Now A days everyone know about the Life Insurance Corporation of India (LIC), which having a very trusted and reliable life insurance and savings products. Among of them LIC Bima Jyoti Plan (Table No. 760) UIN:512N339V03 is a popular Plan.
- Key Features of LIC Bima Jyoti Plan
- LIC Bima Jyoti Plan details (UIN 512N339V03)
- Maturity Benefit & Life Cover (Death Claim) under LIC Bima Jyoti Plan
- LIC Bima Jyoti – Death Claim Illustration
- Optional Rider in LIC Bima Jyoti
- Real-Life Scenario of LIC Bima Jyoti plan
- LIC Bima Jyoti plan – 20 Year Life Cover Illustration
LIC Bima Jyoti Plan (Table No. 760) UIN:512N339V03 is a non-linked, non-participating, individual, savings cum protection plan. This plan has an unique and additional benefits of its Guaranteed Additions, which are added every year, and it ensuring that you get a fixed return along with life cover.
If you are looking for a best policy that offers safe investment + life protection + tax savings, then LIC Bima Jyoti plan is a great choice.
Non-linked Plan (Insurance term) :
- Non-linked means the policy is NOT connected to the stock market or equity investments.
- The returns and benefits do not depend on market ups and downs.
Non-Participating (meaning)
- The policyholder will NOT get any share amount of LIC annual profits.
- No bonuses (Simple Reversionary Bonus, Final Additional Bonus, Loyalty Additions, etc.) are added.
- And only the guaranteed benefits (like Sum Assured + guaranteed additions, if any) are paid.
Savings-cum-Protection Plans
- Dual Benefit = Savings (Maturity Value) + Life Insurance (Death Cover) both benefits.
Key Features of LIC Bima Jyoti Plan
Here we listed the some important key feature of the LIC Bima Jyoti Plan, which have to know every one:-
- LIC Bima Jyoti plan is a non-linked, non-participating and savings cum protection plan.
- This plan has provision of provided the Guaranteed Addition of ₹50 per ₹1,000 Sum Assured at the end of each policy year.
- Under this plan, the nominee will received the Sum Assured on Death + Accrued Guaranteed Additions . Which provides a strong financial protection for the family.
- The policyholder will get the Sum Assured on Maturity + Accrued Guaranteed Additions, which making it a reliable savings option with assured returns.
- This plan also allows all the policyholders to pay there premiums in Yearly, Half-Yearly, Quarterly, or Monthly modes.
- This plan has provision for policyholder to take loan against the policy.
- This plan offers optional riders such as the Accidental Death and Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider, and Premium Waiver Benefit Rider.
- Premiums paid under this plan are eligible for tax deduction under Section 80C, and the maturity and death benefits qualify for tax exemption under Section 10(10D) of the Income Tax Act (as per prevailing tax laws)
LIC Bima Jyoti Plan details (UIN 512N339V03)
There are brief detail of LIC Bima Jyoti Plan in tabular form.
| Feature | Details |
| Plan Type | Non-Linked, Non-Participating, Savings cum Protection Plan |
| Plan Launch | initially lunched at February 2021, but modified as (Plan 760) on October 14, 2024 |
| Minimum Basic Sum Assured (BSA) | ₹1,00,000 |
| Maximum Basic Sum Assured (BSA) | No limit (in multiples of ₹25,000) |
| Policy Term | 15 years to 20 years |
| Premium Paying Term (PPT) | Policy Term – 5 years |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
| Guaranteed Addition | ₹50 per ₹1,000 BSA at the end of each policy year |
| Maturity Benefit | Sum Assured on Maturity + Accrued Guaranteed Additions |
| Death Benefit | Sum Assured on Death + Accrued Guaranteed Additions |
| Loan Facility | Available after acquiring surrender value |
| Surrender Value | Allowed after 2 full years of premium payment |
| Riders Available | Accidental Death & Disability Rider, Accident Benefit Rider, New Term Assurance Rider, New Critical Illness Rider, Premium Waiver Rider |
| Tax Benefits | Premiums eligible under Sec 80C; Maturity/Death benefit under Sec 10(10D) |
| Entry Age (Minimum) | 90 days (completed) |
| Entry Age (Maximum) | 60 years (nearer birthday) |
| Maturity Age (Maximum) | 75 years (nearer birthday) |
Maturity Benefit & Life Cover (Death Claim) under LIC Bima Jyoti Plan
LIC Bima Jyoti plan has offers both a guaranteed maturity benefit and a comprehensive life cover (death claim), which also making it a blend of protection and savings for policyholders and their beneficiaries family member .
