About LIC Bima Jyoti Plan Life Insurance
LIC Bima Jyoti policy is a non-participating, individual, and non-linked savings plan that will shield you and your family. During any mishaps, such as accidents or the demise of the policyholder, the LIC plan offers financial protection. Apart from this, guaranteed additions are also paid to the insured if they survive the maturity period. Therefore, the insured can also plan their long-term objectives, including their children's education, buying a house, and others, with the savings benefits offered under this plan.
Key Inclusions and Exclusions of the Plan
What's Not Included
- Under LIC Bima Jyoti, the insurance company does not compensate any claim amount in case the policyholder commits suicide within 12 months of the commencement of the plan. However, the policyholder is entitled to receive 80% of the total premium paid, excluding any taxes, riders' benefits, and others mentioned in the policy document. Only those policyholders who are over the age of 8 are qualified to receive the aforementioned return amount in a suicide case. Apart from this, the insurance companies are not liable to pay anything if the policy lapses without acquiring paid-up value.
LIC Bima Jyoti User Reviews
Claim Process at LIC of India
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
FAQs on LIC Bima Jyoti Health Insurance Plan
What documents will be required to claim LIC Bima Jyoti Plan?
You shall submit the duly filled claim form along with the original policy document, proof of death, medical reports and invoices for the treatment, and a certificate of the profession. In order to file a claim, the nominees must inform LIC of the death in writing within 90 days at the company’s corporate office.
What is the grace period to pay the outstanding premium under the Bima Jyoti Plan?
For the payment of annual, half-yearly, or quarterly premiums, a grace period of 30 days and 15 days from the date of the first unpaid premium shall be permitted. However, if the premium is not paid within the grace period, the policy may lapse.
Am I eligible to get discounts on premiums?
Depending on your sum assured, payment mode, premium payment term, and other factors, the insurance company may provide you with rebates and discounts on your premium.
What premium payment modes are available under the LIC Bima Jyoti Plan?
You can either choose to pay your premium on a monthly basis or on a quarterly, half-yearly, or annual basis.
Within how many days I can discontinue my Bima Jyoti Plan?
You can terminate your policy within 15 days of offline purchase and 30 days of buying through the online mode.
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