Life Insurance Corporation (LIC) of India has introduced ‘Bima Jyoti’ plan a non-linked, non-participating, individual savings plan, which offers a combination of protection and savings.
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This plan provides guaranteed lumpsum payment at maturity and financial support to the family in case of the unfortunate death of the policyholder during policy term.
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.
The Minimum Basic Sum Assured is Rs 1,00,000/- with no upper limit. The Policy can be taken for a 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.
