Micro Bachat (Plan 951)

LIC Micro Bachat (951) is a micro savings endowment plan for low-income groups, offering Sum Assured between ₹50,000 and ₹2 Lakhs. With simple eligibility and minimal paperwork, it aims to bring financial security to the economically weaker sections of society.

Minimum entry age is 18 years and maximum entry age is 55 years.

No! From September 22, 2025, GST on all individual LIC policies including Micro Bachat is 0%. Earlier, endowment plans had 4.5% GST and term plans had 18% GST. This saves you significantly — for example, ₹10L SA endowment saves ₹2,688/yr.

Use our free LIC Calculator on this site. Select Plan 951, enter your age, sum assured and policy term — get instant accurate premium using LIC official tabular rates. The calculator includes all rebates and 2025-26 bonus slabs.

Surrender is available after 3 full years of premium payment. You receive the higher of Guaranteed Surrender Value (30%-90% of premiums paid) or Special Surrender Value. However, surrendering early results in significant loss. Consider a policy loan at 10% instead.

You need: (1) Identity proof — Aadhaar/PAN/Passport, (2) Address proof — Aadhaar/Utility bill, (3) Age proof — Birth certificate/School certificate, (4) Income proof for high SA — Salary slip/ITR, (5) Passport-size photographs, (6) Filled proposal form from LIC branch or online.

For 2025-26, the Reversionary Bonus for Micro Bachat is ₹38/1000 SA/year. Additionally, Final Addition Bonus (FAB) of ₹450/1000 SA is paid at maturity or death. If SA ≥ ₹5L, extra ₹1/1000/yr bonus is added under 2025-26 new slab.