LIC’s BIMA JYOTI (UIN – 512N339V01)
LIC’s BIMA JYOTI is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term. This plan will also be available through online application process.Also Read: National Monetisation Pipeline Programme NPP to be presented by Finance Minister Nirmala Sitharaman
LIC Bima Jyoti key features
- Available through Online mode (https://www.licindia.in/—-> “Buy Policy online” )
- Endowment plan with policy Term 15 to 20 years with mode of payment as Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
- Minimum Sum assured- Rs. 1,00,000/-. Maximum- No limit
LIC Bima Jyoti key Benefit
On death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.Also Read: New Wage Code: If you work more than 30 minutes then you will get overtime, rules will change from October 1
Death Benefit
On death during the policy term after the date of commencement of risk: “Sum Assured on Death” along with accrued Guaranteed Additions
Where “Sum Assured on Death” is defined as the higher of 125 % of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid upto the date of death. Premiums referred above shall not include taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.Also Read: SBI Global Ed Vantage overseas education loan all you need to know
Maturity Benefit
On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions, shall be payable.
Guaranteed Additions
Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured shall accrue at the end of each policy year for which full year’s premiums have been paid throughout the policy term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.Also Read:Farmer latest news one district one product Scheme benefits for Farmers central Govt approved list of 33 Districts Products
Optional rider benefits
- LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02)
- LIC’s New Term Assurance Rider (UIN 512B210V01)
Please see FAQ for more details.
Option available under the base plan
Settlement Option (for Maturity Benefit): Settlement Option is an option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals.
Option to take Death Benefit in Instalments: This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an inforce as well as paid up policy.Also Read: EPFO: PF Customar Follow this new rule to receive benefits worth rs 7 lakh
Rebate for online Sale
Proposal to be completed under online sales shall be eligible for rebate on tabular premium at the following rates:
| Premium Paying Term | Online Sale (Rate of rebate) |
| 10 to 14 years | 7.5% |
| 15 years | 10% |
Rebate for Higher Basic Sum Assured
| Basic Sum Assured (B.S.A) | Rebate on tabular premium per Rs 1000 B.S.A.(Rs.) |
| 1,00,000 to 2,75,000 | NIL |
| 3,00,000 to 4,75,000 | 4.00 |
| 5,00,000 to 9,75,000 | 5.00 |
| 10,00,000 and above | 6.00 |
LIC Bima Jyoti key Eligibility
Minimum Sum Assured – Rs. 100,000
Maximum Sum Assured – No limit
Minimum age at entry – 90 days (completed) (However for online plans, minor life is not allowed. You can purchase offline from any nearest branch.
Maximum age at entry – 60 Years (nearer birthday)
Maximum Maturity age – 75 years (nearer birthday)
Minimum Maturity age – 18 years (Completed)
Policy Term – 15 to 20 years
Premium Paying Term – Policy Term less 5 years
Mode of payment – Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
Surrender – The policy can be surrendered at any time during the Policy Term provided atleast two full year’s premium have been paid.
Loan – Loan facility is available under this plan, after payment of premiums for atleast two full year’s have been paid.
