All About LIC Bima Jyoti Policy

The Bima Jyoti Life Assurance Savings Plan from LIC is a non-linked, non-participating, individual Life Assurance Savings Plan. This plan will provide you with both safety and savings.

Bima Jyoti Policy Eligibility and Sum Assured The plan's minimum basic sum assured is Rs. 1,000,000, and there is no cap on the maximum basic sum assured, which will be in multiples of Rs. 25,000.

The policy term ranges from 15 to 20 years. The Policy Term will be 5 Years shorter than the Premium Paying Term. The policy's minimum age of admission is 90 days, while the maximum age of entry is 60 years. The Minimum Age of Maturity, on the other hand, is 18 years, while the Maximum Age of Maturity is 75 years. Bima Jyoti Plan calculation, assuming a policy duration of 15 years, yields a PPT of 10 years.

Death Benefit:

If the policyholder dies before the "Risk Commencement Date," the nominee will get a refund of all premiums paid. Any additional premiums or rider premiums will not be paid.

If the policyholder passes away after the "Risk Commencement Date," the nominee will receive the Sum Assured on Death.

The highest of the following is the Sum Assured on Death:

7 times the yearly premium

125 percent of the Basic Sum Assured + Guaranteed Additions totaled

The Death Benefit shall never be less than 105 percent of the total amount paid in premiums.

Taxes are not included in the premiums referred to in the Death Benefit.

Option to receive Death Benefit in Instalments - 

 Over a period of 5, 10, or 15 years, the policyholder can choose to make the death benefit accessible to the nominee monthly, quarterly, half-yearly, or annually. This is done to guarantee that the nominee receives a regular amount of money rather than a large payment.

The Advantage of Maturity

You will get Sum Assured + All Guaranteed Additions accrued to date when the contract matures.

The Guaranteed Additions are added every year at a rate of Rs. 50 for 1,000 Sum Assured, as previously stated.

Facility for Borrowing

Once this insurance has a Surrender Value, you will be able to secure a loan against it. Only after three years of premiums have been paid does this plan receive a Surrender Value. The loan amount and interest rate will be determined by the market conditions at the time the loan is taken out.

Other LIC Bima Jyoti Policy Optional Benefits

The following riders are available for an extra fee:

Rider for Accidental Death and Disability Benefits - In the event of an accident, the rider sum promised will be paid in addition to the base sum assured. The extra sum assured chosen is paid out in monthly instalments over a ten-year period in the event of incapacity due to an accident. Up to the extra sum assured decided, future premiums for the basic sum assured are likewise waived.

Accident Benefit Rider - If the insured dies as a result of an accident, the rider sum assured will be paid in addition to the base sum assured.

New Term Assurance Rider - If the policyholder dies, this rider will pay an additional amount of coverage as specified.

New Critical Illness Benefit Rider - The Critical Illness Sum Assured will be paid out if the policyholder is diagnosed with any of the 15 Critical Illnesses covered in this plan.

Premium Waiver Benefit Rider - all future premiums will be waived if the policyholder dies.