LIC's Bima Jyoti
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LIC's Bima Jyoti (Plan No. 860, UIN: 512N339V02) was a non-linked, non-participating individual life assurance savings plan offered by the Life Insurance Corporation of India (LIC).
🔑 Key Features
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Premium Payment Term (PPT): Policy Term (PT) minus 5 years. For example, if the policy term is 20 years, the premium paying term is 15 years.
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Policy Term (PT): 15 to 20 years.
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Entry Age: 90 days (completed) to 60 years (last birthday).
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Maturity Age: 18 years (completed) to 75 years (last birthday).
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Sum Assured: Minimum ₹1,00,000, with no upper limit, in multiples of ₹25,000.
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (NACH), or Salary Deduction.
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Grace Period: 30 days for yearly/half-yearly/quarterly premiums; 15 days for monthly premiums.
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Free Look Period: 15 days for offline purchases; 30 days for online purchases.
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Loan Facility: Available after 2 full years of premium payment.
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Surrender Value: Available after 2 full years of premium payment; higher of Special Surrender Value or Guaranteed Surrender Value is payable.
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Tax Benefits: Under Sections 80C and 10(10D) of the Income Tax Act.
💰 Benefits
1. Death Benefit
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Before Commencement of Risk: If death occurs before the risk commencement date, the nominee receives a refund of premiums paid, excluding taxes and rider premiums.
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After Commencement of Risk: The nominee receives the higher of:
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125% of the Basic Sum Assured, or
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7 times the annualized premium.
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Additionally, accrued Guaranteed Additions are payable.
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The total death benefit is not less than 105% of the total premiums paid, excluding any extra premiums, rider premiums, and taxes.