LIC Micro Bachat 951 (UIN 512N329V02) is a participating micro-insurance endowment plan sold from 1 February 2020 to 1 October 2024. It offered ₹50,000 to ₹2 lakh cover for 10 to 15 years without a medical test, paying sum assured plus loyalty addition at maturity. A 30-year-old with ₹1 lakh cover for 15 years pays about ₹5,086 a year; estimated maturity is ₹1,00,500 with a small assumed loyalty addition.
Micro Bachat 951 Premium & Maturity Calculator
Your estimate
no GST is charged on this micro-insurance plan
- Premium per instalmentno GST is charged on this micro-insurance plan
- ₹5,086
- Premium paying term
- 15 years
- Total premium paid
- ₹76,290
- Loyalty addition (estimate)
- ₹500
- Sum assured on deathplus loyalty addition, if any, after 5 years
- ₹1,00,000
- Age at maturity
- 45 years
- Approx. return (IRR)
- 3.37%
- Total premium paid₹76,29076%
- Net gain₹24,21024%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Micro Bachat Plan 951?
LIC Micro Bachat Plan 951 was LIC’s micro-insurance savings plan from 1 February 2020 to 1 October 2024 (UIN 512N329V02). It is non-linked and participating. Policyholders pay a small premium for the whole term of 10 to 15 years. At the end they receive the sum assured plus a loyalty addition, and their family is covered if they die before then.
Plan 951 replaced the short-lived first version, Micro Bachat 851. In October 2024 it was itself replaced by Micro Bachat 751. If you hold a 951 policy, your terms do not change. Use the calculator to check what you pay and what you can expect back.
Micro Bachat 951 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 951 / 512N329V02 |
| Sold | 1 Feb 2020 to 1 Oct 2024 (withdrawn) |
| Entry age | 18 to 55 years |
| Maximum maturity age | 70 years |
| Policy term = premium term | 10 to 15 years |
| Sum assured | ₹50,000 to ₹2,00,000 (multiples of ₹5,000) |
| Medical exam | None for standard healthy lives |
| Maturity | Sum assured + loyalty addition |
Premium and worked example
Rates are per ₹1,000 of sum assured and rise only slowly with age. Yearly payment earns a 2% rebate and half-yearly 1%. Monthly payment carries a 3% loading. Covers of ₹1.5 lakh and ₹2 lakh get a small sum assured rebate.
Example 1: age 30, ₹1 lakh, 15 years, yearly mode. Premium is about ₹5,086 a year, or ₹76,290 in total. The loyalty addition is estimated at ₹500, so the maturity is about ₹1,00,500 at age 45.
Example 2: age 25, ₹2 lakh, 10 years, monthly mode. The instalment is about ₹1,435 a month. The estimated maturity is ₹2,01,000, including ₹1,000 of loyalty addition.
| Age | 10 years | 12 years | 15 years |
|---|---|---|---|
| 18 | ₹8,374 | ₹6,689 | ₹5,047 |
| 30 | ₹8,401 | ₹6,720 | ₹5,086 |
| 40 | ₹8,502 | ₹6,838 | ₹5,228 |
| 50 | ₹8,796 | ₹7,161 | ₹5,601 |
Yearly premium for ₹1 lakh cover, from the calculator.
Tip: keep paying until maturity if you can. In a plan like this, most of the value comes from the sum assured and loyalty addition paid at the end.
Maturity, death and loyalty addition
- Maturity: basic sum assured + loyalty addition (declared by LIC, not guaranteed, applicable after five policy years).
- Death: the higher of the basic sum assured or 7× the annual premium, at least 105% of premiums paid, plus a loyalty addition after five years.
Loan and surrender
A 951 policy can be surrendered once it has a surrender value. The Micro Bachat plan summary we used says a loan is available after three full years’ premiums, up to a share of the surrender value. Surrendering early returns less than you have paid. Check the figure with the surrender value calculator first.
Tax
Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). The maturity and death benefits are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
951 vs 851 vs 751
All three share the same design: cover up to ₹2 lakh, terms of 10 to 15 years, and sum assured plus loyalty addition at maturity. The 851 and 951 calculators use the same rate table from their plan summaries. Plan 751 uses its own brochure-based rates, a little higher than 951’s at every age and the same for men and women. If you are comparing a new purchase, see the Micro Bachat 751 calculator.
How to use this calculator
Enter your entry age, term, sum assured and mode from the policy document. Leave the loyalty addition at ₹5 per ₹1,000, the total shown in LIC’s 751 illustration at an 8% assumed return, or set it to 0 to see the guaranteed sum assured alone. All results are estimates.
Frequently asked questions
Is LIC Micro Bachat 951 still available?
No. It was sold from 1 February 2020 until 1 October 2024, when LIC replaced it with Micro Bachat 751. Existing 951 policies continue unchanged until maturity or claim.
What is the maturity amount of Micro Bachat 951?
Maturity is the basic sum assured plus any loyalty addition LIC declares after the policy completes five years. On ₹1 lakh for 15 years, our default of ₹5 per ₹1,000 in total (the amount in LIC's illustration for the successor Plan 751) gives ₹1,00,500.
What is the monthly premium for ₹2 lakh in Micro Bachat 951?
For a 25-year-old on a 10-year term, our calculator shows about ₹1,435 a month, which includes the 3% monthly loading and the ₹2 lakh sum assured rebate. Yearly payment works out to about ₹16,368.
What happens if I stop paying Micro Bachat 951 premiums?
Within the grace period the policy stays in force. After that it lapses but can usually be revived within the revival period. If enough premiums have been paid, the policy may acquire a surrender or paid-up value instead of lapsing completely.
What is the death benefit under Micro Bachat 951?
The nominee receives the higher of the basic sum assured or 7 times the annual premium, never less than 105% of premiums paid, plus a loyalty addition if the policy has run at least five years.
Is GST payable on my Micro Bachat 951 premium?
No. Micro-insurance premiums were outside GST, and from 22 September 2025 all individual life insurance premiums are GST-exempt. Any old receipt showing 18% GST was not a correct basis for this plan.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.