New policy: LIC launches Bima Jyoti policy, guaranteed return facility with fixed income
The country’s state-owned insurance company periodically introduces new policies for its customers. LIC has launched LIC Bima Jyoti policy on Monday. In this policy, customers will also get the facility of guaranteed return along with fixed income. This is a non-linked, participating plan. The company has announced the policy on social media.
“LIC of India has launched LIC Bima Jyot Plan,” LIC wrote on its social media handle.
Minimum Sum Assured One Lakh Rupees
In this plan your basic sum assured is one lakh rupees. There is no limit on it. This policy can be taken for 15 to 20 years. PPT will be 10 years for 15 year policy term and PPT will be 11 years for 16 year policy.
How Much Guaranteed Return?
In this policy you are guaranteed Rs. 50 per thousand basic sum assured at the end of each year during the term. That means you will get a guarantee bonus of Rs 50 per thousand Sum Assured.
Feature of the policy-
- You can purchase this policy online.
- The minimum age limit for him is 18 years.
- In addition the maximum age limit on maturity is 75 years.
- The minimum age of entry into this policy is 90 days and the maximum is 60 years.
- Policy back dating facility
- Customers will get the facility of maturity settlement option.
- The 5, 10 and 5 year installments will have the option for Maturity and Death Benefit.
- Guarantee edition bonus of Rs. 50 per thousand per annum during the policy term.
- Accidental and Disability Benefit Rider, Critical Illness, Premium Forgive Rider and Term Rider.
5 years less than premium payment policy term
Suppose, for a person of 30 years on the basic sum assured of Rs. 10 lakhs for a policy term of 15 years, the annual premium – payment for 10 years – will be Rs. In this case the added guarantee will be Rs 50,000 per annum for 15 years or Rs 7,50,000 on maturity.
The total maturity value is Rs. Adding a total guarantee of Rs. 7,50,000 and the basic sum insured of Rs. 10,00,000 (Rs. 7,50,000 + Rs. 10,00,000) or Rs. 17,50,000.
Annual Return (IRR) – With a premium of Rs. 82,545 at the beginning of each year for a period of 10 years and a maturity value of Rs.