A Plan which offers an attractive
a combination of protection and savings, is LIC’s Bima Jyoti which is a Non-Linked, Non-Participating, Individual, Life Assurance plan.
It provides benefits like:
- Death Benefit: financial support for the family in case of unfortunate death of the policyholders during the policy term and.
- Guaranteed Maturity: Guaranteed lump sum payment to the surviving policyholder at the time of maturity.
- Loan Facility: After acquiring the paid-up value that will come after 3 year of policy completion. So, This plan also takes care of liquidity needs through loan facility when needed.
Mode of Purchase:
- This plan can be purchased Offline through agent /other Intermediaries.
- Online directly through website www.licindia.in.
How to calculate the Death Benefits??
1. Benefits payable under an in-force policy (where all due premiums have been paid):
A. Death Benefit:
(i) On death during the policy term before the date of commencement of risk.
Return of premiums paid excluding taxes, extra premium and rider premium(s), if any.
(ii) On death during the policy term after the date of commencement of risk
“Sum Assured on Death” and Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as higher
of 125% of Basic Sum Assured or 7 times of annualised premium
Death Benefit as mentioned in A(ii) above shall not be less than 105% of the total Premiums paid (excluding any extra
premium, any rider premium(s) and taxes) up to the date of death.
B. 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.
C. Guaranteed Additions:
Provided the policy is in-force by payment of due premiums, Guaranteed Additions at the rate of Rs. 50 per thousand Basic
Sum Assured will be added to the policy at the end of each policy year.In case of death under in-force policy, the
Guaranteed Addition in the year of death shall be for full policy year. In case the premiums are not duly paid, the
Guaranteed Additions shall cease to accrue under a policy.
In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last
premium is received will be added on proportionate basis in proportion to the premium received for that year.
2. Eligibility Conditions and Other Restrictions:
a) Minimum Basic Sum Assured : Rs. 1,00,000
b) Maximum Basic Sum Assured
(Basic Sum Assured shall be in multiples of
: No limit
Rs 25,000/- )
c) Policy Term : 15 to 20 years
d) Premium Paying Term : Policy Term minus 5 Years
e) Minimum Age at entry : 90 days Completed
f) Maximum Age at Entry : 60 Years (Age Nearer Birthday)
g) Minimum Age at Maturity : 18 years (Completed)
h) Maximum Age at Maturity : 75 Years (Age Nearer Birthday)
65 Years (Age Nearer Birthday) for policies procured through POSP-LI &
CPSC-SPV
Date of commencement of risk:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either 2 years from
the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8
years of age, whichever is earlier.
For those aged 8 years or more, risk will commence immediately.
