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LIC Bima Jyoti Plan Life Insurance Benefits

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

Some of the benefits provided by LIC under the Bima Jyoti Plan are listed below.

  • Death Benefit:

Under the two conditions, an insurance company is entitled to pay this benefit in case of the unfortunate demise of the policyholder within the policy period. If a policyholder passes away before the risk arises, LIC will refund the premium amount, excluding taxes and other additional charges. However, if the policyholder dies after the risk cover begins, the sum assured will be paid along with the accumulated guaranteed amount.

  • Maturity Benefit:

The LIC Bima Jyoti policyholder will receive the basic sum assured along with the accumulated guaranteed returns if they survive until the maturity date of the policy. The maturity date can either be monthly, quarterly, half-yearly, or yearly.

  • Guaranteed Additions:

At the end of every policy term, a guaranteed addition of Rs.50 per 1000 will be included in your basic sum. The guaranteed additions would be paid to the nominee of the policyholder in case of their death through this life insurance. However, this benefit is only applicable if the premiums are payable timely.

For instance, you will get a guaranteed return of Rs. 5 lahks every year for a sum assured of Rs. 1 crore, starting from the first maturity date of the policy under LIC Bima Yojana. Therefore, you will have accrued guaranteed income of over Rs. 1 crore through the Bima Jyoti 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 of India Life Insurance Plan List

    Name of PlanSum Assured
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    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. 

       

    LIC of India Life Insurance Contact Details

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