LIC Bima Jyoti Plan (Plan 760) is a non-linked, non-participating, limited premium payment life insurance plan offered by the Life Insurance Corporation of India (LIC). It is a savings cum protection plan that provides financial security to the policyholder and their family. Here's a brief overview of the plan: Age: 0 (30 days) - 60 and sum assured : Minimum: 1,25,000.
Features:
Maturity Benefit: The plan provides a lump sum payment to the policyholder at the end of the policy term, provided they survive the entire duration of the policy.
Death Benefit: In case of the unfortunate demise of the insured during the policy term, the nominee receives the death sum assured along with accrued guaranteed additions.
Premium Payment Term: Premiums are paid for a limited duration, which is shorter than the policy term.
Guaranteed Additions: The plan offers guaranteed additions at the rate of Rs. 50 per thousand of basic sum assured for each completed policy year, for the first five policy years.
Loan Facility: Policyholders have the option to avail of a loan against the policy, providing liquidity in times of need.
Eligibility:
Entry Age: Minimum entry age is 90 days, and the maximum entry age is 60 years.
Policy Term: Policy terms range from 15 to 20 years, with premium payment terms slightly shorter than the policy term.
Sum Assured: The minimum sum assured is Rs. 1 lakh, and there is no maximum limit (subject to underwriting guidelines).
Premium Payment Options:
Limited Premium: Premiums are paid for a limited duration, but coverage continues for the entire policy term.
Premium Modes: Premiums can be paid annually, semi-annually, quarterly, or monthly, as per the policyholder's convenience.
Tax Benefits:
Premiums paid under the plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the maturity proceeds and death benefits received are also tax-exempt under Section 10(10D) of the Income Tax Act, 1961.
LIC Bima Jyoti Plan is suitable for individuals looking for a comprehensive insurance solution that offers both protection and savings benefits. It ensures financial security and peace of mind for policyholders and their families, along with the potential for wealth accumulation through guaranteed additions.
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