LIC’s Bima Jyoti (Table No. 860)

INTRODUCTION :- LIC’s Bima Jyoti is a non-linked, Non participating, Limited premium payment, Life Insurance Savings Plan, which offers an attractive combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term and guaranteed lumpsum payment to the surviving policyholder at the time of maturity. Under this plan Guaranteed Addition of Rs. 50 per thousand Sum Assured will accrue at the end of each policy year throughout the term. This plan also takes care of liquidity needs through its loan facility. LIC’s Bima Jyoti Insurance Policy is the best policy for those individuals who want to deposit money for a short period of time, and want to get guaranteed maturity without taking any risk.

Basic Eligibility Conditions and Features of LIC’s Bima Jyoti Plan (Table No. 860):-

(a) Minimum Age at entry:- 90 days completed

(b) Maximum Age at entry:- 60 years nearest Birthday

(c) Minimum Basic Sum Assured:- Rs.1,00,000/-

(d) Maximum Basic Sum Assured:- No Limit (The basic Sum Assured shall be in multiples of Rs. 25000/-)

(e) Policy Term:- 15 to 20 Years

(f) Premium Paying Term:- (Policy Term less 5) Years

(g) Maturity Benefit:-

On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Guaranteed Additions:- Provided the policy is in-force, Guaranteed Addition at the rate of Rs. 50 per thousand Basic Sum Assured shall accrue at the end of each policy year.

(h) Death Benefit: –

Before Commencement of Risk:- Return of premiums paid excluding taxes and rider premium if any.

After Commencement of Risk:- Risk cover to life assured to the extent of 7 times of annualized premium OR 125% of Basic Sum Assured (Whichever is higher), along with accrued Guaranteed Additions.