LIC Bima Jyoti
LIC Bima Jyoti is a life savings plan that provides protection and growth. It secures the family’s future in case of the policyholder’s death during the term and pays a guaranteed lump sum at maturity, along with Guaranteed Additions.
Features of LIC Bima Jyoti:
- It guarantees an addition of Rs. 50 per thousand of Basic Sum Assured for in-force policies.
- Policyholders have the flexibility to choose their premium payment frequency, decide how long they want protection, and opt for receiving benefits in instalments.
- The plan allows you to enhance coverage by adding Rider Benefits for an additional premium.
- It also offers an attractive High Sum Assured Rebate.
- Liquidity needs are taken care of with a loan facility.
Description
Benefits of LIC Bima Jyoti are :
- Death Benefit: If the life assured passes away during the policy term, after the commencement of risk but before maturity, the death benefit will be the “Sum Assured on Death” along with accrued Guaranteed Additions. The “Sum Assured on Death” is the higher of 125% of the Basic Sum Assured or 7 times the Annualized Premium. This Death Benefit shall not be less than 105% of the “Total Premiums Paid” upto the date of death.
- Maturity Benefit: If the life assured survives until the stipulated date of maturity, and the policy is in force, LIC will pay the “Sum Assured on Maturity” along with accrued Guaranteed Additions. The “Sum Assured on Maturity” is equal to the Basic Sum Assured.
- Settlement Option: The Settlement Option allows the Maturity Benefit to be received in instalments over a chosen period of 5, 10, or 15 years, instead of a lump sum amount, under both in-force and Paid-up policies. The amount opted for this option by the Policyholder (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
- Payment of Premiums:
Basic Sum Assured opted for Allowable mode of Premium payment Less than 1,50,000 Yearly and half-yearly 1,50,000 and above Yearly, half-yearly, quarterly, and monthly (through NACH only) or through salary deductions - Grace Period: The policyholder will be allowed a grace period of 30 days for the payment of yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums, starting from the date of the First Unpaid Premium.
- Surrender: The policyholder can surrender the policy after completing the first policy year, provided at least one full year’s premium has been paid. The policy will acquire a Guaranteed Surrender Value after paying two full years’ premiums and a Special Surrender Value after completing the first policy year with one full premium paid. Upon surrender of an in-force or paid-up policy, LIC will pay the higher of the Guaranteed Surrender Value or the Special Surrender Value.
Eligibility Conditions:
| Minimum Age at entry | 30 days completed | ||||||
| Maximum Age at entry | 60 years (near birthday) | ||||||
| Minimum Age at maturity | 18 years (completed) | ||||||
| Maximum Age at maturity | 75 years (Nearer Birthday), 65 years (Age Nearer Birthday) for policies procured through POSP-LI & CPSC-SPV | ||||||
| Minimum Policy Term | 15 years | ||||||
| Maximum Policy Term | 20 years | ||||||
| Premium Payment Term | [Policy Term minus 5] years | ||||||
| Minimum Basic Sum Assured | 1,25,000 | ||||||
| Maximum Basic Sum Assured | No limit, subject to underwriting decision* (*The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.) |
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| Basic Sum Assured Multiples | The Basic Sum Assured shall be in multiples of amounts specified below:
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