LIC Bima Jyoti Plan is a Non-Par, Non-Linked, Individual Savings Plan designed to provide a perfect combination of financial protection and savings. This plan offers guaranteed benefits on death and maturity, making it an ideal choice for individuals seeking stability and security. With features like Guaranteed Additions and flexible payment terms, it stands out as a reliable option for financial planning.

Key Features of LIC Bima Jyoti

1. Guaranteed Additions: ₹50 per ₹1,000 of Basic Sum Assured accrued annually throughout the policy term.
2. Dual Benefits: Combines life protection with a lump-sum maturity payout.
3. Flexible Premium Payment: Choose from yearly, half-yearly, quarterly, or monthly payment modes.
4. High Sum Assured Rebate: Discounts on premium rates for higher sums assured.
5. Optional Riders: Enhance coverage with additional riders like Accidental Death and Disability Benefit.
6. Liquidity: Loan facility available to meet urgent financial needs.

Eligibility Conditions

• Minimum Entry Age: 30 days
• Maximum Entry Age: 60 years
• Policy Term: 15 to 20 years
• Premium Payment Term: Policy Term – 5 years
• Minimum Basic Sum Assured: ₹1,25,000
• Maximum Basic Sum Assured: No limit (subject to underwriting approval)

Benefits Under LIC Bima Jyoti

1. Death Benefit

• In case of the policyholder’s death during the policy term (after the commencement of risk), the nominee receives:
  • Higher of 125% of Basic Sum Assured or 7 times the annualized premium, plus accrued Guaranteed Additions.
  • Death Benefit is at least 105% of the total premiums paid.

2. Maturity Benefit

• On surviving the policy term, the policyholder receives:
  • Basic Sum Assured along with accrued Guaranteed Additions.

3. Guaranteed Additions

• Guaranteed Additions of ₹50 per ₹1,000 of Basic Sum Assured are added annually, provided all premiums are paid.

Optional Riders

1. Accidental Death and Disability Benefit Rider: Provides additional financial security in case of accidental death or disability.
2. Accident Benefit Rider: Offers a lump sum in case of accidental death.
3. New Term Assurance Rider: Ensures additional life cover during the policy term.
4. Premium Waiver Benefit Rider: Waives off future premiums in case of the proposer’s death.

Related Article-LIC Amritbaal Plan 2025: Secure Your Child’s Future with Guaranteed Benefits

Settlement Options

1. For Maturity Benefit:
   • Opt to receive the maturity amount in installments over 5, 10, or 15 years.
2. For Death Benefit:
   • Nominee can choose to receive death benefits in installments over 5, 10, or 15 years.

Loan Facility

• Loans can be availed after one policy year, provided at least one full premium has been paid.
• Loan percentage:
  • Up to 50% of surrender value before two years of premium payment.
  • Up to 80% of surrender value after two years.

Rebates

1. Mode Rebate:
   • Yearly: 2%
   • Half-Yearly: 1%
   • Quarterly and Monthly: No rebate
2. High Sum Assured Rebate:
   • ₹3,00,000 – ₹5,00,000: ₹4 per ₹1,000 Basic Sum Assured
   • ₹5,00,000 – ₹10,00,000: ₹5 per ₹1,000 Basic Sum Assured
   • Above ₹10,00,000: ₹6 per ₹1,000 Basic Sum Assured

FAQs

1. What is the minimum Basic Sum Assured in LIC Bima Jyoti Plan?
The minimum Basic Sum Assured is ₹1,25,000.

2. Can I enhance my policy with riders in LIC Bima Jyoti Plan?
Yes, optional riders like Accidental Death and Disability Benefit can be added for additional coverage.

3. How is the death benefit calculated in LIC Bima Jyoti Plan?
The death benefit is the higher of 125% of Basic Sum Assured or 7 times the annualized premium, plus accrued Guaranteed Additions.

4. Is there a loan facility under LIC Bima Jyoti Plan?
Yes, loans can be availed up to 80% of the surrender value after two years of premium payments.

5. What happens if I miss a premium payment in LIC Bima Jyoti Plan?
A grace period of 30 days (15 days for monthly mode) is provided. If the policy lapses, it can be revived within five years.

Official Link-LIC BIma Jyoti

Conclusion

LIC Bima Jyoti Plan is an excellent option for individuals seeking guaranteed returns with life protection. Its guaranteed additions, flexible terms, and optional riders make it a versatile and reliable choice.

Disclaimer-For more information or to purchase the plan, visit your nearest LIC branch or consult an authorized LIC agent.