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Life Insurance Corporation of India (LIC) has launched a non-linked, non-participating, individual savings plan called Bima Jyoti. The plan offers a combination of protection and savings. While it will provide life cover in case of unfortunate death of the policyholder, it also provides guaranteed lump sum payment at maturity.

LIC Bima Jyoti key features

The policy guaranteed addition at the rate of Rs 50 per 1,000 basic sum assured (or 5 per cent) at the end of each policy year. The minimum sum assured is Rs 1 lakh, with no upper limit. The plan term can be for 15-20 years, while the premium paying term will be five years less than the plan term. The minimum entry age for Bima Jyoti is 90 days, while the maximum is 60 years.

Premium Paying Term

The Policy Term of the plan varies from 15 to 20 years. For a 15-year policy term, the premium paying term will be 10 years and for a 16-year policy, the PPT will be 11 years, and so on.

Basic sum assured

The basic sum assured is Rs 1 lakh and multiples of Rs 25,000 thereafter, without any maximum limit.

Age limits

The minimum age at entry is allowed three months and the maxim age at entry would be 60 years. While the minimum age at maturity will be 18 years (completed) and the maximum age at maturity will be 75 years (nearer birthday).

Payment of Premiums

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions.

Policy Loan

The loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under this policy as a percentage of surrender value shall be as under a) For in-force policies – up to 90 per cent and b) For paid-up policies – up to 80 per cent.

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