LIC’s Bima Jyoti is a Non-Linked, Non-Participating, Individual, Savings Plan which offers an attractive combination of protection and savings. This plan provides financial support for the family in case of the unfortunate death of the policyholders during the policy term and guaranteed lump sum payment to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facilities. This plan can be purchased Offline through agent /other intermediaries as well as Online directly through website www.licindia.in
1. Benefits payable under an in-force policy (where all due premiums have been paid):
A: Death Benefit:
u On death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, extra premium and rider premium(s), if any.
u (ii) On death during the policy term after the date of commencement of risk: “Sum Assured on Death” and Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualised premium Death Benefit as mentioned in A(ii) above shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium(s) and taxes) up to the date of death.
B: Maturity Benefit:
On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
C: Guaranteed Additions:
Provided the policy is in-force by payment of due premiums, Guaranteed Additions at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year. In case of death under in-force policy, the Guaranteed Addition in the year of the death shall be for full policy year. In case the premiums are not duly paid, the Guaranteed Addition shall cease to accrue under a policy. In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.
2. Eligibility conditions and other restrictions:
| Criteria | Details |
|---|
| Minimum Basic Sum Assured | Rs. 1,00,000 |
| Maximum Basic Sum Assured | No limit (Basic Sum Assured in multiples of Rs. 25,000) |
| Policy Term | 15 to 20 years |
| Premium Paying Term | Policy Term minus 5 Years |
| Minimum Age at Entry | 90 days Completed |
| Maximum Age at Entry | 60 Years (Age Nearer Birthday) |
| Minimum Age at Maturity | 18 years Completed |
| Maximum Age at Maturity | 75 Years (Age Nearer Birthday) |
| 65 Years (Age Nearer Birthday) for policies procured through POSP-LI |
3. Options available:
I. Rider Benefits:The following five optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider and/or the remaining three riders subject to the eligibility as detailed below.
(a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):
This rider can be opted for under an in-force policy at any time within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is at least 5 years but before the policy anniversary on which the age nearer birthday of the life assured is 65 years. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the Base Policy which is equal to Accident Benefit Sum Assured under the policy, shall be waived. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request.
(b) LIC’s Accident Benefit Rider (UIN:512B203V03):
This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is at least 5 years but before the policy anniversary on which the age nearer birthday of the life assured is 65 years. The benefit cover under this rider shall be available only during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan.
(c) LIC’s New Term Assurance Rider (UIN: 512B210V01):
This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.
(d) LIC’s New Critical Illness Benefit Rider (UIN: 512A212V02):
This rider is available at the inception of the policy only. The cover under this rider shall be available during the policy term. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.
(e) LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03):
Under an in-force policy, this rider can be opted for on the life of Proposer of the policy, at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least five years. Further, this rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be outstanding premium paying term of the base plan as on date of opting this rider or (25 minus age of the minor Life Assured at the time of opting this rider), whichever is lower. If the rider term plus proposer’s age is more than 70 years, the rider shall not be allowed. If this rider is opted for, on death of proposer, payment of premiums in respect of base policy falling due on and after the date of death till the expiry of rider term shall be waived.
II. Settlement Option (for Maturity Benefit):
Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as Paid-up policy. This option can be exercised by the Policyholder during the minority of the Life Assured or by the Life Assured aged 18 years and above, for full or part of the maturity proceeds payable under the policy. The amount opted for this option by the Policyholder/ Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
III. Option to Take Death Benefit in Installments:
This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of a lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during the minority of the Life Assured or by Life Assured aged 18 years and above, during his/her lifetime; for full or part of the Death benefits payable under the policy. The amount opted by the Policyholder/Life Assured (i.e. Net Claim Amount ) can be either in absolute value or as a percentage of the total claim proceeds payable.
IV. Payment of premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions.
V. Grace period:
A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses. The above grace period will also apply to rider premiums which are payable along with premium for Base Policy.
