The Life Insurance Corporation of India (LIC) offers the Micro Savings Plan for individuals looking to build savings while maintaining life insurance protection. Designed with small savers in mind, the plan combines regular premium payments with insurance benefits and provides additional facilities subject to the policy’s terms and conditions.
The LIC Micro Savings Plan (Plan No. 751; UIN: 512N329V03) is a participating, non-linked, individual savings-cum-life insurance product. LIC has also highlighted the scheme on its official social media platform, X, encouraging people to consider financial protection alongside long-term savings.
What Is the LIC Micro Savings Plan?
The LIC Micro Savings Plan is intended to make life insurance and savings accessible to individuals who prefer paying premiums in smaller, regular instalments.
The policy provides a death benefit to eligible beneficiaries in accordance with its terms. It also includes benefits relating to accidental death or disability, subject to the applicable conditions.
Another feature is the loan facility, which may allow eligible policyholders to access funds against their policy. The availability and amount of any loan depend on the policy conditions.
As a participating plan, it may also provide benefits linked to LIC’s declared bonuses, where applicable under the policy terms. Customers should consult the official brochure to understand the benefits available for their chosen policy.
LIC Micro Savings Plan: Eligibility, Policy Term and Sum Assured
The plan has specified eligibility requirements and premium payment options that prospective policyholders should review before applying.
The key details provided for the LIC Micro Savings Plan are:
- Eligible entry age: 18 to 55 years.
- Policy term: 10 to 15 years.
- Sum assured: ₹1 lakh to ₹2 lakh.
- Premium payment frequency: Monthly, quarterly, half-yearly or annually.
These options allow policyholders to select a payment schedule according to their financial circumstances. The premium payable will depend on the applicable policy conditions and the details of the coverage selected.
Before purchasing the plan, customers should verify the eligibility criteria, premium amounts, maturity benefits, exclusions and other conditions in LIC’s official sales brochure.
How to Purchase the LIC Micro Savings Plan
Individuals interested in the LIC Micro Savings Plan can visit the official LIC website at www.licindia.in for information about the policy and its purchase process.
The supplied information also mentions a WhatsApp facility at 8976862090, where customers can send “HII” to seek information. Alternatively, interested individuals can contact an authorised LIC agent for assistance.
For security, customers should use verified LIC communication channels and avoid sharing sensitive financial information or OTPs with unknown individuals.
Disclaimer: This article is intended for general informational purposes only and does not constitute financial, investment or insurance advice. Policy eligibility, premiums, benefits, bonuses and loan facilities are governed by LIC’s official policy documents and applicable conditions. Readers should verify the latest details directly with LIC or an authorised representative before purchasing the policy.