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LIC Bima Jyoti Policy: Should You Invest?
LIC's Bima Jyoti is a Non-Linked, Non-Participating, Individual, Life Assurance Savings Plan. This plan will offer you a combination of protection and savings.
Eligibility and sum assured under Bima Jyoti Policy
The Minimum Basic Sum Assured under the plan is Rs. 1,00,000, and there is no limit on the Maximum Basic Sum Assured, it will be in multiples of Rs. 25,000.
The Policy Term is 15 to 20 years. The Premium Paying Term is will be 5 Years less than the Policy Term. The Minimum Age of entry for the policy is 90 days, while the Maximum Age of Entry is 60 Years. On the other hand, the Minimum Age of Maturity is 18 years, whilst the Maximum Age of Maturity is 75 Years.
Calculation of Bima Jyoti Plan, considering the policy term is 15 years, hence the PPT is 10 years.
| Basic sum assured | Age | Death sum assured | Guaranteed return at maturity | 1st year premium with 4.5% tax (Yearly) | After 1st year premium with 2.25% tax (Yearly) |
|---|---|---|---|---|---|
| Rs. 2,00,000 | 30 | Rs. 2,50,000 | Rs. 3,50,000 | Rs. 25,281 | Rs. 24,736 |
| Rs. 5,00,000 | 50 | Rs. 6,26,000 | Rs. 8,75,000 | Rs. 65,044 | Rs. 63,643 |
(Also read: LIC Jeevan Lakshya For A Promising Future Of Your Child)
Death Benefit
Bima Jyoti plan has a significant Death Benefit, that will secure the policyholder's future even after his/her death. On death during the policy term before the date of commencement of risk, return of premiums will be paid excluding taxes, and the extra premium and rider premium(s), if any.
Additionally, on death during the policy term after the date of commencement of risk, "Sum Assured on Death" and Accrued Guaranteed Additions will be paid. Here, the "Sum Assured on Death" is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium.
Bima Jyoti Maturity Benefit
LIC officially mentioned, on Life Assured surviving the stipulated Date of Maturity provided the policy is in force, "Sum Assured on Maturity" along with Guaranteed Additions, will be paid, and the "Sum Assured on Maturity" is equal to the Basic Sum Assured.
According to LIC, "Loan can be availed under the policy provided at least 2 full years' premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time."
(Also read: LIC's Jeevan Shiromani: A High Return Investment Opportunity)
