In a new, the Life Insurance Corporation (LIC) has recently introduced a plan called ‘Bima Jyoti’ plan which is a non-linked, non-participating, individual savings plan, offering a combination of both protection and savings.
The plan, as per the reports, provides a guaranteed lump sum payment at the time of maturity and also financial support to the family of the policyholder in case of unfortunate conditions, like the death of the policyholder, during the policy term.
The Bima Joyti plan can be purchased both offline via an agent or online, directly through the LIC website – www.licindia.in.
The plan’s details add that a guaranteed addition at the rate of Rs 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year.
Meanwhile, in case of the death of the policy holder during the policy term after the date of commencement of risk, the sum assured on death and accrued guaranteed additions as per policy conditions will be payable.
However, if the policy survives the whole stipulated Date of Maturity, both the sum assured on maturity and guaranteed additions will be payable to the policyholder. Moreover, the plan also provides an option to receive death/maturity benefits in installments subject to certain conditions.
The minimum basic sum assured, as of now, has been kept at Rs 1,00,000 with no upper limit. The policy time period can be anywhere between 15 to 20 years with a premium paying term calculated as Policy term minus 5 years. The minimum age for anyone to enter the policy is 90 and the maximum age has been capped at 60 yrs. Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions.
LIC claims that in the current scenario where interest rates on policies have shown a decline, the guaranteed additions offered along with risk cover is an attractive feature in LIC’s BIMA JYOTI.