In LIC Bima Jyoti, 5% salan of basic sum assured is guaranteed. The entry age for this policy is up to 60 years.
LIC Bima Jyoti: Life Insurance Corporation ie LIC has recently launched a policy called LIC BIMA JYOTI. The biggest feature of this policy is that along with the tax benefits, the returns are guaranteed. It is completely unaffected by non-linked market risk. When it comes to guaranteed returns, it is 5 percent of the sum assured annually. Its minimum sum assured is 1 lakh, meaning every year the return of 5 thousand rupees is fixed, which gets added.
Talking about eligibility for this policy, the minimum sum assured is Rs 1 lakh. The sum assured of more than that is in the multiple of 25 thousand. Meaning 1.25 lakhs, 1.50 lakhs, 1.75 lakhs can be your sum assured. There is no limit for maximum sum assured. This policy can be enrolled after 90 days i.e. three months after the birth of the child. Maximum entry age is 60 years. This policy matures in at least 18 years and maximum in 75 years. This policy is for 15-20 years. The premium paying term is five years less than the policy term. Payment is made on a monthly basis, quarterly, half yearly and annually. The policy can be surrendered after depositing the premium for two years. You can also get a loan based on this policy.
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Five types of riders
Talking about the riders, in addition to the Accidental Death and Disability Benefit Rider, the Accident Benefit Rider is available. The insurance holder can choose any one. Apart from this, it is also available with New Term Assurance Rider, Critical Illness Benefit and Premium Weber Benefit Rider.
How will you get benefits
Death benefit is 125 percent of the sum assured and the minimum is 1.25 lakh rupees. When the policy matures, the insurance holder gets the sum assured and also adds an annual return at the rate of 5 percent. For example, if A has taken a basic sum assured of 1 lakh for 20 years, then he will have to pay the premium for 15 years. Suppose A’s age is 30 years. A will have to deposit monthly amount of Rs 713. Monthly premium from the second year will be Rs 726. 5000 rupees will be guaranteed every year, which will be 1 lakh in 20 years. After the policy matures, its total benefit will be 2 lakhs. Death sum assured for A will be 1.25 lakh rupees. This is 125 percent of the basic sum assured.
