LIC of India launched Individual Savings Plan, ‘Bima Jyoti’ Plan

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.


  • 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.


  • 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

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