If a 30-year-old takes an insurance of Rs 10 lakh for a 15-year-old, then he has to pay the premium for only 10 years.
LIC Bima Jyoti: It is a non-linked, non-participating, individual, limited premium payment, life insurance savings plan that offers guaranteed returns for 20 years in addition to fixed income.
In the midst of declining interest rates, the country’s largest insurance company Life Insurance Corporation of India has launched a new policy Bima Jyoti. It is a non-linked, non-participating, individual, limited premium payment, life insurance savings plan that provides guaranteed returns for 20 years in addition to fixed income. It provides a guarantee of Rs 50 per thousand (ie Rs 5 per 100 or 5 per cent) in addition to the basic sum assured at the end of each policy year during the policy term. That is, in this you will get a guaranteed bonus at 50 rupees per thousand sum assured.
This policy is for 15 to 20 years and the premium payment term (PPT) will be 5 years less than the terms of the respective policy. PPT will be 10 years for a policy term of 15 years and PPT will be 11 years for a policy of 16 years. The minimum basic sum assured in this policy is Rs 1 lakh, while there is no limit to the maximum.
Special Features of Bima Jyoti Policy-
Minimum age of admission in this policy is 90 days and maximum 60 years.
Minimum age at maturity will be 18 years and maximum age at maturity will be 75 years.
This policy can be purchased online.
Options available for availing accidental and disability benefit rider, critical illness, premium pardon rider and term rider.
Premium payment 5 years less than the policy term.
Option available for maturity and death benefits in installments of 5, 10 and 15 years.
Guaranteed addition of Rs 50 per thousand per year bonus during the policy term.
Policy back dating facility
Facility of maturity settlement option.
Big banks of the country are offering 5-6% interest rate on fixed deposits (FD). 50 rupees per thousand basic sum assured will get high return and it will also be tax free. The calculation is done on the basic sum assured, not on the premium amount.
Understand this by example – Suppose a 30-year-old person takes an insurance of Rs 10 lakh for 15 years, then he will have to pay the premium for only 10 years. The 10-year premium will be Rs 82,545. In this case, the insured will get an additional Rs 50,000 per year for 15 years or Rs 7,50,000 on maturity. That is, the policyholder will get a total of Rs 17,50,000 (Rs 7,50,000 + Rs 10 lakh) on maturity.