Maturity Benefit
LIC Bima Jyoti Plan has provided the maturity benefits on condition of completing of policy term of life assured survives till the stipulated maturity date and also they have been paid all due premiums. The policyholder receives the Sum Assured on Maturity (equal to the Basic Sum Assured) along with accrued Guaranteed Addition.
Guaranteed Additions
- which accrue at a rate of Rs. 50 per Rs. 1000 of Basic Sum Assured for every completed policy year.
Sum Assured on Maturity :- (Basic Sum Assured + Accrued Guaranteed Additions)
Example:
If BSA = ₹5,00,000 and policy term = 20 years
• Guaranteed Addition per year = 5,00,000 ÷ 1,000 × 50 = ₹25,000
• For 20 years = ₹25,000 × 20 = ₹5,00,000
Maturity Value = ₹5,00,000 (BSA) + ₹5,00,000 (GA) = ₹10,00,000
BSA – Basic Sum Assured
Death Benefit (Life Cover / Death Claim)
LIC Bima Jyoti Plan has provided the Death Benefit ,if policyholder death occurs before the date of commencement of risk (usually in the case of a minor insured), then in this condition only the premiums paid (excluding taxes, extra premiums, rider premiums) are returned.
AND
IF policyholder death will happens after the commencement of risk (for adults and after risk begins for minors), the connected nominee receives the Sum Assured on Death plus Accrued Guaranteed Additions.
Sum Assured on Death” is defined as the higher of :
- 125% of Basic Sum Assured, or
- 7 times the annualized premium (excluding taxes, rider premium, extra premium, etc.)
Under this plan death benefit will never be less than 105% of total premiums paid up to the date of policyholder death.
LIC Bima Jyoti – Death Claim Illustration
| Year of Death | Death Claim Amount | Remarks |
|---|---|---|
| 1st Year | ₹6,25,000 + ₹25,000 = ₹6,50,000 | Sum Assured on Death (125% of BSA = ₹6,25,000) + 1 year GA |
| 5th Year | ₹6,25,000 + ₹1,25,000 = ₹7,50,000 | Sum Assured on Death + 5 years Guaranteed Additions (GA) |
| 10th Year | ₹6,25,000 + ₹2,50,000 = ₹8,75,000 | Sum Assured on Death + 10 years Guaranteed Additions (GA) |
| 15th Year | ₹6,25,000 + ₹3,75,000 = ₹10,00,000 | Sum Assured on Death + 15 years Guaranteed Additions (GA) |
| 20th Year | ₹6,25,000 + ₹5,00,000 = ₹11,25,000 | Sum Assured on Death + 20 years Guaranteed Additions (GA) |
Optional Rider in LIC Bima Jyoti
An Optional Rider is a extra cover or add-on benefit that policyholder can choose or attach to her base insurance plan (LIC Bima Jyoti) by paying a small additional premium. Here are an example given below for you to understand the optional rider benefits.
Example:
Suppose any one take LIC Bima Jyoti with ₹5,00,000 Sum Assured.
- Without rider → You only get the basic maturity/death benefit + guaranteed additions.
- With rider (say Accidental Death Benefit) → If policyholder death happens due to an accident, then the nominee will get extra payout (rider sum assured) along with the base death claim.
