LIC Bima Jyoti Plan 860 Calculator

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.