The LIC Bima Jyoti Plan-860 Policy by the Life Insurance Corporation of India (LIC) is a non-linked, non-participating plan that combines life insurance coverage with guaranteed returns.
Designed for those who seek a stable investment and life cover, Bima Jyoti provides a straightforward way to build savings while protecting loved ones. The policy offers a fixed sum that grows over the policy term, making it an excellent choice for secure savings and future financial stability.
What is the LIC Bima Jyoti Plan-860 Policy?
LIC Bima Jyoti Plan-860 is a life insurance plan that ensures both protection and savings through guaranteed additions. Unlike market-linked policies, Bima Jyoti offers predictable returns, making it ideal for conservative investors. The policy provides life insurance coverage for the entire term and also builds a savings corpus, which is paid out at maturity along with the accumulated guaranteed additions.
Key Features of LIC Bima Jyoti Plan-860
- Guaranteed Additions: Every year, a fixed amount (₹50 per ₹1,000 sum assured) is added to your policy. This helps your savings grow steadily, providing financial security.
- Life Cover: The policy provides life insurance protection for the entire term, ensuring your loved ones are financially secure.
- Maturity Benefit: At the end of the policy term, the sum assured along with guaranteed additions is paid out, giving you a lump sum for future needs.
- Flexible Premium Payment Options: You can choose from annual, semi-annual, quarterly, or monthly premium modes to fit your budget and convenience.
- Loan Facility: Once your policy acquires a surrender value, you can avail a loan against it for emergency financial needs.
Why Choose LIC Bima Jyoti Plan-860?
- Reliable Returns: LIC Bima Jyoti offers fixed, guaranteed returns, making it suitable for those who want stable, predictable growth for their savings.
- Protection and Savings: With life cover and guaranteed maturity benefits, the policy provides both security and wealth-building potential.
- Flexible Payment Terms: The policy allows you to pay premiums over a limited period, ensuring you’re covered for the entire term without lifelong payments.
- Tax Benefits: Enjoy tax deductions on premium payments and receive a tax-free maturity benefit under current tax laws.
Eligibility for LIC Bima Jyoti Plan-860 Policy
| Feature | Details |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 60 years |
| Policy Term | 15 to 20 years |
| Premium Payment Term | Policy term minus 5 years |
| Minimum Sum Assured | ₹1,00,000 |
| Premium Payment Modes | Annual, Semi-annual, Quarterly, Monthly |
Benefits of LIC Bima Jyoti Policy
The LIC Bima Jyoti Policy provides a range of benefits that cater to both protection and savings needs:
- Death Benefit: In the unfortunate event of the policyholder’s passing during the term, the nominee will receive the death benefit, offering financial security to the family.
- Maturity Benefit: Upon survival of the policy term, the policyholder will receive the sum assured plus accumulated guaranteed additions, creating a sizeable savings corpus.
- Guaranteed Additions: For each year of the policy term, guaranteed additions of ₹50 per ₹1,000 sum assured are added, boosting the policy’s maturity value.
- Loan Against Policy: After a certain period, policyholders can take a loan against the policy, providing financial flexibility when needed.
How to Apply for LIC Bima Jyoti?
You can apply for LIC Bima Jyoti Plan-860 by visiting an LIC branch, contacting an LIC agent, or applying online through the official LIC website. Be sure to have all required documents and review policy details thoroughly to ensure it meets your financial goals.
FAQs
1. What is the guaranteed addition rate for LIC Bima Jyoti?
- The policy provides a guaranteed addition of ₹50 per ₹1,000 sum assured for each policy year, which boosts your maturity value significantly.
2. Can I take a loan against my LIC Bima Jyoti policy?
- Yes, once the policy acquires a surrender value, you can take a loan against it to meet emergency financial needs.
3. What are the premium payment options in LIC Bima Jyoti?
- LIC Bima Jyoti offers multiple premium payment options including annual, semi-annual, quarterly, and monthly modes.
4. Who is eligible to apply for LIC Bima Jyoti?
- Individuals aged 90 days to 60 years can apply for the policy, making it accessible to both young and mature applicants.
5. What happens if I survive the policy term?
- If the policyholder survives the policy term, they will receive the sum assured along with all accumulated guaranteed additions as a maturity benefit.
Conclusion
The LIC Bima Jyoti Policy is a well-rounded plan that combines life insurance protection with guaranteed savings. With fixed returns and a robust life cover, this policy is a reliable way to grow your savings and secure your family’s future. Whether you’re looking for stable returns, life coverage, or tax benefits, LIC Bima Jyoti offers a balanced approach to financial planning, making it an ideal choice for conservative investors.
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