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Life Insurance Corporation (LIC) of India has initiated a non-linked, non-participating, individual savings plan termed 'Bima Jyoti' which gives a blend of health coverage and savings. Below are the 5 facts of this plan that you must need to know:
- In the event of the unexpected death of the policyholder during the policy period, the scheme provides a guaranteed lump sum payout at maturity and financial assistance for the family of the policyholder. One can apply for this plan both offline and online at www.licindia.in
- At the end of each policy year, the plan offers guaranteed addition at the rate of Rs 50 per 1,000 basic sum assured (or 5 per cent).
- Sum assured on death and accrued guaranteed additions as per policy conditions will be payable on death during the policy term after the date of risk coronation. On Life Assured, once the scheme is in effect, surviving the specified date of maturity, the sum assured on maturity along with assured additions shall be payable. Subject to some provisions, the plan also offers an opportunity to earn death/maturity benefits in installments.
- Rs 1,00,000 with no maximum bound is the minimum basic sum assured. For a premium paid term measured as Policy term minus 5 years, the policy can be taken for a term of 15 to 20 years. The minimum age for acceptance is 90 days, and the maximum age for admission is 60 years. It is possible to pay premiums on a regular basis at monthly, quarterly, half-yearly or yearly periods or by wage deductions. In order to satisfy liquidity requirements, the loan facility is also open.
- Amid falling interest rates of bank FDs, the tax-free returns of the plan along with the duration are likely to draw the attention of customers. The assured additions provided along with risk coverage are an enticing aspect of BIMA JYOTI plan in the present situation of steadily decreasing interest rates as per LIC.
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