LIC launches Bima Jyoti plan
State-owned insurance and investment corporation, Life Insurance Corporation (LIC) of India, has introduced Bima Jyoti, a non-linked, non-participating, individual, savings plan on February 22, 2021
Hyderabad: State-owned insurance and investment corporation, Life Insurance Corporation (LIC) of India, has introduced Bima Jyoti, a non-linked, non-participating, individual, savings plan on February 22, 2021.
The new plan offers a combination of protection and savings, which provides guaranteed lump sum payment at maturity and financial support to the family, in case of unfortunate death of the policyholder during policy term. The policy can be purchased Offline through agent/other intermediaries as well as Online directly through website www.licindia.in
Guaranteed additions at the rate of Rs 50 per thousand basic sum assured will be added to the policy at the end of each policy year. On death during the policy term after the date of commencement of risk, 'Sum Assured on Death' and Accrued Guaranteed Additions as per policy conditions is payable. On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, 'Sum Assured on Maturity' along with Guaranteed Additions, shall be payable.
The plan also provides an option to receive death/maturity benefits in instalments subject to certain conditions. The minimum basic sum assured is Rs 100, 000 with no upper limit. The policy can be taken for term of 15 to 20 years with premium paying term calculated as Policy term minus 5 years. The minimum age at entry is 90 days completed and maximum age at entry is 60 yrs.