LIC's Bima Jyoti is a non-linked, non-participating, single, life assurance savings plan that offers an attractive combination of safety and savings. This policy provides financial support to the policyholder's family in case of the sudden death of the policyholder and pays the sum assured at maturity to the surviving policyholder. The scheme also takes care of liquidity requirements through credit facilities. This plan can be purchased offline through our agents by placing a simple inquiry through our official website www.licagentsbangalore.com
(i) Death during the policy period before the date of commencement of risk.
Refund of premiums paid excluding taxes, additional premium, and rider premium(s), if any.
(ii) Death during the policy period after the date of commencement of risk
"Death Sum Assured" and Cumulative Guaranteed Additions. Where "death sum assured" is defined as more 125% of the basic sum assured or 7 times the annual premium which is higher
The death benefit as mentioned in (ii) above shall not be less than 105% of the total premiums paid and taxes up to the date of death.
If the policy is in force, the "sum assured on maturity" is retained in the life assured on the fixed date of life provided.
In addition to guaranteed additions, payable. Where "sum assured on maturity" is equal to the principal sum assured.
If the policy is in force by paying the due premiums, the sum is assured at the rate of Rs. 50 per thousand base sums assured will be added to the policy at the end of each policy year. If death occurs under the policy in force, the sum assured in the year of death will be for the full policy year. If the premiums are not paid properly, the assured additions will stop accruing under the policy.
In the case of a paid-up policy or on surrender of the policy, the sum assured for the last premium received for the policy year shall be added on a pro-rata basis commensurate with the premium received for that year.