Review of LIC Bima Jyoti

LIC Bima Jyoti is one of the best insurance plans from LIC. I bought this plan last year in January. I am paying a monthly premium of Rs. 7,000 for my policy of Rs. 10,00,000. After buying this policy I had a sense of satisfaction that even if something happens to me, my family’s financial stability would not be compromised. Special thanks to the team of Policybazaar who helped and assisted me throughout the process.Mr. Arhaan Sharma 

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Last year, Mr. Arhaan bought the LIC Bima Jyoti plan. He is a 30-year-old IT professional and lives with his wife and 1 kid. He was looking for a plan that will offer him the benefits of life protection as well as help him to invest his money for the future. Looking at his needs and budget, he decided to buy the LIC Bima Jyoti plan.

LIC Bima Jyoti is an endowment plan that is designed to offer comprehensive coverage to the policyholder and his family by providing death benefits and maturity benefits. In addition to this, there are several other features and benefits of the plan that seem to be useful to Mr. Sharma in the long run.

Let’s explore the other key benefits and features of LIC Bima Jyoti that convinced Mr.Sharma to choose this plan.

Key Features of LIC Bima Jyoti

  • LIC Bima Jyoti is a participating plan, which means along with the assured benefits, a policyholder can also take the benefits of profits.

  • A policyholder can avail of Guaranteed additions at the rate of Rs. 50 per thousand Basic Sum Assured. The amount will be automatically added to the policy at the end of each policy year

  • A policyholder can choose to pay premiums at their convenience. The available premium payment options are yearly, half-yearly, quarterly, and monthly.

  • If a policyholder forgets to pay their premium on time, they are given a grace period of 30 days wherein they can pay their due premiums without incurring any penalty.

  • To cover unexpected expenses, one might obtain a loan against their LIC Bima Jyoti plan.

What are the Benefits of LIC Bima Jyoti?

With this plan, Mr. Sharma and his family will also be entitled to the below-mentioned benefits:

  1. Death Benefits

    If the policyholder dies during the policy term, the family of the policyholder will be entitled to the death benefit. The death benefit paid by the company will be 7 times the annual premium amount or 125% of the Base Sum Assured, whichever is higher at the time of death.

  2. Maturity Benefits

    In case the policyholder survives till the end of the policy tenure, the plan will offer the basic sum assured to the insured. The maturity amount will be calculated as the sum assured along with the vested Simple Reversionary Bonuses and Final Additional Bonus if any.

  3. Tax Benefits

    The LIC Bima Jyoti policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

  4. Availability of Riders for enhanced protection

    The plan offers four additional riders that can be added for extra protection against natural death, death or disability by accident, and critical illnesses. The riders available are LIC Accident Benefit Rider, LIC Accidental Death, and Disability Benefit, LIC New Term Assurance Rider, LIC Waiver of Benefit, and LIC New Critical Illness Benefit Rider.

  5. Option to receive Death and Maturity Benefit in Installments

    The policyholder or the nominee has the option to receive death/ maturity benefits in installments. The minimum installment amount for each manner of payment is as follows:

    Mode of Installment payment Minimum installment amount (in Rs.)
    Monthly 5,000
    Quarterly 15,000
    Half-yearly 25.000
    Yearly 50,000


To Sum it Up

Along with Mr. Sharma, the other buyers of the LIC plan are satisfied with the features and benefits of the plan. The plan is affordable and provides complete coverage. Not only does the plan look after your family’s financial needs after your demise, but also ensures that at the end of the policy term, you can fulfill your future goals.

FAQ's

  • Q: What is the policy duration of the LIC Bima Jyoti Plan?

    Ans: The maximum policy tenure of LIC Bima Jyoti is 20 years. One can choose the policy tenure between 15-20 years.
  • Q: How much will I receive with guaranteed additions under LIC Bima Jyoti?

    Ans: Under the plan, a policyholder is eligible for Rs. 50 for every Rs. 1000 sum assured every year

*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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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