LIC Bima Jyoti Plan Life Insurance Benefits
|Claim Settlement Ratio||98.62%|
|Customer Care||8:00 AM to 8:00 PM|
|Death Benefit Paid For||73,3809 Policies|
|Total Death Benefit Paid||12797.85 Crore|
Some of the benefits provided by LIC under the Bima Jyoti Plan are listed below.
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.
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.
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.
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.
Life Insurance Corporation of India (LIC of India) Plan List
|Name of Plan||Sum Assured|
|LIC Jeevan Umang||20 lac - 10 cr||Get Quotes Now|
|LIC SIIP||20 lac - 10 cr||Get Quotes Now|
|LIC Jeevan Anand||20 lac - 10 cr||Get Quotes Now|
|LIC Jeevan Labh||20 lac - 10 cr||Get Quotes Now|
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.
Life Insurance Corporation of India (LIC of India) Contact Details
Insurance Dekho755 1196 989Mon to Sun 10:00 AM to 7:00 PM
Life Insurance Corporation of India (LIC of India)022-6827-6827Mon to Sat 8:00 AM to 8:00 PM
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