LIC By Investing Rs 1 Lakh in This Scheme, You Will Get Double the Money on Insurance Cover

Lic By Investing Rs 1 Lakh In This Scheme, You Will Get Double The Money On Insurance Cover

Lic Bima Jyoti Plan No. 860 Lic Bima Jyoti Policy Is A Traditional, Non-linked, Non-participating, Limited Premium Payment And Life Insurance Savings Scheme Bima Saving Scheme. Without A Doubt, This Scheme Can Generate A Lot Of Buzz In The Lic Bima Jyoti Scheme Market. Due To Its Unique Potential Selling Point Facility - Pay Premiums For A Limited Period And Get A Guaranteed Extra Return On Your Sum Assured.

Given The Low Interest Rates, Most Retail Investors Would Prefer An Investment Option That Offers Them A Better Rate Than A Bank Fixed Deposit.

Under This Scheme, During The Guaranteed Additions Policy Term, Each Policy Will Be Available At The End Of The Year At The Rate Of Rs. 50 Per 1,000 Basic Sum Assured. This Is A 5 Percent Return.

Currently One Year Fd Cannot Give You 5% Return So Can Lic Bima Jyoti Yojana Give You Better Investment Return? Is This The Best Lic Saving Scheme? Let Us Understand The Advantages And Disadvantages Of Lic New Scheme Bima Jyoti Policy.

What Is A Limited Premium Payment      Insurance Plan ?

A Limited Premium Payment Plant Is A Plan Where You Pay Short Term Premiums And Avail Long Term Insurance Cover. Under Bima Jyoti Yojana, The Ppt Policy Is Valid For 5 Years. For Example, If The Term Of Your Policy Is 20 Years, The Ppf Will Be 15 Years.

What Is A Guaranteed Sum?

At The Time Of The Claim, You Get A Guaranteed Edition Along With The Original Sum Assured. Under Lic Bima Jyoti Yojana, During The Policy Term, Each Policy Offers A Guaranteed Edition At The Rate Of Rs. This Is Part Of Your Maturity Benefit.

Eligibility Conditions Under Lic Insurance Jyoti Policy

The Basic Eligibility  Requirements Of Bima Jyoti  Yojana Are Given Below.

Minimum Sum Assured Rs. 1,00,000.

Maximum Sum Assured No Upper Limit.

Policy Term 15 Or 20 Years

Premium Payment Term Ppt 10 Or 15 Years

Minimum Age Limit 90 Days

Maximum Age 60 Years

Minimum Age At Maturity 18 Years

Maximum Age At Maturity Is 75 Years

Lic Insurance Jyoti Yojana  Return Calculation.

The Term Of The New Plan Insurance Policy Is 20 Years. The Premium Has To Be Paid For 15 Years And The Sum Assured Is 10 Years. The Annual Premium Will Be Rs 82,545 (rider Premium And Tax Free). Let Us Now Calculate The Internal Rate Of Return By Considering The Amount Payable For 20 Years.

This Is The Amount You Will  Get At Maturity

Suppose A Person Takes Out A Bima Jyoti Policy With A Term Of 20 Years For A Sum Assured Of Rs. 10 Lakhs. The Premium Payment Term Is 15 Years. At The End Of Each Policy Year Till The 20th Year, You Get A Fixed Guaranteed Amount At The Rate Of Rs. 50 Per Thousand Basic Sum Assured. At The End Of The Policy Term And At The End Of The Policy Term, If The Insured Survives, The Sum Insured On Maturity Will Be Paid In The Form Of Guaranteed Increase, Maturity Benefit.Let Us Now Calculate The Internal Rate Of Return By Considering The Amount Payable For 20 Years.

Maturity Benefit = Sum Assured Of Rs. 10 Lakhs + Additional Guarantee Of Rs. 10 Lakhs

Guaranteed Edition Calculation = Rs.50 X 20 X 10,00,000 / 1000

Please Note That Bima Jyoti Yojana Does Not Give You Any Bonus.

Eligibility Conditions under LIC Insurance Jyoti Policy