LIC Bima Jyoti (Plan No. 860)
LIC Bima Jyoti Plan - Overview
LIC Bima Jyoti (Plan No. 860) is a life insurance plan that helps you save money and also protect your family. It is a Non-Linked, Non-Participating Individual Savings Life Insurance Plan.
If something happens to you during the policy term, your family will get financial support.If you stay healthy till the end of the policy, you will get a guaranteed lump sum amount.You can also take a loan if you need money during the policy term.LIC Bima Jyoti gives a guaranteed bonus of ₹50 every year for every ₹1,000 of the basic sum assured.You can also choose how you want to pay - once a year, every six months, every three months, or every month.This plan is available to buy both online and offline.
Eligibility Criteria of LIC Bima Jyoti Plan
| Parameters | Criteria |
|---|---|
| Min & Max Entry Age | Min: 90 Days (Completed)Max: 60 Years |
| Min & Max Sum Insured | Min: 1,00,000Max: No Limit |
| Min & Max Maturity Age | Min: 18 CompletedMax: 75 years |
| Policy Term (PT) | 15 to 20 years |
| Premium Paying Term (PPT) | PT minus 5 years |
LIC Bima Jyoti Plan Benefits
- 01
Death Benefit
If the person who took the policy passes away:
- 1Before the policy risk starts LIC will return the money paid (except for taxes, extra charges, or add-ons).
- 2After the policy risk starts LIC will pay the sum assured plus the guaranteed bonus.
- 3The sum assured will be the higher of:125% of the basic sum assured, or7 times the yearly premium.
- 02
Maturity Benefit
If the person lives until the end of the policy term:
- 1 LIC will pay the full sum assured plus all guaranteed bonuses collected over the years.
- 2 You can choose to get this money:All at once (lump sum), orIn parts (yearly, half-yearly, quarterly, or monthly).
- 03
Guaranteed Bonus
Every year, LIC adds a fixed bonus of ₹50 for every ₹1,000 sum assured.
- 1 If the person dies during the policy, they will still get the full year's bonus.
- 2 If the policy is stopped early or turned into a smaller plan (paid-up), bonus will be given based on how much premium was paid.
- 3 If premiums are not paid on time, the bonus will stop.
Example : If your sum assured is ₹1 crore, you will get ₹5 lakhs as a bonus every year. After 20 years, you'll get more than ₹1 crore as a guaranteed total income.
How LIC Bima Jyoti Works?
Let's take an example to understand how this plan works
Age of person30 years
Sum Assured₹1 Crore
Policy Term20 years
Premium Paying Term15 years
Yearly Premium (without tax)₹7,77,900
Now let's look at the benefits in different situations:
LIC Endowment Plans
| Situations | Sum Assured | Guaranteed Additions | Total Payout (Benefit) |
|---|---|---|---|
| If death occurs after 5 years | ₹1.25 Crore (125% of ₹1 Cr) | ₹25 Lakhs (₹5 Lakhs per year x 5 years) | ₹1.53 Crores |
| If death occurs after 15 years | ₹1.25 Crore | ₹75 Lakhs (₹5 Lakhs per year x 15 years) | ₹2.03 Crores |
| If you live full 20 years | ₹1 Crore (Maturity Sum) | ₹1 Crore (₹5 Lakhs per year x 20 years) | ₹2 Crores |
Note: Guaranteed Additions = ₹50 per ₹1,000 of Sum Assured each year = ₹5 Lakhs per year for ₹1 Cr Sum Assured
Additional Rider Benefits Offered Under LIC Bima Jyoti Plan
You can choose any of the 4 extra rider benefits by paying a little more money. These riders give you extra protection:
- 01
LIC's Accidental Death and Disability Rider
With this add-on, if you die in an accident, your family will get extra money along with the main plan's death benefit. If you become disabled in an accident (within 180 days), the same amount will be paid to you in monthly payments for 10 years. Also, you won't have to pay future premiums for that amount and for a part of the main policy.
- 02
LIC's Accident Benefit Rider
If you die in an accident, your family will get extra money along with the main death benefit. This rider is available for minors (under 18 years old) only after they turn 18, and a request needs to be given.
