Secure Your Future with LIC Bima Jyoti – A Detailed Overview

Introduction to LIC Bima Jyoti
What is LIC Bima Jyoti?
Benefits Available Under LIC Bima Jyoti
Features of LIC Bima Jyoti
Surrender Value of LIC Bima Jyoti Plan
Eligibility for LIC Bima Jyoti Plan
Documents Required For Enrolling In LIC Bima Jyoti Plan
How to Buy LIC Bima Jyoti

Secure Your Future with LIC Bima Jyoti – A Detailed Overview

Are you worried about your financial future? Do you want to ensure that you have a secure and stable source of income for the long term? If so, then LIC Bima Jyoti may be just what you need. This unique insurance policy offers a range of benefits that can help protect your finances and provide peace of mind for years to come. In this detailed overview, we’ll take a closer look at everything you need to know about LIC Bima Jyoti – from its key features and benefits, to how it works and who is eligible. So if you’re ready to secure your future with one of the most trusted names in insurance, read on!

Introduction to LIC Bima Jyoti

LIC’s Bima Jyoti is a non-participating whole life plan that offers financial protection to the policyholder’s family in case of his/her untimely demise. The sum assured under this plan is payable in lump sum to the nominee, along with loyalty additions, if any.

This plan can be purchased by anyone between the ages of 18 and 50 years. The maximum maturity age under this plan is 75 years.

The minimum sum assured under this plan is Rs.1 lakh and there is no maximum limit for the same. The premium payment term for this plan is 5, 10 or 15 years, after which the policy will acquire a paid-up value.

Policyholders have the option to avail of loan facility against their policy after it has acquired a surrender value.

What is LIC Bima Jyoti?

LIC Bima Jyoti is a comprehensive life insurance policy that offers financial protection to policyholders in the event of their untimely death. The policy provides for the payment of a lump sum benefit to the nominee in the event of the policyholder’s death. The policy also offers a host of other benefits including an accidental death benefit, a critical illness benefit, and a waiver of premium benefit.

LIC Bima Jyoti is an ideal life insurance policy for those who are looking for comprehensive financial protection against different eventualities. The policy provides for a lump sum benefit in the event of the policyholder’s death, which can be used by the nominees to meet their financial needs. The accidental death benefit and critical illness benefit provide additional financial protection in case of unforeseen events. The waiver of premium benefit ensures that the policy remains in force even if the policyholder is unable to pay premiums due to illness or accident.

Benefits Available Under LIC Bima Jyoti

LIC’s Bima Jyoti is a unique insurance plan that offers a host of benefits to policyholders. Some of the key benefits available under this plan include:

– Death Benefit: In the event of the policyholder’s death, their nominees will receive the sum assured as death benefit. This benefit is paid out regardless of whether the policyholder dies due to natural causes or an accident.

– Maturity Benefit: If the policyholder survives till the end of the policy term, they will be eligible to receive the maturity benefit, which is equal to the sum assured. This benefit can be used for any purpose, such as meeting financial goals or funding retirement.

– Tax Benefits: LIC’s Bima Jyoti plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act. Policyholders can avail these benefits by investing in this plan.

Thus, LIC’s Bima Jyoti is a comprehensive insurance plan that provides financial protection against death, maturity and accidental death. It also offers attractive tax benefits, making it an ideal choice for those looking to secure their future financially.

Features of LIC Bima Jyoti

LIC’s Bima Jyoti is a term life insurance policy that offers financial protection to the policyholder’s family in case of his/her untimely death. The policy also has a provision for payment of the entire sum assured as lump sum in case the policyholder is diagnosed with any of the specified critical illnesses during the policy tenure. Some of the key features of LIC Bima Jyoti are:

– Policy Term: The policy term under LIC Bima Jyoti ranges from 10-30 years.

– Sum Assured: The minimum and maximum sum assured under this policy are Rs. 50,000 and Rs. 10 lakh respectively.

– Premium Payment Frequency: LIC Bima Jyoti offers premium payment options on an annual, half-yearly and quarterly basis.

– Grace Period: A grace period of 30 days is allowed for payment of premiums under this policy. In case of premium default during the grace period, the policy will lapse and will not revive automatically.

-Policy Loan Facility: This policy provides for a loan facility after completion of 3 years from the date of commencement of risk cover under which up to 80% of the surrender value can be availed as loan by the policyholder. However, interest will be charged on such loans and will reduce the death benefit payable under the policy.

Thus, LIC Bima Jyoti is a comprehensive life insurancepolicy that provides financial

Surrender Value of LIC Bima Jyoti Plan

LIC Bima Jyoti is a participating non-unit linked plan that offers financial security to you and your family in case of your untimely demise. The plan provides for payment of Sum Assured on Death during the policy term, provided all due premiums have been paid. In addition, the policy also takes care of your loved ones by providing for payment of a lump sum benefit at the end of the policy term, irrespective of whether you are alive or not.

The Surrender Value is the amount that you will receive from LIC if you decide to terminate your policy before it matures. The Surrender Value will be determined based on the number of years that you have been paying premiums, as well as the current market value of the underlying assets.

If you have paid premiums for at least 3 years, then you will be eligible for a surrender value. The minimum surrender value that you can receive is equal to 30% of all the premiums that you have paid till date. However, if the markets are performing well, then you can expect to receive a higher surrender value.

Thus, by investing in LIC Bima Jyoti, you can be assured of financial security in case of your untimely demise, as well as peace of mind knowing that your loved ones will be taken care of financially in case something happens to you.

Eligibility for LIC Bima Jyoti Plan

In order to be eligible for the LIC Bima Jyoti Plan, you must:

-Be between the ages of 18 and 55

-Be a resident of India

-Have a regular source of income

-Not have any preexisting medical conditions

Documents Required For Enrolling In LIC Bima Jyoti Plan

To enroll in LIC Bima Jyoti, you will need to submit the following documents:

1. A completed application form

2. Proof of age ( birth certificate or passport)

3. Proof of identity (Aadhaar card, PAN card, passport or driving license)

4. Your latest photograph

5. Address proof (Aadhaar card, ration card, passport or utility bill)

6.Bank account details (cancelled cheque or bank passbook)

How to Buy LIC Bima Jy

LIC Bima Jy is a life insurance policy offered by LIC (Life Insurance Corporation of India) that provides financial security to the policyholder’s family in case of his/her untimely death. The policy can be bought online as well as offline.

To buy the policy offline, the customer has to visit an LIC branch and fill up the application form. The required documents have to be submitted along with the form. Once the form and documents are submitted, the branch representative will calculate the premium amount and issue a receipt. The customer has to make the payment within 30 days from the date of receipt and submit the duly-filled and signed proposal form at the branch.

The online process is simple and convenient. The customer has to log on to www.licindia.com, click on ‘Buy Online’, select ‘Bima Jy’, fill up the proposal form and make the payment. The policy document will be emailed to the customer within 3 working days.