Life Insurance Corporation (LIC) of India launched a new Individual Savings Plan, ‘Bima Jyoti’ Plan (Plan No. 860) which will be effective from February 22, 2021. Bima Jyoti is a Non-linked, Non-Participating, Individual, Limited Premium Payment, Life Insurance Savings Plan.
- The Plan offers a Guaranteed addition at a rate of INR 50 per thousand (i.e 5%) Basic Sum Assured at the end of each policy year throughout the policy term.
Policy Term & Premium Paying Term
- The Policy Term can be taken for a term of 15-20 years.
- Premium Paying Term will be calculated as policy term minus 5 years (i.e for 15-year policy term, PPT will be 10 years & for 18-year policy it will be 13 years).
- Premium Payment options are Yearly, Half Yearly, Quarterly & Monthly.
Sum Assured Limits
- The Minimum Basic Sum assured in INR 1, 00, 000 & multiple of INR 25, 000 after that.
- There is no maximum limit.
Age Limits
- The Minimum entry age is 90 days (completed) & maximum age at entry is 60 years
- Minimum age at maturity will be 18 years & maximum age at maturity will be 75 years.
Benefits
- Maturity Benefits & Death Benefits
- Other included riders in ‘Bima Jyoti’ are Accidental Death & Disability Rider Benefit, Accident Benefit Rider, Term Assurance Rider, New Critical Illness Benefit Rider & Premium Waiver Benefit Rider.
Returns
- The returns will be calculated based on the amount of Basic Sum Assured & not on the amount of premium.
- The Returns Are Tax free.
Gist of the Plan
| Minimum Basic Sum | INR 1, 00, 000 |
| Maximum Basic Sum | No Limit |
| Policy Term | 15-20 years |
| Premium Paying Term | policy term minus 5 years |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 60 years |
| Minimum Age at Maturity | 18 years |
| Maximum Age at Maturity | 75 years |
| Guaranteed Additions at the end of each policy year | Rate of INR 50 per Thousand basic sum assured (5%) |
Recent Related News:
i.On May 26, 2020 Life Insurance Corporation of India(LIC) announced the launch of the Pradhan Mantri Vaya Vandana Yojana-PMVVY (Modified- 2020) Scheme for those over and above 60 years.
ii.On 1st September 2020, Defence Minister Rajnath Singh launched “Chhavni COVID: Yodha Sanrakshan Yojana” a group life insurance scheme through LIC, for more than 10000 employees working in the military cantonment areas across India.
About Life Insurance Corporation (LIC) of India:
Chairman – M R Kumar
Central Office – Mumbai, Maharashtra
