BIMA JYOTI - PLAN 860

A UNIQUE LIMITED PREMIUM PAYING TERM PLAN

UNIQUE SELLING POINTS :

• Guaranteed Addition is the biggest advantage in the present scenario
• Many people want the limited premium option
• Good for savings plus security
• Good for education & marriage provision
• Loan and Surrender after two years
• PWB is the key rider
• Available with AB, EPDB, Term Rider, and Critical Illness Rider
• Good for package selling
• Settlement option

Launching on 22.02.21
➢ Non linked, Non participating, Limited premium payment, Individual plan
➢ Life insurance Savings plan.

1) Guaranteed Addition Rs.50/- per thousand Sum Assured throughout the policy term
2) Online , Offline, POSP available for sale
3) S.A. : Minimum SA = 1,00,000/- (Max No Limit) (multiple of 25000 )
4) Term. : 15 to 20 Years
5) PPT. : Policy Term LESS 5 years
6) Entry : 90 days to 60 years NBD
7) Maturity : 18 to 75 years

Death :
1) Before Commencement of Risk : ( in case of minor lives when risk is not begun)

Refund of Premiums
1) After DOC of Risk : Sum Assured + Guaranteed Addition
2) SA on Death is : Higher of 125% of BSA or 7 times of annualized Premium or Not 105% of Total Premium paid till date of death
( POSP : 90 Days waiting Period )

• Maturity : Basic Sum Assured + Guaranteed Addition .
• In case of Paid Up Policies : Guaranteed Addition will be paid till last premium paid
• Riders : DAB + EPDB (180 Days) , Term Rider ( max 25 Lacs) ,Critical Illness Rider, Critical Illness Rider : 15 critical illness (maximum 25 lacs over all )
• PWB : Available for minor lives up to age 17 years maximum
• Settlement Option (Maturity => 5,10,15 years as per existing provisions
• Settlement Option minimum instalment must be Rs.5000 Monthly, Rs.15000 Quarterly,Rs.25000 half yearly and Rs.50,000 yearly.
• MODE: YLY ,HLY, QLY, MLY, NACH, SSS
• DAB : 0.50 per thousand for others , Police personal = Rs. 1.00
• Rebate :
  • MODE REBATE : YLY- 2% , HLY-1%
  • SUM ASSURED REBATE :
    • SA : Up to 2.75 Lac = NIL
    • SA : 3.00 SA to 4.75 SA = Rs. 4.00 ( rebate on tabular premium )
    • SA : 5 Lac To 9.75 = Rs. 5.00
    • SA: 10 Lac and above = Rs. 6.00
  • Online Rebate on PPT
    • 10 to 14 years : 7.5 %
    • 15 years = 10

Surrender: after two years
Loan: after two years

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LIC's New Plan BIMA JYOTHI (Table No 860)

 BIMA JYOTHI

Table -860

Launching date: 22/02/2021

New Policy LAUNCHING....

LIC 's Bima Jyoti Plan ( Plan No: 860) Will be introduced with effect from 22/02/2021.

LIC Bima Jyoti is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance savings Plan.

Guaranteed addition of Rs.50/- per thousand Basic Sum Assured at the end of each policy year throughout the policy term

➕Age at entry: 90 days -60 years

➕Term: 15 years - 20 years

➕PPT : Term- 5 years

➕Min Maturity term: 18 years

➕Max Maturity term: 75 years

➕Min Sum Assured: : 1,00,000

(In multiples of 25,000)

➕Max Sum Assured: No limit

➕ Maturity benefits:

Basis Sum Assured+ Rs 50/- GA for full term

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LIC Jeevan Akshay 7 Pension Plan (Table 857) | Jeevan Akshay VII

LIC Jeevan Akshay 7 Pension Plan (Table 857) Key Features

• Minimum Purchase Price – Rs 1,00,000
• Maximum Purchase Price – No Limit
• Annuity Payable Mode – Monthly, Quarterly, Half-yearly & Yearly
• Minimum Entry Age – 30 years
• Maximum Entry Age – 85 years
• Joint life cover – Available
• Minimum Annuity – Rs.1000 / month
• Maximum Annuity – No Limit
• Joint Life Cover – Allowed
• Mode of Purchase – Online & Offline

LIC Jeevan Akshay VII offers 10 different annuity options that are classified into five different categories.

1. Immediate Annuity for Life – Annuity is payable immediately to the policyholder and annuity payment period is lifetime up to survival of policyholder.
2. Immediate Annuity with guaranteed period and life – Annuity is payable up to a guaranteed period of 5 to 20 years and life thereafter. The annuity amount would be higher for the guaranteed period and reduces thereafter.
3. Immediate Annuity for life with return of Purchase price –Immediate annuity for a lifetime along with the return of premium payment.
4. Immediate Annuity for life increasing at 3% – Annuity for a lifetime with an increasing rate of 3% until the survival of policyholder.
5. Joint Life Immediate annuity – Joint-life option is available with provision to pay an annuity to the second annuitant with various options.

Pension benefit – Policyholder receive a pension as per the choice of the annuity. There are 10 options for the selection of annuity

Maturity benefit – No maturity benefit available

Surrender Benefit – Pension holders are eligible to surrender this pension plan after 3 months.

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