As the country's leading life insurance provider, LIC has been there for Indians for the better part of six decades.It employs over 2,000 people each location and has a network of over 14 lakh agents to help people select the finest insurance policies.All Indians have traditionally preferred LIC because of the company's unparalleled reputation and service.
The Bima Jyoti plan, provided by the Life Insurance Corporation (LIC) of India, is a non-linked, individual life assurance savings insurance policy that does not involve any participation from any other insurance companies.If something were to happen to you, this insurance policy would provide you with a financial safety net while also allowing you to preserve money for your future requirements.
In the event that the life assured remains alive on the policy's maturity date, and the policy is still in force, LIC will pay out the initial sum assured plus any accrued guaranteed additions. Payments toward the maturity amount can be made on a monthly, quarterly, semiannual, or annual basis, per your request.
Access to Funding : Once the policy has a Surrender Value, you can use it as collateral to secure a loan. Once premiums have been paid for a total of three years, you will receive a Surrender Value for this plan. Both the size of the loan and the interest rate would be set by market conditions at the time the loan was taken.
Death benefits are paid out during the policy's term if the insured person passes away.If you pass away before the risk begins to accrue, LIC will reimburse your premiums to you, less any applicable taxes or fees.When death occurs after risk coverage has begun, the beneficiary receives the sum insured plus any guaranteed additions that have been accrued.In this situation, the death benefit is equal to seven times the policy's annual premium.
Death Benefit Payout Options:The policyholder has the option to pay the death benefit to the nominee over 5, 10, or 15 years, in monthly, quarterly, semiannual, or annual installments.The goal is to provide the nominee with a steady stream of income rather than a large sum all at once.
The policy will be increased by Rs.50 per 1,000 in sum assured per year in the form of Guaranteed Additions.
In the event of the policyholder's death, these increases will continue through the calendar year of the insured's passing.
Starting on the first policy anniversary and continuing through all subsequent anniversaries, you will receive an annual increase of Rs.5 lakhs in addition to the base sum assured of Rs.1 crore.
Over the course of 20 years, the guaranteed additions to your Bima Jyoti policy will have grown to a whopping Rs.1 Crore.
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