed for people who want insurance with small premiums and
modest coverage, while still enjoying the credibility of LIC.
Key Objectives of LIC Micro Bachat 751
The primary objectives of this plan are:
- To
provide financial security to economically weaker sections
- To
encourage the habit of long-term savings
- To
offer life insurance coverage at low cost
- To
make insurance accessible in rural and semi-urban areas
Key Features of LIC Micro Bachat Plan 751
Here are the main features that make this plan popular:
1. Affordable Premium
The premium under LIC Micro Bachat 751 is very low, making
it suitable for daily wage earners, small business owners, and individuals with
limited income.
2. Life Insurance Coverage
The plan offers life cover throughout the policy term,
ensuring financial support for the family in case of the policyholder’s death.
3. Maturity Benefit
If the policyholder survives till maturity, a lump sum
amount is paid, helping in meeting future financial needs.
4. Fixed Policy Term
The policy has a fixed term, making it easy to plan
finances.
5. Simple Structure
No market risk, no complicated bonus calculations, and no
investment volatility.
Eligibility Criteria for LIC Micro Bachat 751
Before purchasing the plan, it is important to understand
who can apply.
Age Limit
- Minimum
Entry Age: 18 years
- Maximum
Entry Age: 55 years
Maximum Maturity Age
- 70
years
Policy Term
- Fixed
term (as specified by LIC at the time of purchase)
Sum Assured
- Minimum
and maximum Sum Assured limits are kept low to ensure affordability.
Premium Payment Options
LIC Micro Bachat 751 offers flexible premium payment modes:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Premiums can be paid through:
- Cash
- Bank
account
- Digital
payment methods (where available)
Death Benefit Under LIC Micro Bachat 751
In case of the unfortunate death of the policyholder during
the policy term:
- The
Sum Assured on Death is paid to the nominee.
- This
amount helps the family manage expenses such as daily needs, debts, or
children’s education.
- The
death benefit is guaranteed and not affected by market conditions.
Maturity Benefit
If the policyholder survives the entire policy term:
- A lump
sum maturity amount is paid.
- This
amount can be used for:
- Children’s
education
- Medical
expenses
- Business
needs
- Emergency
savings
The maturity benefit is predefined, making financial
planning easier.
Surrender Value of LIC Micro Bachat Plan 751
The policy can be surrendered after a minimum number of
years (as per LIC rules).
- On
surrender, the policyholder receives a Guaranteed Surrender Value
or Special Surrender Value, whichever is higher.
- Surrender
value depends on:
- Number
of premiums paid
- Policy
duration completed
Note: Surrendering early may result in lower returns.
Loan Facility
One of the advantages of LIC policies is the loan
facility.
- Policyholders
can take a loan against the policy after acquiring surrender value.
- Loan
amount depends on the surrender value.
- This
helps during financial emergencies without breaking the policy.
Tax Benefits of LIC Micro Bachat 751
This plan offers attractive tax benefits under the Income
Tax Act, 1961:
Section 80C
- Premiums
paid are eligible for tax deduction (subject to limits).
Section 10(10D)
- Maturity
and death benefits are tax-free (as per prevailing tax laws).
Tax benefits make this plan even more valuable for small
income earners.
Why LIC Micro Bachat 751 is Ideal for Low-Income Groups
This plan is specially crafted for individuals who:
- Do
not have access to large insurance plans
- Want
guaranteed benefits without market risk
- Prefer
low premium commitments
- Live
in rural or semi-urban areas
LIC’s vast network ensures easy access even in remote
locations.
Comparison: LIC Micro Bachat 751 vs Other Savings Plans
|
Feature |
Micro Bachat 751 |
ULIPs |
Bank FD |
|
Life Cover |
Yes |
Yes |
No |
|
Market Risk |
No |
Yes |
No |
|
Premium |
Low |
Medium-High |
Flexible |
|
Returns |
Guaranteed |
Market-Linked |
Fixed |
|
Tax Benefit |
Yes |
Yes |
Limited |
Advantages of LIC Micro Bachat 751
- Trusted
government-backed insurer
- Affordable
and accessible
- Simple
policy terms
- Guaranteed
benefits
- Suitable
for first-time buyers
- No
exposure to stock market risk
Limitations of LIC Micro Bachat 751
- Returns
are moderate
- Not
suitable for high-income investors
- Limited
Sum Assured
- Less
flexibility compared to modern investment plans
Who Should Buy LIC Micro Bachat 751?
This plan is best suited for:
- Daily
wage earners
- Small
shop owners
- Rural
families
- Individuals
seeking basic life cover
- People
looking for disciplined savings with insurance
How to Buy LIC Micro Bachat 751?
You can purchase the plan through:
- LIC
authorized agents
- LIC
branches
- Approved
micro-insurance agents
Documents required:
- Identity
proof
- Address
proof
- Age
proof
- Passport-size
photographs
Important Points to Remember Before Buying
- Understand
your financial needs
- Compare
with other LIC plans
- Ensure
timely premium payments
- Nominate
a beneficiary
- Keep
policy documents safe
FAQs on LIC Micro Bachat Plan 751
Is LIC Micro Bachat 751 a good plan?
Yes, it is a good plan for individuals seeking affordable
insurance with savings.
Is the plan risky?
No, it is a non-linked plan with guaranteed benefits.
Can I stop the policy midway?
Yes, but surrendering early may reduce benefits.
Is maturity amount taxable?
No, maturity amount is tax-free under Section 10(10D),
subject to conditions.
Final Verdict: Should You Invest in LIC Micro Bachat 751?
LIC’s Micro Bachat Plan 751 is a safe, affordable, and
reliable life insurance-cum-savings plan designed for individuals with
limited income. While it may not generate high returns, it provides financial
security, peace of mind, and guaranteed benefits, making it a valuable
option for millions of Indians.
If your priority is low premium, guaranteed returns, and
life protection, LIC Micro Bachat 751 is definitely worth considering.