Real-Life Scenario of LIC Bima Jyoti plan
Mr. Arvind, a 35-year-old is a salaried private professional worker, who wanted to buy a savings plan with life cover insurance for his family future. He visited to an LIC agent or office ,After consulting with an LIC agent, he choose the Bima Jyoti policy with the following features:
- Basic Sum Assured (BSA): ₹10,00,000
- Policy Term: 20 years
- Age of entry : 35 Years
- Premium Paying Term: 15 years (Policy Term – 5 years)
- Annual Premium (approx): ₹94,000 (excluding GST & riders)
- Guaranteed Addition (GA): ₹50 per ₹1,000 BSA = ₹50 × 10,000 = ₹50,000 per year
As per the above detail we get the Yearly premium Rs.81,803 by using (Premium calculator)
To get more details of the LIC Bima Jyoti based on the Basic Sum Assured (BSA), Policy Term you can use the Maturity Calculator.
Case 1: Survival till Maturity (20 years)
We will see the case 1 , Where policyholder Arvind are Survival till Maturity (20 years) ,then what will happen and how much he received amount till the maturity.
- He receives: Sum Assured (₹10 lakh) + Guaranteed Additions (₹10 lakh) = ₹20 lakh as a lump sum.
- This Plan also gives a net annual return (CAGR) around 3.5%, providing tax-free, assured capital for retirement, children’s education.
Case 2: Death in the 10th Year
Now we see the case 2 , under which policy holder Arvind unfortunately passes away at 45, after 10 years of policy. Then what will happen with the received amount to her nominee .
- His nominee receives the higher of 125% of Sum Assured (₹12.5 lakh) or 7 times annual premium, plus all guaranteed additions accrued till then (₹5 lakh).
Sum Assured on Death = Higher of:
- 125% of BSA = ₹12,50,000
- 7 × Annual Premium = ₹6,58,000
👉 So, Sum Assured on Death = ₹12,50,000
Accrued Guaranteed Additions:
₹50,000 × 10 years = ₹5,00,000
Total Death Claim = ₹12,50,000 + ₹5,00,000 = ₹17,50,000
At this condition policyholder nominees and their family gets at least ₹17.5 lakh at a critical time, to protecting their financial future.
Case 3: Adding a Rider
Now see the benefits of Adding a Rider , If Mr. Raj had opted for the Accidental Death Rider with an extra sum assured of ₹5,00,000 and unfortunately he dies in an accident in the 10th year:
Base Death Claim = ₹17,50,000
Rider Benefit = ₹5,00,000
Total Payout = ₹22,50,000
👉 Please understand that ,With just a small extra premium, policyholder family gets a much bigger protection amount approx. ₹22,50,000. which may varied as actual calculation after adding present GST calculation .
LIC Bima Jyoti plan – 20 Year Life Cover Illustration
| Year | Age | Death Sum Assured (₹) | Normal Life Cover (Approx) | Accidental Life Cover (Approx) |
|---|---|---|---|---|
| 1 | 35 | 12,50,000 | 13,00,000 (12.5L + 0.5L GA) | 18,00,000 (13L + 5L Rider) |
| 2 | 36 | 12,50,000 | 13,50,000 (12.5L + 1L GA) | 18,50,000 |
| 3 | 37 | 12,50,000 | 14,00,000 (12.5L + 1.5L GA) | 19,00,000 |
| 4 | 38 | 12,50,000 | 14,50,000 (12.5L + 2L GA) | 19,50,000 |
| 5 | 39 | 12,50,000 | 15,00,000 (12.5L + 2.5L GA) | 20,00,000 |
| 6 | 40 | 12,50,000 | 15,50,000 (12.5L + 3L GA) | 20,50,000 |
| 7 | 41 | 12,50,000 | 16,00,000 (12.5L + 3.5L GA) | 21,00,000 |
| 8 | 42 | 12,50,000 | 16,50,000 (12.5L + 4L GA) | 21,50,000 |
| 9 | 43 | 12,50,000 | 17,00,000 (12.5L + 4.5L GA) | 22,00,000 |
| 10 | 44 | 12,50,000 | 17,50,000 (12.5L + 5L GA) | 22,50,000 |
| 11 | 45 | 12,50,000 | 18,00,000 (12.5L + 5.5L GA) | 23,00,000 |
| 12 | 46 | 12,50,000 | 18,50,000 (12.5L + 6L GA) | 23,50,000 |
| 13 | 47 | 12,50,000 | 19,00,000 (12.5L + 6.5L GA) | 24,00,000 |
| 14 | 48 | 12,50,000 | 19,50,000 (12.5L + 7L GA) | 24,50,000 |
| 15 | 49 | 12,50,000 | 20,00,000 (12.5L + 7.5L GA) | 25,00,000 |
| 16 | 50 | 12,50,000 | 20,50,000 (12.5L + 8L GA) | 25,50,000 |
| 17 | 51 | 12,50,000 | 21,00,000 (12.5L + 8.5L GA) | 26,00,000 |
| 18 | 52 | 12,50,000 | 21,50,000 (12.5L + 9L GA) | 26,50,000 |
| 19 | 53 | 12,50,000 | 22,00,000 (12.5L + 9.5L GA) | 27,00,000 |
| 20 | 54 | 12,50,000 | 22,50,000 (12.5L + 10L GA) | 27,50,000 |
How to Understand the Table
The above table shows year-wise life cover benefits for a 20-year LIC Bima Jyoti policy. Here we see how to Understand the Table.
