LIC Bima Jyoti 760

LIC Bima Jyoti 760 plan is a life insurance savings plan introduced by the LIC on October 14, 2024. This plan combines protection and savings, giving life cover with guaranteed returns to safeguard the future of policyholders and their families. This Bima Jyoti 760 plan provides strong financial security with a high death benefit for family protection and also provide guaranteed additions of ₹50 per ₹1,000 of sum assured every year, boosting maturity benefits higher.

LIC Bima Jyoti 760 : Features and Eligibility

Feature	Details
Plan Type	Non-Linked, Individual Life Insurance Savings Plan
Minimum Entry Age	30 days (completed)
Maximum Entry Age	60 years
Minimum Policy Term	15 years
Maximum Policy Term	20 years
Premium Paying Term	Policy Term - 5 years
Minimum Basic Sum Assured	₹1,25,000
Maximum Basic Sum Assured	No limit (subject to underwriting approval)
Sum Assured Multiples	₹5,000 for Sum Assured between ₹1,25,000 to ₹2,75,000; ₹25,000 for Sum Assured above ₹2,75,000
Premium Payment Mode	Yearly, Half-Yearly, Quarterly, Monthly
Loan Facility	Available after 1 year (50% within 2years and 80% after 2 full payment years)
Surrender Option	Available anytime after the first year’s full premium payment, with Guaranteed and Special Surrender Values from 2nd year
Paid-up Value	Policy converts to paid-up status after one year’s premium payment, calculated based on the total premiums paid
Revival Benefit	Can revive lapsed policy within 5 years of first unpaid premium
Death Benefit	Higher of 125% of Basic Sum Assured or 7 times annualized premium; minimum 105% of total premiums paid
Maturity Benefit	Basic Sum Assured + Guaranteed Additions (₹50 per ₹1,000 Sum Assured annually)
Grace Period	30 days for Yearly, Half-Yearly, and Quarterly premiums; 15 days for Monthly premiums
Free Look Period	30 days
Tax Benefits	Premiums and payouts eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act
Rider Options	Accidental Death & Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider, Premium Waiver Benefit Rider

Rebates in LIC Bima Jyoti Plan 760

LIC Bima Jyoti Plan 760 plan offers rebates based on premium paying modes and the sum-assured rebate that we have chosen.

Premium paying mode:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium

Quarterly and Monthly – NIL

Hiqh Basic Sum Assured Rebate:

The rebate for higher Basic Sum Assured is allowed in form of reduction in Tabular Premium. The rebate is as under:

Basic Sum Assured (BSA)	Rebate
₹1,25,000 to less than ₹3,00,000	Nil
₹3,00,000 to less than ₹5,00,000	4% of Basic Sum Assured
₹5,00,000 to less than ₹10,00,000	5% of Basic Sum Assured
₹10,00,000 and above	6% of Basic Sum Assured

Example: LIC Bima Jyoti Plan 760

Policy Details

Policyholder: Rohit
Sum Assured: ₹12,00,000
Policy Term: 20 Years
Premium Payment Term: (20 Years – 5)= 15 years
Policy Purchase Year: 2024
Age at Purchase: 30 Years

Premium Calculation for LIC Bima Jyoti 760:

High Sum Assured Rebates for ₹12 Lakh Sum Assured

The plan offers rebates on the premium for high sums assured:

For Sum Assured between ₹5 lakh and ₹10 lakh: ₹1.50 per ₹1,000 of Sum Assured.
For Sum Assured above ₹10 lakh: ₹2.00 per ₹1,000 of Sum Assured.

With a Sum Assured of ₹12 lakh, the policyholder qualifies for the higher rebate:

$rebate annually$

First Year Premium Calculation (Including GST)

Annual premium (excluding GST): Calculated as ₹72,000 (this includes the rebate for higher sum assured).
GST @ 4.5% for the first year: ₹3,240
Total First-Year Premium: ₹75,240

Second Year Onwards Premium Calculation (Including GST)

Annual premium (excluding GST): ₹72,000
GST @ 2.25%: ₹1,620
Total Premium for Following Years: ₹73,620

NOTE: The premium needs to be paid annually for 15 years out of the 20-year policy term is (75240)+(73620*14)=1,105,920

Maturity Benefit Calculation :

Basic Sum Assured: ₹12,00,000
Accrued Guaranteed Additions: ₹50 per ₹1,000 of Sum Assured each year
Annual Addition Calculation: ₹12,00,000 × 50 / 1,000 = ₹60,000
Total Guaranteed Additions over 20 years: ₹60,000 × 20 = ₹12,00,000
Total Maturity Benefit: ₹12,00,000 (Basic Sum Assured) + ₹12,00,000 (Guaranteed Additions) = ₹24,00,000

NOTE : The total premium he paid is 1,105,920 and the maturity benefits he got ₹24,00,000

Death Benefit Calculation :

If Policyholder Dies After 14 Years:

Sum Assured on Death:
125% of the Basic Sum Assured of ₹12 lakh is:
Accrued Guaranteed Additions (GA):
- The GA is ₹60,000 per year, so after 14 years, the total GA accrued would be:
Total Death Benefit:
- Sum Assured on Death (₹15,00,000) + Accrued Guaranteed Additions (₹8,40,000).

Frequently Asked Questions on LIC Bima Jyoti 760

Q1: Who is eligible for LIC Bima Jyoti?

Anyone aged between 30 days and 60 years can purchase the policy.

Q2: Who is eligible for LIC Bima Jyoti?

Anyone aged between 30 days and 60 years can purchase the policy.

Q3: What is the premium payment term?

The premium is paid annually, half-yearly, quarterly, or monthly, for 5 years less than the chosen policy term.

Q4: Is there a maturity benefit under this plan?

Yes, the maturity benefit includes the Basic Sum Assured and accrued Guaranteed Additions.

Q5: Does the policy offer tax benefits?

Yes, premiums are tax-deductible under Section 80C, and maturity benefits are tax-free under Section 10(10D)

Q6: Is there a loan facility available on this policy?

Yes, loan facility is available under this plan, after completion of first policy year provided one full year’s premium has been paid subject to the following conditions:

Policy Status

Before payment of two

full year’s premiums

After payment of two

full year’s premiums

Under In-force policies

50%

80%

Under Paid-up policies

40%

75%

Q7:What happens if I miss a premium payment?

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly mode of premium payment. If premium is not paid before the expiry of the days of grace, the Policy lapses.

Q8: Is GST applied to the premium?

Yes, GST is 4.5% for the first year and 2.25% from the second year onward

Q8:What is the minimum Sum Assured?

The minimum Sum Assured is ₹1,25,000, with no upper limit.

Q9: Are there any rebates for higher sums assured?

Yes, rebates apply for sums assured over ₹3 lakh.

Q10: Can I surrender this policy?

Yes, after paying premiums for at least one year.

Q11: How can I apply for LIC Bima Jyoti?

Applications can be made through LIC agents or directly at LIC branches or you can purchase online.

Q12: What is the free look period?

You have 30 days to return the policy if you are not satisfied with the policy.

Q13: Is there a rider option available with LIC's Bima Jyoti plan?

The following modified riders shall be available under this plan:

LIC’s Accidental Death & Disability Benefit Rider (UIN: 512B209V02)
LIC’s Accident Benefit Rider (UIN: 512B203V03)
LIC’s New Term Assurance Rider (UIN: 512B210V02)
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V04

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