LIC Bima Jyoti: Here’s a look at key features and benefits of the policy

Are you planning to buy a new life insurance policy? Bima Jyoti plan from Life Insurance Corporation(LIC) could be a great choice. Bima Jyoti plan not only provides a guaranteed lump sum amount on maturity, it also provides life cover to the dependents of the policyholder in case of his/her untimely death.

Guaranteed Return
Beema Jyoti plan was launched in February this year. It offers both- maturity and death benefit to the policy holder. Its is a non-linked, non participating plan.

₹1 Lakh: Basic Sum Assured
The policy provides fixed income along with guaranteed return on maturity. It guarantees you ₹ 50 per 1000 basic sum assured annually during the term of your plan. Which means you will get a guaranteed bonus of ₹ 50 per 1000 sum assured. The basic sum assured is ₹1 Lakh and there isn’t any upper limit set by LIC till now. The term of this plan is from 15-20 years. For a term of 15 years, premium paying term (PPT) will be 10 years whereas for a term of 16 years, the PPT will be 11 years.

Who can sign up for Bima Jyoti?
Bima Jyoti is one of the best plans to secure your future. This scheme is totally allied, non-participatory, personal and savings scheme. In this plan, the policyholder gets insurance as well as savings. The minimum age to sign up for this policy is 90 days whereas the maximum limit is 60 years.

Policy Features
• Maximum age limit of maturity is 75 years.
• Minimum age to sign up for this policy is 90 days and the maximum limit is 60 years
• Maturity settlement option is available.
• Death benefit and maturity options available in the instalments of 5,10 or 15 years.
• Guaranteed addition of ₹50 per 1000 per year bonus provided for the whole term of the plan.
• Options available for accidental, disability, serious illness and term rider benefits.
• PPT 5 years less than the term of the plan
• Policy can be purchased online
• Backdating of policy option available