LIC Bima Jyoti Plan

LIC Bima Jyoti Plan – Table No. 860 is a life insurance plan that provides you with financial protection and security. In this article, we will discuss the key features of LIC Bima Jyoti Plan, its benefits, and some examples of how it can be used to maximize your savings. Read on to find out all you need to know about this life insurance plan and how it can benefit you!
Introduction to LIC Bima Jyoti Plan – Table No. 860 LIC Bima Jyoti is a non-participating, regular premium whole life plan. It offers financial protection to the policyholder’s family in case of his/her untimely death. The plan also provides for the payment of survival benefits in case the policyholder survives the policy term. Under this plan, the policyholder has to pay regular premiums for a fixed term. On the maturity of the policy, the sum assured along with accrued bonuses is paid to the policyholder. In case of death of the policyholder during the policy term, his/her nominees receive twice the sum assured as death benefit. The nominees also have the option of taking this benefit in installments over a period of 10 years. LIC Bima Jyoti Plan is a beneficial life insurance plan that provides financial stability to your family in your absence. This makes it an ideal choice for people who are looking for comprehensive life cover at an affordable price.
Eligibility condition of LIC Bima Jyoti Policy
Minimum Maximum
Sum Assured Rs. 1,00,000 No Limit
Policy Term 15 to 20 years
Policy Term Policy Term minus 5 years
Age at Entry 90 days 60 years
Premium Payment Modes Yearly, Half-Yearly, Quarterly, Monthly
Key Features of LIC Bima Jyoti Policy – Table No. 860 What is LIC Bima Jyoti Plan? LIC Bima Jyoti Plan is a non-participating, individual death benefit life insurance plan offered by Life Insurance Corporation of India (LIC). The plan provides financial protection to the policyholder’s loved ones in the event of his/her untimely demise. In addition to the death benefit, the plan also offers terminal illness and accidental death benefits. What are the key features of LIC Bima Jyoti Policy – Table No. ? Some of the key features of LIC Bima Jyoti Policy – Table No. are as follows: – The policy term ranges from 5 years to 30 years. – The policy can be taken by anyone between the ages of 18 and 60 years. – The sum assured under the policy starts from Rs. 1 lakh and goes up to Rs. 10 lakhs. – Under this policy, you have the option to pay your premiums either yearly, half-yearly or quarterly. – In case of your untimely death during the policy term, your nominee will receive sum assured as death benefit, along with accrued bonuses if any. – If you are diagnosed with terminal illness during the policy term and have at least 2 years left till maturity, you can avail up to 50% of sum assured as advance payment towards medical treatment. – You can also avail accidental death benefit under this policy Benefits of the LIC Bima Jyoti Plan LIC Bima Jyoti is a participating non-linked plan which offers an attractive combination of protection and savings. This plan provides financial support to the family of the policyholder in case of his/her untimely demise. The policy also takes care of the future financial needs of the policyholder by way of providing a lump sum at the maturity of the policy. Some of the key benefits of LIC Bima Jyoti Plan are as follows:
1) Death Benefit: In case of death of the policyholder during the policy term, provided all due premiums have been paid, then nominees will receive 110% of Sum Assured as death benefit. In case of natural death after completion of 5 policy years, nominees will receive 125%of Sum Assured as death benefit.
2) Maturity Benefit: On survival till maturity, provided all due premiums have been paid, then the policyholder will receive 100%of Sum Assured as maturity benefit along with accrued bonuses.
3) Tax Benefit: LIC’s Bima Jyoti Plan qualifies for tax benefits u/s 80C and 10(10D)of Income Tax Act, 1961.
4) Loan Facility: Loan facility is available under this plan after completion of 3 policy years. The maximum loan that can be availed is limited to 90%of surrender value which accrues under this plan.
5) Surrender Value: The policy can be surrendered at any time after completion of 1policy

Tax Benefits on the LIC Bima Jyoti Plan
When it comes to availing tax benefits on LIC Bima Jyoti Plan, there are two main sections under which the benefit can be claimed – Section 80C and Section 10(10D). Under Section 80C of the Income Tax Act, 1961, the policyholder can claim a maximum deduction of INR 1.5 lakhs in a financial year. This deduction is available for both the premium paid as well as the maturity proceeds received. As far as Section 10(10D) is concerned, no tax is levied on the death benefit or maturity proceeds received under this plan.
Maturity Benefits of the LIC Bima Jyoti Plan
LIC’s Bima Jyoti is a non-linked, with-profits endowment assurance plan which offers a combination of protection and savings. This plan provides financial support to the policyholder’s family in case of death during the policy term, as well as a lump sum payout at maturity.
The main features and benefits of the LIC Bima Jyoti Plan are as follows:
Death Benefit: In the unfortunate event of the policyholder’s death during the policy term, the nominee will receive Sum Assured on Death, along with accrued bonuses. This benefit is payable irrespective of whether or not the policy has been terminated before death.
Maturity Benefit: On survival of the policyholder till the end of the policy term, he/she will receive Sum Assured on Maturity along with accrued bonuses. The maturity benefit will be paid even if the policy has been terminated before maturity.
Loan Facility: Policyholders can avail a loan against their policy from LIC, provided it is in force for at least 3 years. The loan amount cannot exceed 75% of Surrender Value or 75% of Sum Assured on Maturity (whichever is lower). However, no loan will be available if premiums have not been paid for 2 consecutive years or if premium payment has ceased due to insufficient funds in account under auto debit facility arrangement.
Policy Termination or Surrender Option: The policy can be surrendered anytime after it
Optional Benefits of the LIC Bima Jyoti Plan
LIC Bima Jyoti is a non-participating, fixed benefit life insurance plan that offers financial protection to policyholders in the event of their untimely demise. The plan also provides for an additional sum assured in case of accidental death. It is a simple and affordable life insurance policy that offers comprehensive coverage at an affordable price. The main features and benefits of the LIC Bima Jyoti Plan are as follows:
1) Death Benefit: In the event of the policyholder’s death, the nominee will receive the sum assured as death benefit. If the policyholder dies due to accident, then the nominee will receive an additional sum assured as accidental death benefit.
2) Maturity Benefit: There is no maturity benefit under this plan.
3) Tax Benefits: The premiums paid towards this plan are eligible for tax deduction under Section 80C of the Income Tax Act.
4) Survival Benefits: There are no survival benefits under this plan.
5) Policy Term: The policy term ranges from 5 years to 30 years.
6) Premium Payment Term: The premium payment term is equal to the policy term.
Example of the LIC Bima
LIC Bima Jyoti is a unit-linked non-participating whole life insurance plan. This means that the policyholder does not have to worry about market fluctuations as the value of their investment is linked to the performance of underlying LIC investment funds. The policyholder also has the flexibility to choose how their money is invested, and can switch between investment funds at any time.
The main benefit of LIC Bima Jyoti is that it provides a death benefit to the policyholder’s family in the event of the policyholder’s death. The death benefit is equal to the sum assured plus any bonuses that have accrued on the policy. In addition, the policy provides a maturity benefit, which is paid out to the policyholder if they survive to the end of the policy term.
LIC Bima Jyoti also offers a number of other benefits, including:
– A loyalty bonus, which is paid out if the policyholder remains with LIC for a certain number of years
A terminal illness benefit, which pays out a lump sum if the policyholder is diagnosed with a terminal illness

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