LIC Micro Insurance Plans are small‑ticket life insurance solutions designed for low‑income and lower‑middle‑income individuals who need simple, affordable protection with savings. These plans blend life cover and guaranteed benefits to create a basic safety net for families that may not be able to afford larger policies.
What are LIC Micro Insurance Plans?
Micro insurance plans aim to bring insurance within reach of economically weaker sections by offering low minimum premiums, modest sums assured and straightforward conditions. They provide life cover and savings benefits structured to be easy to understand and distribute, often through specialised micro‑insurance agents and PMJDY linkages.
List of LIC Micro Insurance Plans
As per LIC’s Micro Insurance Plans page, the current products are:
| S. N. | Product Name | Plan No. | UIN No. | Broad positioning |
|---|---|---|---|---|
| 1 | LIC’s Micro Bachat | 751 | 512N329V03 | Low‑ticket savings‑cum‑protection micro‑plan |
| 2 | LIC’s Jan Suraksha | 880 | 512N388V01 | Micro‑insurance savings plan with guaranteed additions |
LIC’s Micro Bachat (Plan 751)
LIC Micro Bachat is a non‑linked, participating micro‑insurance plan offering life cover along with basic savings for policyholders in lower income brackets. It is meant to encourage regular, small savings that build a corpus over time while keeping life cover in force to protect the family.
LIC’s Jan Suraksha (Plan 880)
LIC Jan Suraksha is a non‑linked, non‑participating micro‑insurance savings plan with guaranteed additions, targeted at economically weaker sections. It provides limited‑pay premiums, guaranteed additions based on annualised premium and assured death and maturity benefits in the ₹1–2 lakh range.
Distribution and PMJDY Linkage
LIC’s micro‑insurance business is closely linked with financial inclusion initiatives such as PMJDY (Pradhan Mantri Jan‑Dhan Yojana), with nodal officers and micro‑insurance agents mapped sub‑service‑area‑wise. Forms, agent mappings and PMJDY‑related details are provided via dedicated links on the Micro Insurance Plans page to support ground‑level distribution.