Bima jyoti

LIC’s Bima Jyoti is an individual life assurance savings plan that offers an appealing blend of protection and savings. This plan is both non-linked and non-participating, ensuring financial security for your family in the event of your unfortunate demise during the policy term and a guaranteed lump-sum payment to you, the surviving policyholder, upon maturity. Moreover, this plan caters to your liquidity requirements with a convenient loan facility. You have the flexibility to purchase this plan through offline channels via agents or other intermediaries, as well as online directly through the website www.licindia.in.

Survival Benefits

Death Benefit

(i) In the unfortunate event of the policyholder’s demise during the policy term before the commencement of the risk, a refund of the premiums paid will be provided, excluding taxes, extra premium, and any rider premium(s), if applicable.

(ii) If the policyholder passes away during the policy term after the commencement of the risk, the Death Benefit will consist of the “Sum Assured on Death” and the accrued Guaranteed Additions. The “Sum Assured on Death” is defined as the higher of either 125% of the Basic Sum Assured or 7 times the annualized premium. The Death Benefit, as described in (ii) above, will not be less than 105% of the total premiums paid (excluding any extra premium, any rider premium(s), and taxes) up to the date of death.

Maturity Benefit

If the Life Assured survives until the specified Date of Maturity and the policy remains in force, the “Sum Assured on Maturity,” along with the Guaranteed Additions, will be paid. The “Sum Assured on Maturity” is equal to the Basic Sum Assured.

LIC childrens plan
Guaranteed Additions

Guaranteed Additions

Guaranteed Additions are yearly additions of Rs. 50 per thousand of the Basic Sum Assured for active policies with paid premiums. In the event of the policyholder’s death while the policy is active, the Guaranteed Addition for the year of death is provided for the entire year.

However, if premiums are not paid on time, Guaranteed Additions stop accumulating.

For paid-up policies or policy surrender, the Guaranteed Addition for the year when the last premium is received is added proportionally to the premium amount received for that specific year.

LIC’s Bima Jyoti Eligibility Conditions

Minimum Basic Sum Assured Rs. 1,00,000
Maximum Basic Sum Assured No limit
(Basic Sum Assured shall be in multiples of Rs 25,000/- )
Policy Term 15 to 20 years
Premium Paying Term Policy Term minus 5 Years
Minimum Age at entry 90 days Completed
Maximum Age at Entry 60 Years (Age Nearer Birthday)
Minimum Age at Maturity 18 years (Completed)
Maximum Age at Maturity 75 Years (Age Nearer Birthday)
65 Years (Age Nearer Birthday) for policies procured through POSP-LI & CPSC-SPV

Payment Options Available

Mode of Instalment payment Minimum instalment amount
Monthly Rs 5,000/-
Quarterly Rs 15,000/-
Half-Yearly Rs 25,000/-
Yearly Rs 50,000/-

Exclusion:

i. If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy, except for a refund of 80% of the total premiums paid (excluding taxes, extra premiums, and rider premiums other than Term Assurance Rider), provided the policy is in-force. This exclusion does not apply if the Life Assured’s age at entry is below 8 years. ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of revival, an amount equivalent to the higher of 80% of the total premiums paid till the date of death (excluding taxes, extra premiums, and rider premiums other than term assurance rider, if any) or the surrender value available as of the date of death will be payable. The Corporation will not entertain any other claims under this policy. This exclusion does not apply:

  • If the age of the Life Assured is below 8 years at the time of revival, or
  • For a policy that has lapsed without acquiring paid-up value, in which case nothing shall be payable.
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