LIC Bima Jyoti Plan 860 Calculator

LIC’s Bima Jyoti 860 is a combination of savings and insurance that serves the financial needs of the policyholder's family in his/her absence and offers a lump sum payout if he/she survives the policy term. Now, with the help of an online premium calculator, policyholders can accurately estimate the premiums payable and the benefits that they are entitled to.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

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

Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Before we delve deeper into the LIC Bima Jyoti 860 calculator, let’s take a brief look at the plan and some of its important features. 

Introduction to LIC Bima Jyoti 860 Calculator

To make insurance easily accessible for the public, several aspects within the insurance space are being digitized. One major feature that a lot of insurance companies have introduced in their websites is the 'online calculator'. 

Online calculators are digital tools that buyers can use to calculate premiums based on personalized inputs. Various plans can be compared and features can be tweaked to allow users to come to a decision that fits their requirements and budget. It is, therefore, an excellent tool for financial planning. 

The Life Insurance Corporation of India also features an online calculator on their website, that allows buyers to compare the premiums of different plans and estimate the benefits receivable. 

Benefit Calculation for LIC’s Bima Jyoti Plan 860 

Before we explain how the benefit is calculated for LIC’s Bima Jyoti Plan 860, one should be aware of the eligibility criteria associated with the plan. 

  • Sum Assured - The minimum sum that one can assure under this plan is Rs.1,00,000. However, there is no limit to the maximum sum that can be assured. 

  • Guaranteed Additions - Guaranteed additions accrue annually at a rate of Rs.50 per 1,000 basic sum-assured. The final accrued amount is paid out at maturity of the policy or on the death of the policyholder. 

Let’s assume that Dev has assured a sum of Rs.10 Lakhs for a policy term of 15 years. At the rate described above, guaranteed additions for each policy year against the said sum assured will be (1000*50) which equals Rs.50,000. 

Therefore, the total amount of guaranteed additions accruing at the end of 15 years will be (50,000*15) which equals Rs.7,50,000.

The final amount receivable on the maturity of the policy is calculated as the sum of Rs.10 Lakhs and Rs.7,50,000, totaling Rs.17,50,000.

With the help of LIC's benefits calculator, you will not have to manually calculate the premium amount and the benefits. Once you feed in the required details, LIC’s Bima Jyoti Plan 860 Calculator will give you instant and the most accurate results. 

Steps to Use LIC’s Bima Jyoti Plan 860 Calculator

The following guide should help you successfully navigate the Bima Jyoti Calculator. 

  • Go to the official website of LIC and click on ‘Insurance Plans’ under the ‘Products’ tab. 

  • Under the 'LIC Online Service Portal,' you will find the Calculator, which takes you to an external page. 

  • At this stage, you will be required to fill in information about yourself, date of birth, and contact details. 

  • Click on ‘Next’. This should give you two options, viz. ‘Quick Quote’ and ‘Compare Quotes’. 

    • Quick Quote - Choosing this option allows you to calculate the exact premium amount against the sum assured for a specific plan. 

    • Compare Quotes - With this option, you can compare quotes for three different plans at a given time. Please note that only those plans can be compared which have common bases in terms of the sum assured and premium frequency.

  • Click on ‘Quick Quote’. Under ‘Endowment’, choose LIC’s Bima Jyoti Plan (Plan - 860) and click on ‘Coverage’.

  • You are now required to feed in the sum assured, policy term, premium paying term, and rider benefit. Please note the following conditions:

    • The sum assured cannot be lower than Rs.1,00,000. Further, it can only be increased in multiples of Rs.25,000. 

    • The policy term can be between 15 years to 20 years. 

    • Premium Paying Term (PPT) is policy term minus 5 years. As an example, for a policy term of 15 years, the PPT will be 10 years.

  • Click on ‘Quote’. This reveals the yearly premium (inclusive of tax) payable by you against the chosen sum assured. You can further scroll to see half-yearly, quarterly, and monthly premium quotes. 

In Closing

What makes this a popular purchase among new insurance buyers is the 'guaranteed additions' feature, along with the availability of a loan facility. The former assures increased savings for the policyholder, while the latter helps take care of any liquidity needs that may arise during the policy tenure. The option to take death and maturity benefits in installments is also a worthwhile feature. If you are interested in this plan, you should make use of the LIC Bima Jyoti 860 Calculator to plan your finances effectively.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

LIC of India articles

Recent Articles
Popular Articles
Why LIC Jeevan Labh is a Preferred Choice Among Young Indians?

04 May 2022

LIC, one of the largest insurers of India offers a wide range of...
Read more
LIC Accidental Death Benefit Rider

05 Apr 2022

Riders in insurance are meant to provide extra coverage on top...
Read more
LIC Premium Waiver Benefit Rider

05 Apr 2022

Optional benefits with your LIC policy can help you provide more...
Read more
LIC Savings Plans

05 Apr 2022

LIC savings plans come with insurance protection as well as...
Read more
LIC Plan No. 815 - LIC’s New Jeevan Anand

05 Apr 2022

LIC’s New Jeevan Anand was designed to offer a combination of...
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!
Life insurance Corporation of India is one of the most prominent insurance companies and they have an...
Read more
How to Check the Maturity Amount of LIC Policies?
Life Insurance Corporation of India is one of the leading public companies in the service of insurance plans. And...
Read more
Is there any LIC Kanyadan Policy?
First and foremost, there is no such plan called the LIC Kanyadan Policy launched by the Life Insurance...
Read more
Life Insurance Corporation of India (LIC of India)
Life Insurance Corporation of India (LIC of India) Life Insurance Corporation of India or LIC of India is a...
Read more
LIC Online Payment Offers
Gone are the days when you have to pay premium amounts of your LIC insurance through agents or other related...
Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL