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