LIC Bima Jyoti Plan Revieaw, Benefits, Eligibility, (plan no. 860), features and more details:
In today’s era, interest rates on deposits or other investments are decreasing. In such a situation, our country’s largest insurance company LIC has launched a new insurance policy named Bima Jyoti. In which you will get guaranteed return with fixed income.
Let us know what is LIC Bima Jyoti plan (plan no. 860 ) ? Its benefits, features, eligibility and more information
LIC Bima Jyoti Plan
LIC Bima Jyoti Plan is a non-linked , non-participating , individual guaranteed savings plan. This plan offers protection along with savings. this one endowment life insurance There is a plan.
This insurance pays the Sum Assured to the beneficiary on the death of the policyholder due to any reason. If the insured survives the policy term , he/she is paid the guaranteed amount.
LIC: Bima Jyoti Plan Eligibility
| Name of Insurance: | LIC Bima Jyoti Plan (Plan No. 860) |
| Entry Age: | Minimum:- 90 days Maximum:- 60 years |
| Coverage ( Basic Sum Assured): | Minimum:- Rs.1,00,000 Maximum :- No limit (Subject to Board approval) |
| Premium Paying Term: | at least 5 years |
| Policy Term: | 15 to 20 years |
| Maturity Age: | Minimum: 18 Years Maximum: 75 Years |
LIC Bima Jyoti features
- In this Bima Jyoti plan, you get the option to pay the premium monthly , quarterly , half- yearly , and annually.
- This insurance is a mix of savings and protection.
- In this insurance, the insured can avail the loan after paying the premium for two years.
- You can buy this insurance both online and offline.
- The policy term in this LIC Bima Jyoti plan varies from 15 to 20 years. For a term of 15 years, you have to pay premium for 10 years. And the same if you take a policy with a term of 20 years, then you need to pay for 15 years.
- If you are not satisfied with this insurance plan, then you get a free look period of 15 days.
LIC Bima Jyoti Plan Benefits
Death Benefit
If the insured dies during the policy term, the Sum Assured is paid to the beneficiary/nominee of the insured . If the life assured dies before the date of commencement of risk , the premiums paid excluding taxes , extra premium and rider premium (if any) are paid. If the policyholder dies after the date of commencement of risk, the sum assured along with the guaranteed amount is paid.
Maturity Benefit
If the insured survives till the completion of the policy term, he/she is paid the Maturity Sum Assured along with the Guaranteed Sum Assured. at maturity some assured Will be equal to Basic Sum Assured.
Guaranteed Additions Benefits
Rs.50 per thousand of Basic Sum Assured will be added to the policy at the end of each policy year.
Tax Benefits
For this policy whatever you premium, is exempted under section 80C of the Income Tax Act.
Riders of LIC Bima Jyoti Plan
With this insurance policy, you get the option of 5 types of riders. Which the insured can add to his insurance plan by paying an additional premium amount. Accidental Death and Disability Benefit Rider Accidental Benefit Rider New Term Assurance Rider New Critical Illness Benefit Rider Premium Waiver Benefit Rider
Grace Period
30 days is available for quarterly, half- yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period , the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such cases , the insurer will pay the higher of the Special Surrender Value or equal to the Guaranteed Surrender Value. surrender value pays.
Revival
If the premium is not paid within the grace period, the policy lapses. LIC Bima Jyoti offers the option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
The Bottom Line:
Hi friends, hope you know all about “LIC Bima Jyoti Plan” like Review, Benefits, Eligibility, Features, Surrender Value and more. if you like this please share with your friends and if any query regarding this post feels free to submit below comment.