LIC Bima Jyoti (Plan 860) is a non-participating, non-linked savings plan that combines financial protection with guaranteed returns. Here's a breakdown of its key features and benefits:
Key Features:
- Policy type: Non-participating, Non-linked Savings Plan
- Minimum age at entry: 18 years
- Maximum age at entry: 65 years
- Policy term: 15 years to 35 years
- Premium payment term: Limited premium payment option (shorter than the policy term)
- Minimum sum assured: Rs.50,000
- Maximum sum assured: Rs.25 lakh
Benefits:
- Death benefit: 125% of the sum assured + guaranteed additions are payable to the nominee/beneficiary if the policyholder dies during the policy term.
- Maturity benefit: The sum assured + guaranteed additions are payable to the policyholder on policy maturity.
- Guaranteed additions: Rs.50 per thousand sum assured are added every year throughout the policy term, effectively doubling the invested amount in most cases.
- Loan facility: Available after two years of premium payment.
- Surrender benefit: Available after two years of premium payment.
- Tax benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act. Maturity and death benefits are tax-free under Section 10(10D) of the Act.
Things to consider:
- Bima Jyoti is a long-term investment. Make sure you can afford the premiums for the entire policy term.
- Returns are not guaranteed, unlike participating plans.
- There are surrender charges if you surrender the policy before maturity.
- Compare it to other similar plans before making a decision.
Additional Resources:
- LIC Bima Jyoti brochure: https://licindia.in/lic-s-bima-jyoti-plan-no.-860-uin-no.-512n339v01-
- Compare LIC Bima Jyoti with other LIC plans: https://licindia.in/insurance-plan
I hope this information helps! Feel free to ask if you have any further questions about LIC Bima Jyoti or need help comparing it with other plans.
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