LIC Bima Jyoti Plan 860, Benefits, Features, Parameter, Review, full details with Example.
LIC of India new plan will be launch on 22nd, february 2021 which name is LIC Bima Jyoti Plan 860 (LIC Table no. 860), LIC’s Bima Jyoti plan 860 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.
This is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. The Unique Identification Number (UIN) for “LIC’s Bima Jyoti Plan 860” is 512N339V01
This plan can be purchased Online as well as Offline including through Point of Sales Persons-Life Insurance (POSP-LI).
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Key Features
- Premiums need to be paid for less 5 years than Maturity year
- Ideal Plan for planning guaranteed returns and Risk cover
- Options to avail accidental and disability benefit rider, PWB rider, critical illness, and term rider.
- Settlement option available for maturity and death benefits in instalments 5, 10, and 15 years.
- Paid premiums are exempted from income tax U/Sec 80C
- Maturity amount is tax free U/Sec 10(10D)
LIC Bima Jyoti Plan 860 Parameters/Eligibility
| Age of Entry | 90 days (completed) to 60 years (nearer birthday) |
|---|---|
| Premium Paying Mode | Yearly, Half Yearly, (Quarterly and Monthly – ECS Only) |
| Policy Term | 15 to 20 years |
| Premium Paying Term | (Policy Term – 5) years |
| Sum Assured | 100000 and above (in multiples of 25,000) |
| Loan | After 2 Years |
| Surrender | After 2 Years |
| Revival | Within 5 Years from FUP |
Rebates in LIC Bima Jyoti Policy 860
Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
| Premium Payment Mode | Percentage(%) |
|---|---|
| Yearly Mode | 2% |
| Half yearly Mode | 1% |
| Quarterly and Monthly | Nil |
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
| Basic Sum Assured (BSA) | Rebate per Rs. 1000 /- S.A. |
|---|---|
| Rs. 1,00,000 to Rs. 2,75,000 | NIL |
| Rs. 3,00,000 to Rs. 4,75,000 | 4 % of (B.S.A) |
| Rs. 5,00,000 to Rs. 9,75,000 | 5 % of (B.S.A) |
| Rs. 10,00,000 and above | 6 % of (B.S.A) |
High Sum Assured Rebate under Online Sale: High Sum assured Rebate Based on Sum assured means Policy Value.
Rebate under Online Sale:
Proposal to be completed under online sales without any assistance of Agent / intermediary shall be eligible for rebate on tabular premium at the following rates:
Premium Paying Term Online Sale (Rate of rebate)
10 to 14 years 7.5%
15 years 10%
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Benefits in LIC Bima Jyoti Plan 860
Maturity Benefits
Maturity Benefit = Sum Assured + Guaranteed Bonus will be payable as maturity amount.
On the life assured surviving to the end of the policy term, “Sum Assured on Maturity”along with accrued Guaranteed Additions, shall be payable.
Where “Sum Assured on Maturity” is equal to the Basic Sum Assured.
Death Benefit
On death during the policy term before the date of commencement of risk: Return of premiums paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
On death during the policy term after the date of commencement of risk: “Sum Assured on Death”along with accrued Guaranteed Additions
Where “Sum Assured on Death” is defined as the higher of
- 125 % of Basic Sum Assured or
- 7 times of annualized premium
- This death benefit shall not be less than 105% of all the premiums paid upto the date of death.
In case plan is purchased through POSP-LI, there is a waiting period of 90 days.
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LIC Bima Jyoti Plan 860 Surrender, Loan and Paid-up value.
LIC Bima Jyoti Plan 860 Surrender, Loan and Paid-up value details is given below.
Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.
Loan Facility : Loan facility is available under LIC Bima Jyoti Plan 860, after at least 2 full years of premium paid.
Paid-up value : Once a LIC Bima Jyoti 860 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.
