LIC Bima Jyoti Plan (860)

Are you looking for a savings plan that guarantees financial growth while providing robust protection for your family? LIC’s Bima Jyoti Plan is designed to meet these needs.

LIC Bima Jyoti Plan Maturity Calculator

It’s a Non-Linked, Non-Participating Life Insurance Savings Plan that offers assured growth through guaranteed additions and comprehensive benefits.

This plan is designed to provide financial support in unforeseen circumstances and help you achieve your long-term financial goals. With guaranteed yearly additions and attractive maturity benefits, LIC Bima Jyoti ensures your savings grow steadily over time. Let’s understand how this plan can secure your future.

Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:

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Eligibility and Key Features

Who Can Buy This Policy?

• Minimum Age at Entry: 30 days (completed).
• Maximum Age at Entry: 60 years (nearer birthday).
• Minimum Age at Maturity: 18 years (completed).
• Maximum Age at Maturity: 75 years (nearer birthday).
• Policy Term Options: Choose between 15 and 20 years to align with your financial goals.
• Premium Payment Term (PPT): Policy term minus 5 years.
• Minimum Basic Sum Assured: ₹1,25,000.
• Maximum Basic Sum Assured: No limit (subject to underwriting).

Key Features:

• Guaranteed Additions: ₹50 per ₹1,000 of Basic Sum Assured is added every year during the policy term.
• Death and Maturity Benefits: Ensures financial security for your family and guarantees payouts at maturity.
• Flexible Premium Payment Options: Choose from annual, half-yearly, quarterly, or monthly payment modes.
• Attractive Rebates: Enjoy discounts on premiums for higher sum assured amounts.
• Loan Facility: Avail loans against the policy to meet urgent financial needs.

Benefits of LIC Bima Jyoti

1. Death Benefit:

• In case of the policyholder’s demise during the term, the nominee receives:
  • Sum Assured on Death, which is higher of:
    • 125% of Basic Sum Assured.
    • 7 times the annualized premium.
  • Accrued Guaranteed Additions.
• The total Death Benefit is always at least 105% of the total premiums paid till the date of death, ensuring robust financial protection for the family.

2. Maturity Benefit:

• At the end of the policy term, the policyholder receives:
  • Sum Assured on Maturity: Equal to the Basic Sum Assured.
  • Accrued Guaranteed Additions accumulated during the policy term.

3. Guaranteed Additions:

• For every ₹1,000 of Basic Sum Assured, ₹50 is added to the policy annually. This feature ensures steady growth in the policy value, making it an excellent choice for disciplined savers.

Premium Details

Modes of Premium Payment:

• Choose from Yearly, Half-Yearly, Quarterly, or Monthly payment modes (via NACH) based on your convenience.

Sample Premium Rates for Basic Sum Assured of ₹10,00,000:

Rebates on Premiums:

• Mode Rebates:
  • Yearly: 2%.
  • Half-Yearly: 1%.
  • Quarterly and Monthly: No rebate.
• High Basic Sum Assured Rebates:
  • ₹3,00,000 to less than ₹5,00,000: ₹4 per ₹1,000.
  • ₹5,00,000 to less than ₹10,00,000: ₹5 per ₹1,000.
  • ₹10,00,000 and above: ₹6 per ₹1,000.

Illustration Table

Here’s an example of how the benefits accumulate for a policyholder aged 35 with a Basic Sum Assured of ₹10,00,000:

Example:

• A 40-year-old policyholder opts for a policy term of 20 years with a Basic Sum Assured of ₹10,00,000.
  • Premium Payment Term: 15 years.
  • Annual Premium: ₹80,456.
  • Guaranteed Additions at Maturity: ₹10,00,000.
  • Total Maturity Benefit: ₹20,00,000.
  • Death Benefit in Year 10: ₹17,50,000 (including accrued Guaranteed Additions).

