LIC's Bima Jyoti

LIC's BIMA JYOTI

(A Non-Linked, Non-Participating, Individual, Savings Plan)

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 unfortunate death of the policyholders during the policy term and guaranteed lumpsum payment to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facility.

1. Benefits payable under an in-force policy (where all due premiums have been paid):

A. Death Benefit:

(i) 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.

(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.