LIC’s Bima Jyoti (860)

LIC’s Bima Jyoti Plan is a life insurance product of LIC (Life Insurance Corporation of India). This is an endowment or traditional plan- which means it is not linked to stock market. Special feature of policy is guaranteed lumpsum payment to the surviving policyholder at the time of maturity and life risk cover till maturity. This policy also provide quick liquidity need as loan during policy term. To know more about this policy let us start with its features:

 Premium paying term: 5 years less than policy term

 Policy term (time until your policy matures):15 to 20 years

 Minimum Sum Assured: 100000

 Maximum Sum Assured: No limit (may require income proof and special medical report for Higher SA)

 Minimum Entry Level Age: 90 days ( Completed )

 Maximum Entry Level Age: 60 Years (Age Nearer Birthday)

Minimum Maturity Age: 18 Years ( Completed )

 Maximum Maturity Age: 75 Years (Age Nearer Birthday)

 Maximum Accidental Death and Disability benefit rider applicable up to age of 70 years

 Maturity Benefit: Sum Assured on Maturity + Guaranteed Additions  (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Sandeep Panday  a software engineer has purchased Bima Jyoti, 20 years term of Sum assured 1000000 INR at the age of 28 years, in name of his daughter Astha (3 years old) with PWB (Premium Wavier Benefit) after considering following benefit illustration:-

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.