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Jaipur, India
At a time when the interest rates on investment are decreasing. Every year Guaranteed increase on Bima Jyoti with Risk Cover by LIC is a great attraction. LIC has introduced a new Non-linked, Non-participating, Limited Premium Payment, Individual, and Life Insurance Savings Plan. LIC’s Bima Jyoti (Table No. 860) guaranteed addition at the rate of ₹50 per ₹1,000 basic sums assured (BSA) (or 5% of BSA) at the end of each policy year.
LIC best of 2021 has been launched on 22th Feb 2021 with guaranteed addition.
Particulars | Eligibility |
Minimum Sum Assured | ₹100,000 |
Maximum Sum Assured | No limit |
Minimum age at entry | 90 days (completed) |
Maximum age at entry | 60 Years (nearer birthday) |
Maximum Maturity age | 75 years (nearer birthday) |
Minimum Maturity age | 18 years (Completed) |
Policy Term | 15 to 20 years |
Premium Paying Term | Policy Term less then 5 years |
Mode of payment | Yearly, Half Yearly, Quarterly and Monthly (National Automated Clearing House- NACH only) |
Surrender | The policy can be surrendered at any time during the Policy Term provided at least two full year’s premium have been paid. |
Loan | Loan facility is available under this plan, after payment of premiums for atleast two full year’s have been paid. |
On the life assured surviving to the end of the policy term, Sum Assured on Maturity along with accrued Guaranteed Additions shall be payable.
On 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 percent of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105 percent of all the premiums paid up to 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.
Provided the policy is in force, a Guaranteed Addition at the rate of ₹50 per ₹1000 Basic Sum Assured (BSA) (or 5% of BSA) 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.
Proposal to be completed under online sales shall be eligible for a rebate on the tabular premium at the following rates:
Premium Paying Term | Online Sale (Rate of rebate) |
10 to 14 years | 7.50% |
15 years | 10% |
Basic Sum Assured (B.S.A) | Rebate on tabular premium per ₹1000 B.S.A. |
₹1,00,000 to ₹2,75,000 | NIL |
₹3,00,000 to ₹4,75,000 | ₹4 |
₹5,00,000 to ₹9,75,000 | ₹5 |
₹10,00,000 and above | ₹6 |
This plan will be available for both Non-medical and medical schemes depending on the total Non-medical limit age and sum assured.
There are two ways to buy this policy,
1. Call us to buy offline (agent)
2. To buy online: Login to LIC’s official website https://www.licindia.in/ and click “BUY POLICY ONLINE”
Yes, At the rate of ₹50 per 1000 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.