Optional Riders

Enhance your coverage with optional riders for added security:

1. Accidental Death and Disability Benefit Rider:
   • Offers additional financial support in case of accidental death or disability.
2. Accident Benefit Rider:
   • Provides a lump sum in the event of accidental death.
3. New Term Assurance Rider:
   • Adds extra life cover during the policy term.
4. Premium Waiver Benefit Rider:
   • Waives future premiums if the proposer passes away, ensuring policy continuity.

Surrender and Loan Provisions

Surrender Value:

• The policy acquires surrender value after at least two full years’ premiums are paid.
• Guaranteed Surrender Value (GSV): Calculated as a percentage of total premiums paid plus accrued Guaranteed Additions.

Loan Facility:

• Loans are available up to 80% of the surrender value, providing liquidity for emergencies.
• Interest rates are determined by LIC and subject to periodic revision.

Settlement Options

1. Maturity Benefit Settlement:

• You can opt to receive the maturity amount in instalments over 5, 10, or 15 years instead of a lump sum, offering greater flexibility for planned expenses.

2. Death Benefit Settlement:

• Nominees can choose to receive death benefits in instalments over 5, 10, or 15 years, ensuring a steady income stream.

Why Choose LIC Bima Jyoti?

• Guaranteed yearly additions provide consistent and predictable growth.
• Flexible payment modes and attractive rebates enhance affordability.
• Comprehensive financial protection through robust death and maturity benefits.
• Optional riders allow you to customize the policy to your unique needs.
• Trusted LIC backing ensures reliability and peace of mind.

Conclusion

LIC Bima Jyoti is a perfect solution for individuals seeking guaranteed returns and reliable financial protection. Whether you’re saving for future goals or ensuring your family’s security, this plan offers the ideal mix of growth and stability. Start building your financial safety net today with LIC Bima Jyoti—your partner in achieving financial success.

Some Terms Explained

Here are the important terms explained for LIC Bima Jyoti in simple language:

1. Non-Linked Plan
   This plan is not tied to market performance. The returns and benefits are guaranteed, so you can count on stable growth.
2. Non-Participating Plan
   This means the policy does not participate in LIC’s profits. Instead, it offers guaranteed returns through fixed additions.
3. Basic Sum Assured
   This is the minimum guaranteed amount you choose when buying the policy. It forms the base for calculating maturity and death benefits.
4. Guaranteed Additions
   Every year, LIC adds ₹50 per ₹1,000 of Basic Sum Assured to your policy. This increases the total maturity and death payouts significantly.
5. Death Benefit
   If the policyholder passes away during the policy term, the nominee gets a payout. This includes the higher of 125% of the Basic Sum Assured or 7 times the annual premium, along with accrued guaranteed additions.
6. Maturity Benefit
   At the end of the policy term, you receive the Basic Sum Assured plus all accrued guaranteed additions. This ensures a substantial payout.
7. Policy Term
   This is the duration of the policy, which can be 15, 18, or 20 years, depending on your choice.
8. Premium Payment Term (PPT)
   You don’t pay premiums for the entire policy term. The PPT is five years shorter than the policy term (e.g., pay for 15 years for a 20-year policy).
9. Rebates on Premiums
   LIC offers discounts for paying premiums annually or half-yearly. You also get rebates if you choose a high Basic Sum Assured.
10. Accrued Benefits
    These are the guaranteed additions accumulated over the policy term. They are paid out at maturity or in case of the policyholder’s demise.
11. Surrender Value
    If you decide to exit the policy early, LIC pays a surrender value. This includes a percentage of premiums paid plus accrued guaranteed additions.
12. Loan Facility
    You can take a loan against the policy once it acquires a surrender value. This provides liquidity in times of need without ending the policy.
13. Settlement Options
    Instead of a lump sum, you can opt to receive maturity or death benefits in instalments over 5, 10, or 15 years.
14. Accidental Death and Disability Rider
    This optional rider gives additional financial support in case of accidental death or disability, enhancing the coverage.
15. Premium Waiver Benefit Rider
    If the proposer (policyholder) dies, this rider waives all future premiums while the policy continues.