Excelsior Correspondent
JAMMU, Feb 22: Life Insurance Corporation (LIC) of India has introduced ‘Bima Jyoti’- a Non-Linked, Non-Participating, Individual, Savings Plan which offers an attractive combination of protection and savings.
“The plan provides guaranteed lump sum payment at maturity and financial support to the family in case of unfortunate death of the policy holder during policy term. It can be purchased offline through agent/other intermediaries as well as online directly through website www.licindia.in,” said a release issued by LIC India.
It mentioned that guaranteed additions at the rate of Rs 50 per thousand ‘basic sum assured’ will be added to the policy at the end of each policy year. On death, during the policy term after the date of commencement of risk, “Sum Assured on Death” and Accrued Guaranteed Additions as per policy conditions is payable.
On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with Guaranteed Additions, shall be payable. The plan also provides an option to receive death/maturity benefits in installments subject to certain conditions
The Minimum Basic Sum Assured is Rs 1,00,000 with no upper limit. The Policy can be taken for term of 15 to 20 years with premium paying term calculated as Policy term minus 5 years. The minimum age at entry is 90 days completed and maximum age at entry is 60 yrs.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions. Loan facility is also available to meet liquidity needs.
In current scenario of rapidly declining interest rates, the guaranteed additions offered along with risk cover is an attractive feature in LIC’s ‘Bima Jyoti’.
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