LIC's Bima Jyoti (Plan 860)
UIN: 512N279V02
Launch Date: 01 January 2022
Withdrawal Date: 31 March 2025
Plan Features
Plan Type: Non-Linked Participating Whole Life Assurance Plan
Policy Term: Whole Life (up to age 100 years)
Premium Paying Term: 15 or 20 years
Minimum Sum Assured: ₹2,00,000
Maximum Sum Assured: No Limit
Calculation Results
Important Notes:
- The premium rates are approximate and based on standard rates
- Actual premium may vary based on medical examination and other factors
- Maturity benefit = Sum Assured + Accrued Bonuses (if any)
- Death benefit during policy term = Sum Assured + Accrued Bonuses
- Policy participates in profits through bonuses
- GST and other taxes are applicable as per prevailing rates
- This is an indicative calculator for educational purposes only
LIC Bima Jyoti Plan 860 is designed for individuals seeking a combination of insurance protection and guaranteed savings. This limited premium paying plan ensures policyholders pay premiums for fewer years than the policy term while enjoying guaranteed additions annually on the basic sum assured.
In case of the unfortunate demise of the policyholder during the policy term, the nominee receives financial support. The plan also provides a lump sum maturity benefit if the policyholder survives the policy term.
Launch and Withdrawal Dates
- Launch Date: February 22, 2021
- Withdrawn Date: October 14, 2024
The plan was available for purchase during this period, after which it was withdrawn from the market by LIC India.
What is LIC Bima Jyoti Plan 860?
LIC Bima Jyoti Plan 860 is a Non-linked and Non-participating endowment life insurance plan with a limited premium payment term. The plan offers:
- Guaranteed additions at Rs. 50 per Rs. 1000 sum assured every year.
- Death benefit to the nominee in case of the policyholder’s demise during the policy term.
- Maturity benefit to the policyholder if they survive the policy term.
- Loan facility against the policy after paying premiums for 2 years.
- Tax benefits under section 80C and 10(10D) of the Income Tax Act.
Key Features
- Policy Term: 15 to 20 years
- Premium Payment Term: Policy term minus 5 years (e.g., for a 20-year term, premiums are payable for 15 years)
- Sum Assured: Minimum Rs. 1,00,000 (no upper limit)
- Age Eligibility: Entry age 90 days to 60 years; Maturity age 18 years to 75 years
- Premium Payment Modes: Yearly, half-yearly, quarterly, monthly
- Guaranteed Additions: Rs. 50 per thousand sum assured per year throughout the policy term
- Loan Facility: Available after two years of premium payment, loan amount depends on surrender value
- Death Benefit: On death during policy term, nominee receives 125% of sum assured plus accrued guaranteed additions
- Maturity Benefit: Sum assured plus accrued guaranteed additions paid as lump sum at maturity
Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Age at Entry | 90 days (completed) | 60 years |
| Age at Maturity | 18 years (completed) | 75 years |
| Sum Assured | Rs. 1,00,000 | No limit |
| Policy Term | 15 years | 20 years |
| Premium Paying Term | Policy Term – 5 years |
The policy can be purchased online or offline.
Benefits of LIC Bima Jyoti Plan 860
Death Benefit
If the policyholder dies during the policy term, the nominee receives 125% of the basic sum assured plus guaranteed additions accrued till the date of death. This provides financial protection to the family in the absence of the insured.
Maturity Benefit
On survival till maturity, the policyholder receives the basic sum assured plus guaranteed additions, which are credited every year, making the maturity payout substantial compared to total premiums paid.
Guaranteed Additions
The unique feature of this plan is the guaranteed addition of Rs. 50 per Rs. 1000 sum assured at the end of each policy year, which significantly boosts the maturity amount.
Loan Facility
Policyholders can avail of the loan against the policy after paying premiums for at least two years. The loan amount is based on a percentage of the surrender value (up to 90% for in-force policies).
Tax Benefits
Premiums paid qualify for tax deduction under Section 80C, and benefits received are exempt under Section 10(10D) of the Income Tax Act.
LIC Bima Jyoti Plan 860 Calculator
The LIC Bima Jyoti calculator is an essential tool for prospective policyholders to estimate their premium payments, maturity benefit, and death benefit based on their chosen sum assured, policy term, and premium paying term.
How to Use the Calculator?
- Enter Basic Sum Assured: Minimum of Rs. 1,00,000.
- Select Policy Term: Between 15 to 20 years.
- Choose Premium Mode: Yearly, half-yearly, quarterly, monthly.
- Calculate Premium: The tool computes the annual or monthly premium based on LIC’s official rates.
- View Maturity Benefit: Shows the total amount you will receive at the end of the policy term, including guaranteed additions.
- Death Benefit Projection: Estimates the amount payable to nominee in case of the insured’s death during the policy term.
Using this calculator helps you plan your finances better and understand your commitments under the LIC Bima Jyoti plan.
Premium Payment Options and Rebates
- Yearly: 2% rebate on premium
- Half-yearly: 1% rebate
- Quarterly and Monthly: No rebate
Premium payment can be conveniently made in various modes as per preference, but yearly mode offers the best premium rebate.
Policy Revival and Surrender
- Policy can be revived within 5 consecutive years of lapse if premiums are not paid on time.
- If premiums for less than two years are paid, the policy will lapse without benefits.
- Paid-up policies continue with reduced benefits if less than full premiums are paid.
- Surrender of policy before maturity will pay surrender value as per LIC’s rules.
Riders Available
LIC offers additional riders with Bima Jyoti plan to enhance coverage:
- Accidental Death and Disability Rider
- Accident Benefit Rider
- Term Assurance Rider
- Critical Illness Benefit Rider
- Premium Waiver Benefit Rider
These riders provide extra security and protection at an additional premium.
Why Choose LIC Bima Jyoti Plan 860?
- Guaranteed Returns: Unlike market-linked plans, Bima Jyoti offers assured additions.
- Limited Premium Payment: Pay premiums for fewer years than the policy term.
- Financial Security: Adequate protection for family in case of untimely death.
- Loan Facility: Provides liquidity in emergencies.
- Tax Savings: Helps in tax planning with exemption benefits.
- Flexible Premium Payment Modes: Annual, half yearly, quarterly, or monthly.
Where to Buy LIC Bima Jyoti Plan 860?
The plan was available for purchase through LIC’s official website, LIC branches, and licensed agents until its withdrawal date in October 2024. For more details about active and upcoming LIC plans, visit the official LIC India website.
Frequently Asked Questions
What is LIC Bima Jyoti Plan 860?
LIC Bima Jyoti Plan 860 is a non-linked, non-participating endowment plan offering limited premium payment with guaranteed additions and life coverage.
When was LIC Bima Jyoti Plan 860 launched and withdrawn?
It was launched on February 22, 2021, and withdrawn on October 14, 2024.
What is the premium payment term under this plan?
Premiums are payable for a term 5 years shorter than the policy term. For example, if the policy term is 20 years, premiums are paid for 15 years.
What are the eligibility criteria to buy this plan?
Entry age ranges from 90 days to 60 years, and the maturity age should be between 18 and 75 years.
What benefits does LIC Bima Jyoti Plan 860 offer?
It offers death benefit, maturity benefit including guaranteed additions of Rs. 50 per Rs. 1000 sum assured annually, loan facility, and tax benefits.
Conclusion
LIC Bima Jyoti Plan 860 is a well-structured limited premium payment life insurance plan that balances savings and protection with guaranteed additions, making it an attractive option for individuals seeking financial security with assured returns.
Although the plan has been withdrawn recently, learning about its features can aid in understanding similar future policies by LIC and other insurers.