With many other things, a term insurance plan is also a necessity to lead a financially stable future. To get the highest coverage at the least possible premium, you can consider the LIC Bima Jyoti plan. If you are planning to buy this plan, it is important to know the premium details.Read more
Let’s discuss the LIC Bima Jyoti premium chart for your easy understanding.
LIC Bima Jyoti Plan is a non-participating, non-linked individual savings plan that offers a unique combination of savings and protection. The plan provides financial security for the loved ones in case of an untimely death of the life insured during the policy tenure.
Under this scheme, a guaranteed lump sum amount is provided to the surviving policyholder at the time of maturity. This scheme also takes care of liquidity requirements through its facility of loans.
One can purchase this policy offline or with other third-party agents or online i.e., directly visiting the LIC’s official website.
One of the most important features of this plan is the guaranteed additions that are added to the account of policy at the rate of 50 per thousand SA per year for the whole term plan. In a period of rapidly declining rates of interest, a policy with guaranteed maturity benefit is something not expected.
Premium is the amount of money that is required to pay by a policyholder to the insurer towards an insurance plan. LIC Bima Jyoti premium chart is the detailed information of the premium based on age, policy term, premium payment term, and sum assured. A term insurance calculator is also available online on company’s websites which you can use to derive how much you will be expected to pay as the amount of premium for the coverage you want.
The below table illustrates the premium for an individual of 35 years of age for 20 years of the policy term and 15 years of the premium payment term.
|Policy Term||20 years|
|Premium Payment Term||15 years|
|Installment Premium||Rs. 78770|
|Premium Payment Mode||Annually|
|Rate of GST in 1st year||4.5%|
|Rate of GST from 2nd year||2.25%|
|Sum Assured (in Rs.)||10 lacs|
|Guaranteed additions / thousand per year||50|
|Policy year||Annual Premium||Guaranteed Benefits|
|Survival benefits||Guaranteed Benefits||Maturity Benefit||Death Benefit||Guaranteed Surrender Benefit (Minimum)|
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
The main importance of the LIC Bima Jyoti premium chart is that the buyer can know the features of the product and the flow of the benefits. This illustration is valid for the standard life and wherein rider is not opted for. In any situation, the death benefit (total) at any time shall not be lower than 105 percent of the total paid premium, excluding the additional premium, GST, and rider premium (if any).
Annual premiums exclude the underwriting additional premium, frequency premium loading, the premium amount paid for the riders.
LIC Bima Jyoti premium rates are dependent on several parameters. Most of them are conditions or situations that are in your control that might help you ensure your term plan premium remains low. Read on to know more about the parameters affecting the LIC Bima Jyoti premium rates:
Gender: When a woman buys a term insurance policy, the premium or quotes are likely to be lower as compared to a man of the same age because as per the reports women have a greater life expectancy compared to men.
Age: Age is the important factor for determining LIC Bima Jyoti premium rates as age signifies your life expectancy and health. Younger people are expected to live longer and healthier, so their premium rates are lower as compared to older individuals. It is better to buy insurance at an early age.
Lifestyle: Lifestyle habits such as drinking and smoking will increase your premium rates significantly as regular drinking and smoking have been found to reduce the life expectancy of people through illnesses, that might result in death. The premium rates for smokers and drinkers are high as compared to non-drinkers and non-tobacco users.
Occupation: People who work in risky areas, will generally have to pay higher premium rates as compared to people who are at jobs with low-stress levels.
LIC Bima Jyoti provides various benefits, however, you need to understand the premium details that fit in your budget and to recognize the factors that make your premium rates higher, so that you can make an informed decision of protecting you and your loved one’s objectives. We have also discussed the LIC Bima Jyoti Premium chart for your smooth understanding.