LIC Bima Jyoti Policy Details

To receive a long-tenure profit, investment in life insurance plans can become a boon. The LIC of India launched a Bima Jyoti policy this year that offers multiple assistances to buyers. The policy promises to pay a guaranteed lump sum amount after maturity.

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Let’s discuss Bima Jyoti LIC Policy details:  

LIC Bima Jyoti Plan 

LIC Bima Jyoti, a non-participating, non-linked, life insurance plan. It is an ideal saving cum protection plan. Bima Jyoti can be bought online directly through the LIC’s official website or offline through an agent or other mediators. Under this plan, the policyholder will be entitled to receive a one-time or lump sum payment at the time of maturity, and simultaneously financial help will also be offered to the loved ones in case of an unfortunate demise. After each plan year, guaranteed additions will be accumulated at the proportion of Rs.50 / thousand, and will be added to the sum assured amount throughout the policy tenure. 

The minimum SA amount is Rs.1 Lakhs with multiples of 25000 subsequently. The upper SA limit is not static under this scheme. Additionally, along with a striking return rate, LIC Bima Jyoti provides life coverage. You can pay premiums under this scheme at yearly/half-yearly/quarterly/monthly intervals or via deductions on salaries. This scheme also takes care of liquidity requirements through the facility of loans. 

Eligibility Criteria 

Parameters  Minimum  Maximum 
Entry Age  90 days  60 years 
Maturity Age  18 years  75 years 
Sum Assured  Rs. 1 Lacs  No Limit 
Policy Term  15 years  20 years 
PPT i.e., Premium Paying Term  Policy Term i.e., PT minus 5 years

Bima Jyoti LIC Policy Details 

  1. Premium Payment: 

    Premiums can be paid by the policyholder regularly at yearly, half-yearly, quarterly, or monthly intervals. 

  2. Death Benefits: 

    • In case of death during the policy term before the commencement date of risk – returns of premiums are payable exclusive of taxes, rider premium, additional premium if any. 

    • In case of death during the policy term after the commencement date of risk- the sum assured amount on death and accumulated guaranteed addition is payable. 

  3. Maturity Benefit: 

    Upon the policyholder surviving the specified maturity date provided the policy is in force, the sum assured amount on maturity and guaranteed additions shall be payable. In this, the sum assured on maturity is equivalent to the sum assured. 

  4. Guaranteed Additions 

    Guaranteed additions at Rs.50, 000 base sum assured rate will be added to the policy after each policy year. 

  5. Availability of Riders 

    Under this scheme, five optional riders can be opted for by paying an additional premium amount. Here’s a quick laydown: 

    • LIC’s Accidental Death and Disability Benefit Rider – In case of accidental death, the sum assured on rider opted shall be payable in addition to the basic SA. In case of disability because of an accident, the additional sum assured chosen shall be payable in monthly installments for over ten years. The future premium amounts for the sum assured are also waived. 

    • LIC’s Accident Benefit Rider – The rider sum assured amount will be payable in addition to the basic sum assured in case of accidental death of the policyholder. 

    • New Term Assurance Rider – An extra cover selected under this rider will be paid in case of a policyholder’s demise. 

    • LIC’s New Critical Illness Benefit Rider – If the policyholder is diagnosed with any of the 15 critical illnesses mentioned under the plan, the sum assured on critical illness shall be payable. 

    • Premium Waiver Benefit Rider – All the future premiums will be waived in case of the death of the life assured. 

  6. Freelook Period 

    If the life assured is not satisfied with the T&Cs of the plan, the plan may be returned to the insurer within 15 days from the receipt date of the policy mentioning the reasons for their objections. After this, LIC cancels the policy, and the premium deposited will be returned after deducting the proportionate premium risk for the tenure of cover and stamp duty prices. Therefore, it is important to read all the Bima Jyoti LIC policy details. 

  7. Policy Revival 

    If the life assured fails to pay the premium amount, even after the grace period, the plan will lapse. A lapsed plan can be revived within a time of 5 consecutive years from the 1st date of unpaid premium but before the maturity date.  

  8. Surrendering of Policy 

    The plan can be surrendered at any time, providing the premium is paid for two complete years. While surrendering the policy, the company shall pay the surrender value equivalent to the higher of GSV i.e., Guaranteed Surrender Value, or SSV i.e., Special Surrender Value. 

  9. Waiting Period 

    In case the policy is bought through POSP-LI i.e., Point of Sales Persons – life Insurance, on the demise of the policyholder within the 1st 90 days from the commencement date of risk, the company shall refund the full premium paid. 

  10. Exclusions Under this Plan – 

    • If the policyholder commits suicide at any time within a year or 12 months from the commencement date of risk, the company will not accept any claim under this scheme (except for 80 percent of the full paid premium exclusive of taxes, additional premium, and rider premium), provided the policy is in force. 

    • If the policyholder commits suicide within 12 months from the revival date, an amount higher than 80 percent of the full paid premiums till the death date or availability of surrender value as on the death date, shall be payable. 

Wrapping It Up!

LIC has launched a Bima Jyoti plan in 2021, which is usually a tax-saving tool for any salaried individual. It is a life insurance savings plan that provides guaranteed additions at a certain rate throughout the policy term. The plan is available in both offline and online processes. If you are planning to buy an ideal plan for your loved ones, read the above-mentioned Bima Jyoti LIC policy details for your smooth understanding.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-

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