- Year & Age
o The policy year (1st year to 20th year).
o The age of the policyholder as the policy progresses. - Death Sum Assured
o This is fixed at 125% of Basic Sum Assured (BSA).
o Example: If BSA = ₹10,00,000 → Death Sum Assured = ₹12,50,000 (fixed throughout). - Normal Life Cover (Approx.)
o This is the total payout to nominee if the policyholder dies in that year.
o Formula: Death Sum Assured + Accrued Guaranteed Additions (GA)
o Example: In the 10th year →
Death Sum Assured = ₹12,50,000
Accrued GA = ₹50,000 × 10 = ₹5,00,000
Normal Life Cover = ₹17,50,000 - Accidental Life Cover (Approx.)
o If the policyholder had taken an Accidental Death Benefit Rider (₹5,00,000), then this extra amount is added.
o Formula: Normal Life Cover + Rider Sum Assured
o Example: In the 10th year →
Normal Life Cover = ₹17,50,000
Rider Benefit = ₹5,00,000
Accidental Life Cover = ₹22,50,000
Quick Example from the Table
Lets see the Quick Example from the Table.
In the 15th Year (Age 49):
- Death Sum Assured = ₹12,50,000
- Normal Life Cover = ₹20,00,000 (includes 7.5 Lakhs GA)
- Accidental Life Cover = ₹25,00,000 (Normal + Rider)
👉 In the 20th Year (Age 54): - Death Sum Assured = ₹12,50,000
- Normal Life Cover = ₹22,50,000 (includes 10 Lakhs GA)
- Accidental Life Cover = ₹27,50,000
👉 If the policyholder survives full term (20 years): - He gets Maturity Benefit = ₹20,00,000 (BSA + GA).
What are the benefits of LIC Jeevan Jyoti?
LIC Bima Jyoti Plan has provided the maturity benefits on condition of completing of policy term of life assured survives till the stipulated maturity date and also they have been paid all due premiums. The policyholder receives the Sum Assured on Maturity (equal to the Basic Sum Assured) along with accrued Guaranteed Addition.
LIC Bima Jyoti Plan has provided the Death Benefit ,if policyholder death occurs before the date of commencement of risk (usually in the case of a minor insured), then in this condition only the premiums paid (excluding taxes, extra premiums, rider premiums) are returned.
AND
What is LIC Bima Jyoti policy Calculator ?
The LIC Bima Jyoti Maturity Calculator is an online tool, which are designed for the Bima Jyoti Plan (Table No. 760) , that calculator are use to helps policyholder to estimate the Premium, guaranteed returns and benefits payable on the maturity date of the policy. Under this calculator Users have to input their age, chosen sum assured, policy term, and premium paying term to see the maturity amount which will they receive after the policy period.
What is the Premium Payment Term (PPT) in this policy?
The Premium Payment Term = Policy Term – 5 years.
👉 Example: If the policy term is 20 years, you need to pay premiums only for 15 years.
