All you need to know LIC’s New Bhima Jyothi Policy

bhima jyoti

BIMA JYOTI a newly launched plan from LIC of India is a Non-linked, Individual, Non-participating, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term as per press relase made by LIC.

Features

  1. Available through Online mode Click Here
  2. Endowment plan with policy Term 15 to 20 years with mode of payment as Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
  3. Minimum Sum assured- Rs. 1,00,000/-. Maximum- No limit

Benefits

Death BenefitOn death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
On death during the policy term after the date of commencement of risk: “Sum Assured on Death” along with accrued Guaranteed Additions
Where “Sum Assured on Death” is defined as the higher of 125 % of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid upto the date of death. Premiums referred above shall not include taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
Maturity BenefitOn the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions, shall be payable.
Guaranteed AdditionsProvided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured shall accrue at the end of each policy year for which full year’s premiums have been paid throughout the policy term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
Optional rider benefitsLIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02)LIC’s Accident Benefit Rider UIN (512B203V03)LIC’s New Term Assurance Rider (UIN 512B210V01)LIC’s New Critical Illness Benefit Rider (UIN 512A212V02)LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)Please see FAQ for more details.
Option available under the base planSettlement Option (for Maturity Benefit): Settlement Option is an option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals.
Option to take Death Benefit in Instalments: This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an inforce as well as paid up policy.
Rebate for online SaleProposal to be completed under online sales shall be eligible for rebate on tabular premium at the following rates:
Premium Paying Term    Online Sale (Rate of rebate)
  10 to 14 years              7.5%
  15 years                   10%
Rebate for Higher Basic Sum AssuredBasic Sum Assured (B.S.A)    Rebate on tabular premium per Rs 1000 B.S.A.(Rs.)
  1,00,000 to 2,75,000              NIL
  3,00,000 to 4,75,000              4.00
  5,00,000 to 9,75,000              5.00
  10,00,000 and above              6.00

Eligibility

Minimum Sum AssuredRs. 100,000
Maximum Sum AssuredNo limit
Minimum age at entry90 days (completed) (However for online plans, minor life is not allowed. You can purchase offline from any nearest branch.
Maximum age at entry60 Years (nearer birthday)
Maximum Maturity age75 years (nearer birthday)
Minimum Maturity age18 years (Completed)
Policy Term15 to 20 years
Premium Paying TermPolicy Term less 5 years
Mode of paymentYearly, Half Yearly, Quarterly, and Monthly (NACH only)
SurrenderThe policy can be surrendered at any time during the Policy Term provided atleast two full year’s premium have been paid.
LoanLoan facility is available under this plan, after payment of premiums for atleast two full year’s have been paid.

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