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.
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:
|
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 under LIC Bima Jyoti Plan
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 for LIC Bima Jyoti Policy
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 on LIC Bima Jyoti
- Will I receive rebates on my premiums?
Yes, the insurer may offer you rebates on your premiums based on your sum assured, payment mode, premium payment term, etc.
- What is the mode of payment through which I can pay my premiums?
You can pay your premiums through the NACH facility.
- What is the mode of payment of premiums?
You can choose to pay your premiums on a monthly, quarterly, half-yearly, or on a yearly basis.
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