Paid-up value formula
| Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid |
LIC Bima Jyoti Plan 860 with an Example
An example of Suresh who is purchasing this Plan with following details.
| Sum Assured (Rs.) | 10,00,000 |
| Age (Years) | 30 Years |
| Policy Term(Years) | 20 Years |
| Premium Paying Term | 15 Years |
| Purchase Year | 2021 |
| Yearly Premium | 82,545 1st year) 80,767 (2nd years onward) |
As per above example, policy holder needs to pay the premium of Rs. 82,545 1st. year and Rs. 80,767 2nd year onward every year for 15 years (Premium Paying Term) and after completion of 20 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.
Maturity Details
If Policy holder survives 20 years, then Maturity (Sum Assured + Bonus) will be as under.
| Maturity Year | Age at Maturity | Total Premium Paid | Maturity Amount (Approx.) |
|---|---|---|---|
| 2041 | 50 | 12,13,283 | 20,00,000 |
Maturity Benefit = Rs 10,00,000 (Sum Assured) + Rs 10 lakh (Guaranteed Additions)
Guaranteed Additions Calculation = (Rs 50 x 20 x 1000000)/1000
Death Claim Details
LIC Bima Jyoti Plan 860 year wise death benefits table
| Year | Age | Normal Risk Cover | Accidental Risk Cover | Premium | Maturity |
|---|---|---|---|---|---|
| 2021 | 30 | 1300000 | 2300000 | 82545 | 0 |
| 2022 | 31 | 1350000 | 2350000 | 80767 | 0 |
| 2023 | 32 | 1400000 | 2400000 | 80767 | 0 |
| 2024 | 33 | 1450000 | 2450000 | 80767 | 0 |
| 2025 | 34 | 1500000 | 2500000 | 80767 | 0 |
| 2026 | 35 | 1550000 | 2550000 | 80767 | 0 |
| 2027 | 36 | 1600000 | 2600000 | 80767 | 0 |
| 2028 | 37 | 1650000 | 2650000 | 80767 | 0 |
| 2029 | 38 | 1700000 | 2700000 | 80767 | 0 |
| 2030 | 39 | 1750000 | 2750000 | 80767 | 0 |
| 2031 | 40 | 1800000 | 2800000 | 80767 | 0 |
| 2032 | 41 | 1850000 | 2850000 | 80767 | 0 |
| 2033 | 42 | 1900000 | 2900000 | 80767 | 0 |
| 2034 | 43 | 1950000 | 2950000 | 80767 | 0 |
| 2035 | 44 | 2000000 | 3000000 | 80767 | 0 |
| 2036 | 45 | 2050000 | 3050000 | 80767 | 0 |
| 2037 | 46 | 2100000 | 3100000 | 0 | 0 |
| 2038 | 47 | 2150000 | 3150000 | 0 | 0 |
| 2039 | 48 | 2200000 | 3200000 | 0 | 0 |
| 2040 | 49 | 2250000 | 3250000 | 0 | 0 |
| 2041 | 50 | 2000000 | 3000000 | Deposit Premium 12,13,283 | Maturity Amount 20,00,000 |
Suppose if the unfortunate death of the policy holder occurs in the year 2031 (40 years of age), then the total premium will have accumulated Rs.8,09,448 and the nominee will get Rs.18,00,000 in the form of a normal death claim. In case accidental death of policy holder, the nominee will get Rs. 28,00,000 as an Accidental Risk Cover.
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Additional information
Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.
Riders Facility : Accidental Death and Disability Benefit Rider, PWB, critical illness and Term Assurance Rider is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.
Date Backing Facility : Available.
Proposal Form : Form No. 300, 340 and 360 only.
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I hope “LIC Bima Jyoti Plan 860” के बारे में ये जानकारी अच्छी लगी होगी, अगर हाँ तो इसे अपने सभी Friends के साथ Social media पर Share जरुर करें ताकी आपकी मदद से दुसरे लोग भी इस योजना की जानकारी को पढ़ सकें, और वो इसका लाभ ले सके, कोई ऐसी जानकारी रह गयी हो और आप जानना चाहते हो तो आपके सुझाव व प्रस्ताव स्वीकार्य हैं और नीचे दिए गए comment box में टिप्पणी भी अवश्य दें! धन्यवाद…….
