LIC’s Bima Jyoti Plan

LIC Bima Jyoti (Plan No. 860, UIN No. 512N339V02)

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

Launch date : 20.12.2021 

Last modified date : 13/6/2023

What is LIC Bima Jyoti Policy?

LIC Bima Jyoti (Plan No. 860, UIN No. 512N339V02) is a savings plan that is not tied to the stock market. It provides strong financial protection in case the policyholder dies and pays out a lump sum when the policy matures. If the policyholder passes away unexpectedly, their family will receive financial support. This LIC of India policy combines protection and savings benefits, ensuring full coverage for the policyholder and their family. The policy also includes a loan option to help with cash needs. People interested in this policy can buy it either online or offline.

PLAN NAME- LIC’s BIMA JYOTI (UIN – 512N339V02)

LIC’s Bima Jyoti is a life insurance plan that lets you save money and get life insurance coverage. Here’s how it works in simple terms: LIC’s Bima Jyoti Plan

• You pay a fixed amount of money for a certain number of years.
• Each year, you get a guaranteed bonus added to your policy amount.
• If you pass away during the policy term, your family gets a payout.
• If you live until the end of the policy term, you get your savings and bonuses.
• You can even apply for this plan online.

This is a good option if you’re looking for a life insurance plan that offers both guaranteed savings and protection.

FEATURES -LIC’s Bima Jyoti Plan

• You can apply for this plan online at LIC of India by clicking “Buy Policy Online”.
• It’s an endowment plan, which means it offers both insurance coverage and savings.
• The policy term can be 15 or 20 years.
• You can choose to pay your premiums annually, half-yearly, quarterly, or even monthly (through a system called NACH).
• The minimum amount you can insure for is Rs. 1 lakh, and there’s no maximum limit.

BENEFITS

• LIC’s Bima Jyoti Plan

• Taxes you paid on the premiums.
• Any extra charges applied based on your health or other factors during the application process (underwriting decision).
• Costs of any optional riders you added to the policy.

नोट - सभी पाठक ध्यान दे! हो सकता है की लेख में लिखित कुछ प्रक्रियाएं वर्तमान समय में अधिकारिक वेबसाइट पर सक्रिय नहीं है। अत:सभी प्रक्रियाएं सक्रिय हो जाने पर आप लेख में लिखित तरीकों से सभी प्रक्रियाओं की जानकारी प्राप्त कर सकत है।

Death Benefit:

• If you pass away before the policy starts providing coverage (date of commencement of risk), your family gets the premiums you paid back, minus taxes, any extra underwriting charges, and rider costs.
• If you pass away during the policy term, your family gets a payout based on the higher of:
  • 125% of your initial insurance amount (Sum Assured)
  • 7 times your yearly premium
    This payout also includes any guaranteed additions you’ve earned. The minimum payout will never be less than 105% of the total premiums you’ve paid (excluding taxes, extra charges, and rider premiums).

Maturity Benefit:

• If you live until the end of the policy term (15 or 20 years), you get your initial insurance amount (Sum Assured) along with any guaranteed additions you’ve earned.

Guaranteed Additions:

• You get a guaranteed bonus of Rs. 50 per Rs. 1,000 of your initial insurance amount every year, as long as you keep paying your premiums on time. These bonuses stop if you miss a premium payment.

Optional Riders (add-ons):

• You can add optional riders to your policy for additional coverage, such as accidental death benefit or disability benefit. See the FAQ for details.

Payout Options:

• You can choose to receive the maturity benefit or death benefit in installments over 5, 10, or 15 years instead of a lump sum.

Discounts: LIC’s Bima Jyoti Plan

• You get a discount on your premiums if you apply online and choose a longer premium payment term (10 to 15 years).
• You may also get an additional discount based on the total amount you’re insured for (higher Sum Assured).

Things to Consider: LIC’s Bima Jyoti Plan

• This is an endowment plan, so it offers both insurance and savings.
• You can choose your policy term (15 or 20 years) and how often you pay premiums (yearly, half-yearly, quarterly, or monthly).
• The minimum amount you can be insured for is Rs. 1 lakh. There’s no maximum limit.

ELIGIBILITY :

How To Apply Online

1. Go to LIC’s website and click on “BUY POLICY ONLINE”.

2. Choose “LIC’s Bima Jyoti” and click “CLICK TO BUY ONLINE”.

3. Fill in your contact details like name, date of birth, mobile number, email ID, and nearest city. This helps create your access ID and OTP.

4. Enter the captcha and submit. You’ll receive a 9-digit access ID and OTP on your mobile and email.

5. Enter the OTP and continue.

6. Provide the sum assured and term to calculate the premium. Then click yes to proceed.

7. Fill in the form with your details.

8. After submitting the proposal successfully, confirm the details and proceed to payment.

9. You can pay using net banking, credit card, etc.

10. After payment, you’ll receive an introductory email.

11. Upload all necessary documents on the provided portal. Non-medical cases will be processed based on these documents.

12. For medical cases, a Medical Service Provider (MSP) will contact you. After the medical examination, LIC will review your case.

13. Once LIC makes a decision, they’ll assign a policy number and send the details to your registered email.

14. You’ll receive a copy of the policy by email and post.

COMMON QUESTIONS

 Q1. Do I Need A Medical Exam To Apply?  

• Non-medical is for smaller amounts and typically for younger people.
• Medical is for larger amounts and may require a medical exam.

DISCLAIMER : This blog is solely for providing updates and helping you understand policy changes easily. However, we are not responsible for any misinformation. For accurate information, please visit the official page.