LIC Bima Jyoti

LIC Bima Jyoti is a non-participating and non-linked savings plan that offers a combination of savings and protection. The plan provides financial protection and security to policyholders’ loved ones in case of his/her unfortunate demise during the policy tenure.Guaranteed payments are also offered to the policyholder during maturity if he/she is alive. A policyholder can easily purchase this plan through agents as well as via online medium by directly visiting the official website of LIC.

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Key Features of LIC Bima Jyoti

  • The plan offers different premium payment options such as yearly, half-yearly, quarterly, and monthly.

  • The loan facility is also available under LIC Bima Jyoti.

  • The policy term of the plan varies from 15 years to 20 years. So for a 20-year policy, the premium payment term will be 15 years and for 15 years, Premium Paying Term (PPT)will be 10 years.

  • You can buy plans online as well as offline

  • In case of dissatisfaction with the policy’s terms and conditions, the company has the provision to return the premium paid.

Eligibility Criteria of LIC Bima Jyoti

Parameters  Minimum  Maximum 
Sum Assured  Rs. 1 lakh No limit 
Entry Age  Completion of 90 days  60 years 
Maturity Age  Completion of 18 years  75 years
Policy Term (PT) 15 – 20 years
Premium Paying Term (PPT) PT minus 5 years

Benefits of LIC Bima Jyoti

  1. Death Benefit

    In case of unfortunate demise of the policyholder within the policy tenure

    • Before the date of initiation of risk, the return of premium is paid excluding the taxes or any additional charge because of the rider premium and underwriting decision.

    • Subsequently the date of initiation of risk- the sum assured amount is paid in such situations along with the accumulated guaranteed additions. In this, the sum assured is well-defined as 7X of annualized premium 

    Both the death benefits mentioned above shall not be lower than 105 percent of the complete premium paid till the death date.

  2. Maturity Benefit

    If the life assured survives the specified maturity date (providing the policy in the active phase), then the sum assured during maturity will be payable along with other additions such as guaranteed additions. The sum assured at the time of maturity is equivalent to the base sum assured.

    The installments shall be payable monthly, quarterly, half-yearly, or yearly in advance, as opted for, subject to a minimum amount of installment for different payment modes as under: 

    Installment Payment Mode  Minimum Amount of Instalment (in Rs.)
    Yearly  50,000
    Half-yearly 25,000
    Quarterly  15,000
    Monthly 5,000
  3. Guaranteed Additions

    Guaranteed Additions will be supplemented to the policy at the last of each year of policy at the rate of Rs. fifty per thousand sum assured amount. In case of the policyholder’s death, these additions shall be for a complete policy year in the year of death. If you have not paid premiums, the guaranteed additions shall terminate to accumulate under a plan.

Sample Premium Illustration 

The below table illustrates the annual premium for SA of Rs. 10 lacs for standard lives: 

Age (in years) Policy Term (PPT)
15 (10) 18(13) 20(15)
20 113217 87541 77153
30 113609 88031 77790
40 115667 90481 80534
50 122135 97488 88178

*Premiums are excluding of all taxes

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply 

Additional Rider Benefits

The plan offers five rider options that a policyholder can add by paying an additional premium amount.

  1. Accidental Death and Disability Benefit Rider

    This rider has opted in accidental death where the sum assured amount of accidental death benefit is paid in lump sum along with the benefit of death under the existing plan. In case of accidental disability caused due to an accident, the accidental death benefit is paid in monthly payments for over ten years. In this, the future due to premiums and the premiums for the share of sum assured which is equivalent to the accidental benefit sum assured shall be waived off. A policyholder can buy this rider at any time during the premium payment term of the base or the existing plan, provided the Premium Paying Term (PPT) of the base plan and rider will be of 5 years.

  2. Accidental Benefit Rider

    The life assured can buy this rider at any time during the premium payment term (PPT) of the base or the existing plan, providing the Premium Paying Term (PPT) of the base plan and rider will be of 5 years. The cover in this rider is offered at the time of Premium Payment Term. In case of accidental death, the accidental death sum assured amount is paid along with the benefit of death under the existing plan.

  3. New Term Assurance Rider

    It is available at the starting of the policy and the covered benefits under this rider shall be offered during the policy tenure.

  4. New Critical Illness Benefit Rider

    It is available at the commencement of the policy and the benefits under this rider shall be offered during the policy tenure. The first diagnosis of 15 critical illnesses mentioned in the policy is covered under this rider. In such situations, critical illness sum assured is paid.

  5. Premium Waiver Benefit Rider

    This rider waives off all the future due premium payment at the time of the death of the policyholder till the expiry of the policy. This rider term is paid by the policyholder and at the time of non-payment of premiums, the policy is converted to paid-up.

Terms and Conditions Of LIC Bima Jyoti

  1. Grace Period

    30 days of grace period is allowed for the payment of yearly, half-yearly, or quarterly premium and 15 days of grace period for monthly premium payment from the premium due date. If the premium is not paid before the expiry date of the grace period, then the policy will lapse.

  2. Freelook Period

    If in case the policyholder is not satisfied with the policy’s features, benefits, and terms and conditions, then there is an option to return the policy to the company in 15 days from the receipt date (offline) and 30 days in case of online policy purchase. The company shall return the premium amount after canceling the policy.

  3. Surrender Benefit

    This plan provides the option of surrendering the policy any time after continuing the policy for two continuous years. In such situations, the insurer pays the surrender value equivalent to a higher special surrender value or guaranteed surrender value.

  4. Revival

    The policy lapses if the premiums are not paid in the grace period. LIC Bima Jyoti provides an option to revive the lapsed policy but within 5 consecutive years. This means from the date of your first non-paid premium and it can only be revived before the maturity date.

  5. Paid-Up Value

    • If the 2 or less than 2 years of premium have been paid and any subsequent premium is not paid accordingly, all the benefits offered by the policy will cease after the expiry of the grace period from the date assured has not paid any premium amounts.

    • If after two years, assured has paid all the subsequent premiums, the policy will remain active but will exist as a paid-up policy till the end of the policy term.

  6. Tax 

    Statutory taxes are payable on insurance policies by the Government of India or any other constitutional authority of India as per the prevailing tax laws. The tax rates may change from time to time.

  7. Rebates 

    Mode Rebate
    Mode Rebate
    Yearly 2%
    Half-yearly 1%
    Quarterly and Monthly NA


Suicide – If the life assured commits suicide within 12 months from the date of commencement of the policy, then the company will not provide any claim under the plan. This excludes 80 percent of the premiums paid excluding all the taxes, additional premium amount, and rider premiums.

If the life assured commits suicide within 12 months from the date of revival, an amount that is higher of:

  • Eighty percent of the total premium paid or the surrender cost till the death date, shall be payable.

The above clauses are not valid for the life assured below 8 years of age during the revival time or in case of lapsing of policy without getting paid-up value and in such cases, nothing shall be payable by the insurer.

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LIC Bima Jyoti Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Lakhimpur, April 12, 2021
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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