Bima Jyoti, this is the name of New Plan of Life Insurance Corporation of India, Plan No. 860. Bima Jyoti is a Non-Linked, Non participating, Individual life insurance plan. Premium payment is available for limited-term ie 5 years less than the policy term. Bima Jyoti has the provision of Guaranteed addition of Rs. 50 per thousand basic sum assured throughout the policy term. This plan is available for online as well as offline sales from 22/02/2021. UIN of Bima Jyoti is 512N339V01.
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The benefits payable in inforce Bima Jyoti policy are
When the policyholder survives till the end of the policy term and all the due premiums have already been paid “SUM ASSURED ON MATURITY” along with accrued GUARANTEED ADDITION will be payable where “SUM ASSURED ON MATURITY” is equal to BASIC SUM ASSURED.
In case life assured dies before the date of maturity and policy is in force condition then the benefits payable to nominee/assignee is as under
Before the date of commencement of risk: Refund of premium without any interest and excluding any extra premium charged.
After the date of commencement of Risk: “SUM ASSURED ON DEATH” is payable. Here “SUM ASSURED ON DEATH” is defined as the higher of 125% of Basic Sum Assured or 7 times of the annualized premium.
If the premium is paid regularly in the policy, Guaranteed Addition at the rate of Rs. 50 per thousand sum assured is added to the policy at the end of each policy year. In the paid-up policy, guaranteed addition will be added up to the year for which full premium has already received for that year.
There are 5 optional rider available in the LIC’s Bima Jyoti (Plan No. 860). These can be taken by the proposer by paying the extra premium for these riders. Following riders are available in the Bima Jyoti policy
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