LIC Bima Jyoti Plan Life Insurance Benefits

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 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, guaranteed addition of Rs.50 per 1000 will be included in your basic sum assured. The guaranteed additions would be paid to the nominee of the policyholder in case of their death. However, this benefit is only applicable if the premiums were payable timely.

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