LIC Bima Jyoti

Life Insurance Corporation (LIC) of India is offering Bima Jyoti plan which is an individual, non-participating, non-linked, life assurance savings insurance plan. On availing this insurance policy, you will be able to save a certain amount which can help you take care of your future financial needs as well as insurance coverage in case something happens to you.

You can purchase this insurance policy through both online and offline channels.

Details of LIC’s Bima Jyoti

Category Details
Minimum sum assured Rs.1 lakh
Maximum sum assured No limit (Basic coverage amount to be in the multiples of Rs.25,000)
Minimum entry age 90 days
Maximum entry age 60 Years
Minimum maturity age 18 Years
Maximum entry age 75 Years
Policy term 15 years to 20 years
Premium paying term Policy term minus 5 years

Benefits available under LIC’s Bima Jyoti

Some of the benefits available under Bima Jyoti scheme are given below:

  • Maturity benefit:In the event your insurance policy is attains maturity, you will be eligible to receive the basic sum assured as sum assured on maturity along with Guaranteed Additions.
  • Death benefit:In the event of your death, the nominee will be eligible to receive the death benefit. In case you expire during the policy term before the date of commencement of risk, then the nominee will be eligible to receive an amount that will be equal to all the premiums paid including rider premiums, and extra premiums if applicable. In case your death happens during the policy term after the date of commencement of risk, the nominee will receive the sum assured which will either be f 125% of basic sum assured or 7 times of annualised premium
  • Guaranteed Addition:Amount of Rs.50 per thousand basic sum assured will be added to your policy at the end of each policy term. In case of your death, the nominee will be paid the guaranteed addition provided the premiums have been paid on time otherwise this benefit will cease to exist.
  • Features of LIC’s Bima Jyoti

    Some of the features of LIC’s Bima Jyoti are given below:

    Features Details
    Rider Benefits

    The list of riders offered by LIC is given below:

    • Accident Benefit Rider
    • Accidental Death and Disability Benefit Rider
    • New Critical Illness Benefit Rider
    • Premium Waiver Benefit Rider
    • New Term Assurance Rider
    Grace Period A grace period of 30 days will be offered to allow you to pay your premiums for yearly, half-yearly, or quarterly payment of premiums, and grace period of 15 days for monthly payment of premiums.
    Payment of Premiums You can choose to pay your premiums on a yearly, half-yearly, quarterly, or on a monthly basis
    Revival In case you fail to pay your premiums, your policy will cease to exist. However, you can revive it within a period of 5 years from the date of cancellation of the policy by clearing all your arrears of premiums including the interest charged.
    Surrender You can surrender your policy provided you have paid the premiums for two full years. The insurer will pay you a surrender value in return.
    Loan against policy You can avail loan against your policy provided you have paid the premiums for two full years. You can avail up to 90% of the surrender value
    Free look period You will enjoy a free-look period of 15 days if you purchase the policy offline and 30 days for online purchase of the policy. Within the free-look period if you choose to return the policy, the insurer will return the premium amount deposited by you.

    Exclusions

    There is a suicide clause under this policy which states:

    • If the policyholder commits suicide within a year of the commencement of the policy, then the insurer will not pay any claim amount except return 80% of the total premiums paid.
    • The insurer will not pay any claims except return 80% of the total premiums paid if the policy holder commits suicide within a year of the revival of the insurance policy.

    Waiting period

    In case of the death of the policyholder within 90 days of the commencement of the policy due to any other reason except accident, the nominee will receive the total premiums paid provided the policy is in force. However, if the death of the policyholder happens due to an accident, then the insurance company will pay the sum assured on death to the nominee.

FAQS

  1. Will I receive rebates on my premiums?
  2. Yes, the insurer may offer you rebates on your premiums based on your sum assured, payment mode, premium payment term, etc.

  3. What is the mode of payment through which I can pay my premiums?
  4. You can pay your premiums through the NACH facility.

  5. What is the mode of payment of premiums?
  6. You can choose to pay your premiums on a monthly, quarterly, half-yearly, or on a yearly basis.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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