Life Insurance Corporation of India (LIC) has come up with a new plan. Its name is Bima Jyoti scheme. It is a non-affiliate, non-partnership, personal savings plan. The scheme offers both savings and security simultaneously. The scheme will provide lump-sum payment at maturity. At the same time, financial support will also be provided to the family members after the death of the policyholder. This plan can be purchased offline through a LIC agent or online by visiting the LIC website.
In this plan, at the end of every policy year, an additional Rs 50 per thousand rupees will be added to the basic sum insured. In case of death during the policy term after the date of commencement of risk, the “Sum Insured on Death” and the Guaranteed Additional Amount deposited as per the terms of the policy are payable.
LIC has issued a release stating that the minimum basic fixed sum assured under this scheme will be Rs one lakh. At the same time, there is no maximum limit. Customers can take this policy for 15 to 20 years. The period for payment of premium will be calculated by subtracting five years from the policy term. Under the Bima Jyoti policy, people from 90 days old to less than 60 years can take entry.
The scheme also has the option of receiving death/maturity benefits in installments, which have several conditions. The premium can be paid on an annual basis, half yearly basis, quarterly basis or at monthly intervals. A loan facility is also available in this policy to meet the cash requirement.