- 03
LIC's New Term Assurance Rider
You can choose this rider only when you buy the policy. If the person whose life is insured dies during the policy term, the full amount assured under this rider will be paid.
- 04
LIC's Premium Waiver Benefit Rider
If the person who is paying for the policy dies, then future premiums of the main plan will not have to be paid until the end of this rider term. But if the main policy term is longer than the rider term, then the insured person will have to pay the premiums after the rider ends. If not paid, the policy will continue in a reduced form.
Details of the plans LIC Bima Jyoti Plan
| Features | Explanation |
|---|---|
| Grace Period | You get extra time to pay the premium. If you pay yearly, half-yearly, or quarterly, you get 30 days extra. If you pay monthly, you get 15 days extra. If you don't pay within this time, your policy will stop. |
| Free Look Period | If you don't like the policy after buying it, you can return it. You have 30 days (if bought offline/Online) from the day you received it. |
| Revival | If your policy stops because you didn't pay, you can start it again within 5 years. But you must do this before the policy ends (maturity date). |
| Tax Benefits | You can save tax by buying this plan. Tax rules may change, but right now you can get benefits under sections 80C and 10(10D) of the Income Tax Act. |
| Surrender Benefit | You can stop the policy after paying for at least 2 full years. LIC will give you money called "surrender value". You'll get the higher amount between “guaranteed value” or “special value”. |
| Policy Loan | You can take a loan after paying for 2 full years. The loan amount depends on how much your policy is worth (surrender value). You can get more loans if your policy is still active. |
| Paid-Up Value | If you stop paying before 2 years, the policy stops and gives no benefits. But if you pay for at least 2 years and then stop, your policy will continue in a smaller (paid-up) form. It will still give reduced benefits. |
| Waiting Period | If the person insured dies within 90 days of the policy start, LIC will return all the money paid (only if it's not an accident and policy is active). No other benefit is paid in this case. |
How to Buy LIC Bima Jyoti Plan Online
You can buy the LIC Bima Jyoti Plan online by following these simple steps:
Step 1
Visit the official LIC website www.licindia.in
Step2
On the homepage, click on "Buy Policies Online" or choose the plan type like Endowment or Money Back.
Step 3
Select LIC Bima Jyoti Plan from the list.
Step 4
Click on "Learn More" to go to the application page.
Step 5
Fill out the form and upload the required documents (like ID proof, photo, etc.).
Step 6
Submit the form and make the payment online
Exclusions of LIC Bima Jyoti Plan
If the person insured (Life Assured), whether mentally well or not, dies by suicide within the first 12 months of the policy starting:LIC will pay 80% of the total premiums paid (not including any taxes, extra charges, or rider premiums – except Term Assurance Rider premium).This amount is given only if the policy is active at the time of death.If the person dies by suicide within 12 months after restarting (reviving) the policy. LIC will pay the higher of these two:80% of total premiums paid orThe policy's surrender value.This rule does not apply if:The person insured is under 8 years old, orThe policy has stopped and is not in paid-up status.For more details about what is not covered in rider options, please check the rider brochure.
FAQs
LIC Bima Jyoti is a life insurance plan that helps you save money and gives protection to your family. You get a guaranteed amount at the end, and your family gets money if something happens to you during the policy term.
If you pass away after the policy starts, your family will get:
- A lump sum amount (Sum Assured)
- Plus a bonus of ₹50 per ₹1,000 every year
If you complete the full policy term, you will get:
- The full Sum Assured
- Plus all the bonuses you earned each year
You can take this money all at once or in parts.
Yes, you can take a loan after you have paid premiums for at least 2 full years. The loan amount depends on how much your policy is worth at that time.
- Minimum age: 90 days (baby must be at least 90 days old)
- Maximum age: 60 years
Yes! You can easily buy this plan from the LIC website by filling a form and paying online. It's simple and can be done in a few steps.
To buy the LIC Bima Jyoti policy, you need to give the following documents:
- Proof of your date of birth (like birth certificate or school certificate)
- A valid ID proof (like Aadhar card, PAN card, etc.)
- Your recent photo
- Your bank account details