LIC Bima Jyoti (860) All Details with Premium and Benefit Calculators – Insurance Funda

(Last updated: February 18, 2021)

India’s LIC has decided to introduce a new limited payment endowment scheme, Bima Jyoti – Scheme No. 860 – from 22 February 2021. Bima Jyoti can be defined as non-linked, non-participating, individual, limited premium paid life insurance. Savings plan. In other words, Bima Jothi is a guaranteed fixed benefit plan, whose premium payment period is five years less than the duration of the plan.

Let us take a detailed look at the benefit pattern and premium structure of Bima Jyoti scheme.

The most important feature of Jeevan Jyoti (Scheme is 80) is the guaranteed additions, which will be added to the policy account at the rate of 50 per 1000 Sum Assured per year for the entire term of the plan. A scheme with guaranteed maturity benefits in a period of rapidly declining interest rates was somewhat unexpected. LIC of India is apparently taking bold steps to join the scheme to provide benefits in this scheme.

Seema Jyoti of LIC – all who are eligible for the scheme

Eligibility Conditions and Restrictions
Event the minimum maximum
Basic Sum Assured 1,00,000 No limits
Age at entry 90 days (complete) 60 years (nbd)
Age at maturity 18 years (completed) 75 years (nbd)
Premium payment term (Policy term Less 5 year
Some Assured Multiples Rs 25,000

Guaranteed Additions – Unique feature of Bim Jyoti

For all in-force policies, Additional additions At the rate of 50 per 1000 By the end of the term, every year the sum assured will be credited to the policy account. For example, for a sum assured of 10 lakh with a term of 20 years, the guaranteed sum earned in the policy account will be as shown below.

Bima Jyoti 860 - Numerical addition

Bim Jyoti – Benefits Available

Bim Jyoti - Pattern of Benefits

1. Maturity Benefit

Assured to keep the plan period alive, Basic Sum Assured + Extra guarantee Deposit will be payable in the policy account. So the plan’s maturity benefit is simple to calculate and can be well known beforehand.

2. Death benefit

If death happens After exposure, Death insurance + Accumulated Extra guarantee Will be due

Sum Assured on Death (125% of Sum Assured) and (7 times of annual premium)

But if death happens Before Risk Start Date, All premiums except the rider premium will be refunded.

Date of Risk Start: On entry under 8 years -> from the beginning of 2 years or coincidentally with the policy anniversary / immediately after the age of 8 years, whichever is earlier. For all others, risk cover will begin immediately.

LIC’s Jeevan Jyoti – Premium & Benefits – Online Calculator

Jeevan Jyoti – The purpose of the online calculator is to provide all the benefits of the plan in an easily understandable way.

This section is under construction and will be available soon…

Optional riders are available

1. LIC Accidental Death and Disability Rider (AD & DB)

An amount equal to the accident benefit is payable on death due to accident, provided the rider is in force at the time of the accident. In case of accident permanent disability (within 180 days from the date of accident), an amount equal to the accident benefit. Sum Assured will be paid in equal monthly installments and future premiums spread over 10 years, if any, will also be waived in respect of this rider and Basic Sum Assured equal to the premium of the base policy equal to Accident Benefit Sum Assured will be given.

Availability period: Available till the end of the period

2. LIC Accident Benefit Rider (AB)

If this benefit is opted in and if the life insured gets involved in an accident within 180 days from the date of the accident, then an amount equal to the Accident Benefit Sum Assured is payable. However, this policy will be applicable at the time of accident whether it is applicable at the time of death or not.

Availability period: Only available till the end of premium payment period

3. New Term Assurance Rider of LIC

An amount equal to the Term Assurance Rider Sum Assured will be payable on the death of the insured during the policy term, provided the rider is covered.

Availability period: Available till the end of the period

4. LIC’s new critical illness rider

If this rider is selected, on the first diagnosis of any of the 15 critical illnesses under this rider, the Critical Illness Sum Assured will be payable subject to the specified conditions.

Availability period: Available till the end of the period

5. LIC’s Premium Waiver Benefit

If this rider is chosen on the death of the proponent of the base policy, (on whose life this rider has been selected), the premium payable in respect of the base policy during the rider term, after the date of death and after it falls until the rider period. Expires, will be forgiven.

LIC’s Jeevan Jyoti – Plan 860 – Premium Chart

Ready reckoner for calculation of premium of Jeevan Jyoti is given below. Click on the link below to download the PDF premium chart.

Read more: Settlement of claims of insurance companies in India in 2021

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