LIC Bima Jyoti, Plan

LIC Bima Jyoti, Plan No. 860 LIC Bima Jyoti, Plan No. 860 Details in Hindi

Life Insurance Corporation of India (LIC) :- Life Insurance Corporation of India (LIC) is a statutory insurance and investment corporation of India headquartered in the city of Mumbai, India. It is owned by the Government of India. The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance Act of India which nationalized the insurance industry in India.

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More than 245 insurance companies and provident societies were merged to form the state-owned Life Insurance Corporation of India. LIC reported 290 million policy holders as of 2019, a total life fund of ₹ 28.3 Trillion and the total value of policies sold in the year 2018-19 was ₹ 21.4 million. The company also reported settlement of 26 million claims in 2018-19.

Life Insurance Corporation of India (LIC) is offering Bima Jyoti Plan which is an individual, non-participating, non-linked, life insurance baccalaureate insurance plan. By 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. You can buy this insurance policy both online and offline.

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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

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Benefits of LIC Bima Jyoti –

Benefits of LIC Bima Jyoti :- Some of the benefits available under Bima Jyoti Yojana are given below:-

  1. Maturity Benefit :- If your insurance policy attains maturity, you will be eligible to receive the Sum Assured as Basic Sum Assured on maturity along with Guaranteed Edition.
  2. Death Benefit :- In the event of your death, the nominee will be eligible to receive the death benefit. If you terminate during the policy term before the date of commencement of risk, the nominee will be eligible to receive an amount which will be equal to all premiums paid including rider premiums plus additional premiums as applicable. If your death occurs during the policy term after the date of commencement of risk, the nominee will receive the Sum Assured which will be either 125% of the Basic Sum Assured or 7 times the annualized premium.
  3. Guaranteed Edition :- Per thousand Basic Sum Assured in your policy at the end of each policy term of Rs. 50 will be added. In case of your death, a Guaranteed Additional Payment will be made to the nominee provided the premium is paid on time, otherwise this benefit will cease.

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Features of LIC Bima Jyoti –

Features of LIC 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 You will be offered a grace period of 30 days to allow you to pay your premiums for Yearly, Half-Yearly, or Quarterly Payment of Premiums, and a grace period of 15 days for monthly payment of premiums.
Payment of Premiums You can choose to pay your premium on Yearly, Half – Yearly, Quarterly or Monthly Basis.
Revival If you fail to pay your premiums, your policy will cease to exist. However, you can revive the policy by paying all your outstanding premiums along with interest within a period of 5 years from the date of cancellation.
Surrender You can surrender your policy provided you have paid premiums for two full years. The insurer will pay you a surrender value in return.
Loan against policy You can get a loan against your policy provided you have paid the premiums for the full two years. You can avail up to 90% of the surrender value
free look period You will enjoy a free-look period of 30 days if you buy the policy offline and for online purchase of the policy. If you choose to return the policy within the free-look period, the insurer will refund the premium amount deposited by you.

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