LIC's BIMA JYOTI Endowment Policy - Features - Benefits - How to Buy Online

LIC's BIMA JYOTI (UIN - 512N339V01) LIC's BIMA JYOTI Endowment Policy - Features - Benefits - How to Buy Online
LIC's BIMA JYOTI is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term. This plan will also be available through online application process.

LIC's BIMA JYOTI Endowment Policy - Features - Benefits - How to Buy Online

Key Features of LIC Bima Jyothi Plan Table No 860:
  • Available through Online mode
  • Endowment plan with policy Term 15 to 20 years with mode of payment as Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
  • Minimum Sum assured- Rs. 1,00,000/-. Maximum- No limit
  • This is an insurance cum guaranteed benefit investment plan
  • Guaranteed Additions @ Rs. 50 per 1,000 Sum Assured is added every year
  • Tax Benefits on Premiums, Death Benefit & Maturity Benefits
  • You can avail a loan against this policy
Plan Name LIC Bima Jyoti
Policy Type Endowment
Plan Details Plan No. 860
UIN 512N339V01
Launch Date 22nd February, 2021
LIC's BIMA JYOTI Endowment Policy Benefits: 

LIC  BIMA  JYOTHI Policy Details in Brief
Minimum Sum Assured Rs. 100,000Maximum Sum Assured No limit
Minimum age at entry 90 days (completed)Maximum age at entry 60 Years 
Minimum Maturity age 18 yearsMaximum Maturity age 75 years
Policy Term 15 to 20 years
Premium Paying Term Policy Term less 5 years
For Example: if Policy Term is 15 Years, Premium Paying term is 10 years.

Death Benefit of LIC BIMA JYOTHI Policy
On death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

On death during the policy term after the date of commencement of risk: “Sum Assured on Death” along with accrued Guaranteed Additions

Where “Sum Assured on Death” is defined as the higher of 125 % of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid upto the date of death. Premiums referred above shall not include taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit
On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions, shall be payable.


Guaranteed Additions
Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured shall accrue at the end of each policy year for which full year’s premiums have been paid throughout the policy term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.www.apteachers.in.

Premium Paying Term Policy Term less 5 years
Mode of payment Yearly, Half Yearly, Quarterly, and Monthly (NACH only)
Surrender The policy can be surrendered at any time during the Policy Term provided atleast two full year’s premium have been paid.
Loan Loan facility is available under this plan, after payment of premiums for atleast two full year’s have been paid.

Detailed Question & Answers on LIC Bima Jyothi Policy

♦ What is LIC's Online Bima Jyoti Plan?
→ LIC's Bima Jyoti is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term.


♦ What is best in this plan?
→ Bima Jyoti insurance plan has unique feature of guaranteed additions. The maturity amount is totally guaranteed. Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured shall accrue at the end of each policy year for which full year’s premiums have been paid throughout the policy term.

♦ Do I Need A Medical Exam To Apply?

→ The plan will be available for both Non-medical and medical schemes depending on total Non medical limit,age and chosen sum assured.

♦ How can I buy this Policy?
→ Login to LIC’s website https://www.licindia.in/ and click “BUY POLICY ONLINE”
→ Select “LIC’s Bima Jyoti” and click on “CLICK TO BUY ONLINE”
→ Fill contact details i.e. Name, Date of birth, mobile no, email ID and nearest City to create access id and OTP.
→ Enter captcha and submit. You will receive a 9 digit access id and OTP on your mobile no and email.
→ Enter OTP and proceed further.
→ Give sum assured and term to calculate premium, click in radio button yes and proceed for filling the form.
→ After successful submission of proposal, confirm the details and proceed for payment.
→ You can pay premium by Net banking/credit card etc.
→ After payment you will get introductory mail.
→ Upload all required documents on our portal. Link will be shared to you. Non medical cases will completed based on submitted documents.
→ For medical MSP will contact you. After medical, LIC will underwrite the case.
→ After getting the decision LIC will allot the policy number and will send details on your registered email ID.
→ Copy of Policy will be sent to you by mail as well by post.

