LIC Bima Jyoti Plan No 860 – Features, Benefits and Eligibility

LIC Bima Jyoti Plan No.860:  Life Insurance Corporation of India has planned to launch a new plan named Bima Jyoti Plan (Plan No.860) which will be in effect from 22nd February 2021.
Taking into consideration for tax saving plan LIC usually launches a new plan every year this year it is Bima Jyoti Plan No.860,  Let us see look into the features, benefits, and eligibility for this plan.

LIC Bima Jyoti Plan is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan.
Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term.

Benefits of LIC Bima Jyoti Plan No.860

let’s understand the benefits of this plan clearly

Death Benefit

a)Prior to the commencement of Life Risk:
If the Death of policyholder during the policy term before the date of commencement of risk:
The Premium amount paid by the policyholder will be returned excluding the tax amount.
If the LIc is charging any extra amount that is because that the policyholder has created an add of the benefit of rider premium if any.

b) Death during the period of the commencement of Life Risk:
On the death of the policyholder during the policy will receive not only the “Sum Assured on Death” but along with accrued Guaranteed Additions Where “Sum Assured on Death” is defined as the higher of
• 7 times of premium paid annually or
• 125 % of Basic Sum Assured

Maturity Benefit

If the policyholder is alive at the end of the term policy the policyholder is bound to receive not only the “sum assured amount” on maturity but along with “Guaranteed Additional”. Where “Sum Assured on Maturity” is equal to the Basic Sum Assured

Guaranteed Addition (GA) in LIC Bima Jyoti Plan

This policy does not offer any bonus, Instead, an assured GUARANTEED ADDITION of Rs.50 per thousand rs at the end of every year on the basic sum assured.
In case of death,
a) If the policy is being paid in sum then the Guaranteed Addition in the year of death shall be considered for the whole policy year.
b) In case the policy is being paid in the premium then the Guaranteed Addition shall cease to accrue under a policy,
but the Guaranteed additional amount will be paid considering the premium paid till the date.

Features of LIC Bima Jyoti Plan

Here are a few key important features of Bima Jyoti Plan

  • Premium paid is 5 years lesser than the tenure of the Maturity period
    for example: If your policy is for 10 years you only need to pay a premium for 5 years.
  • One of the best plain for Return On Investment and Risk coverage at the same time.
  • The policy is available 3 plains for 5, 10, and 15 years
  • Under Section 80C of the Income-tax act can be opted for the premium paid.
  • Income received on Maturity on the policy is tax-free under section 10(10D)
  • In addition to charges, you can opt for Accidental, Disability benefit rider, Critical illness, and Term rider.
  • Along with all the features, you can even avail of an additional benefit that is a rebate on premium
    a) 2% if the premium is paid on a yearly basis,
    b) 1% of the premium is paid on a half-yearly basis.
  • This Policy is available even online and as well as offline.

Additional Benefits LIC Bima Jyoti Plan:

Loan Facility: The LIC Bima Jyoti Plan Policy can be put as collateral for accruing a loan, but only after 2 years of the premium period paid.

Cooling period: The cooling period is 15 days from the date of receiving the policy.

suicide Clause: If the policyholder commits suicide within the 12 months of buying the policy only
80% of the premium is paid with interest. But if he commits suicide after 1 year of purchase of the policy
Full sum assured plus + Bonus will be paid to the nominee.


LIC Bima Jyoti Plan Eligibility:

Let us now look into the eligibility of LIC Bhima Jyoti Plan (Plan No.860).

LIC Bima Jyoti (Plan No.860) – Features, Benefits and Eligibility


Premium Rates In LIC Bima Jyoti Plan


In Summary, as we have looked and covered the whole  “LIC Bima Jyoti Plan No.860“, We can now assume it is One of the best plains for
Return On Investment and Risk coverage at the same time.  As it provides the Full sum assured plus + guaranteed assured  of 50 rs per 1000 rs,
Backing with the trust of LIC has been providing for the years it is assumed to be one of the best plans for future plans.

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