Various benefit options available under LIC's BIMA JYOTI Endowment Policy

→ 1.BENEFITS UNDER THE BASE PLAN:

a) Death Benefit: In case of death of the Life Assured before the stipulated Date of Maturity provided the policy is inforce, the benefit payable shall be as under:
  • On death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
  • On death during the policy term after the date of commencement of risk: “Sum Assured on Death” along with accrued Guaranteed Additions Where “Sum Assured on Death” is defined as the higher of 125 % of Basic Sum Assured (or) 7 times of annualized premium.
  • This death benefit shall not be less than 105% of all the premiums paid upto the date of death. Premiums referred above shall not include taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
b) Maturity Benefit: On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to the Basic Sum Assured. ♦ What riders are available in this plan?
  • Accidental Death and Disability Benefit Rider - In case of Accidental death, the rider sum assured selected will be paid in addition to the base sum assured. In case of disability due to an accident, the extra sum assured selected is paid out in monthly instalments spread over 10 years. The future premiums for the base sum assured are also waived upto extra sum assured selected.
  • Accident Benefit Rider - In case of Accidental death, the rider sum assured selected will be paid in addition to the base sum assured.
  • New Term Assurance Rider - In case of death of the policyholder, an additional amount of cover as selected in this rider will be paid
  • New Critical Illness Benefit Rider - In case the policyholder is diagnosed with any of the 15 Critical Illness covered in this plan, the Critical Illness Sum Assured will be paid out.
  • Premium Waiver Benefit Rider - in case of death of the policyholder, all future premiums will be waived.
Note: The premium under LIC’s Accident Benefit Rider or LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Critical Illness Benefit Rider shall not exceed 100% of premium under the base product, the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the base product. Any benefit arising under each of the riders shall not exceed the Sum Assured under Base product.

LIC Bima Jyoti Plan Example 

Let us understand this plan with the help of an example:

Suppose Amar who is 40 years old buys this plan with the following parameters.

Sum Assured = Rs. 10,00,000
Policy Term = 15 years
Premium Payment Term = 10 years
Based on this the yearly premium will be Rs. 1,13,217 + Taxes
Since his age is greater than 8 years at the time of taking the plan, the risk cover will start immediately.

Scenario 1 
Amar dies after 7 years of paying the premium.
Every year Guaranteed Additions will be added as follows:
Rs. 50 per 1,000 Sum Assured. So every year 50 x 10,00,000/1,000 = Rs. 50,000 will be added as Guaranteed Additions. So for 7 years the accumulated Guaranteed Additions will be Rs. 3,50,000.

His nominee will get the Death Benefit which is higher of the following and the Guaranteed Additions:
7 times the Annualised Premium = Rs. 7,92,519
125% of Basic Sum Assured = 1.25 x 10,00,000 = Rs. 12,50,000Clearly Rs. 12,50,000 is higher, so the nominee will get Rs. 3,50,000 + 12,50,000 = Rs. 16,00,000 as the Death Benefit.

Also, if Amar dies anytime after the premium payment term, his nominee will get the Death Benefit and the policy will terminate.

Scenario 2 
Amar survives for 20 years, when the policy matures.
He will get the Sum Assured + Accumulated Guaranteed Additions of 20 years.
Sum Assured = Rs. 10,00,000
Guaranteed Additions = 20 x 50,000 = Rs. 10,00,000
So he gets Rs. 20,00,000 as the Maturity Amount.
 

♦ What are the available premium modes?
→ Yearly, Half Yearly, Quarterly, and Monthly (NACH only).

♦ What is available policy term and premium payment term?
→ Minimum policy term is 15 yrs where as maximum policy term is 20 yrs. Premium payment term is Policy Term less 5 years..

♦ Do I get any Tax Benefits in this plan?
→You will be eligible for tax benefits under Section 80C of the Income Tax Act, 1961 on buying a policy for self, spouse.

Call LIC Official Number : 022-67819289
Monday to Friday: 10 am to 05.30 pm 

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