LIC has told about this policy on its official Twitter handle, the company has written that LIC of India launched a new plan – LIC’s BIMA JYOTI …
LIC of India launches new plan – LIC’s BIMA JYOTI pic.twitter.com/0yrqgKUKjY
– LIC India Forever (@LICIndiaForever) February 22, 2021
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Your basic sum assured in this plan is one lakh rupees. At the same time, there is no upper limit in this. This policy can be taken for 15 to 20 years. PPT will be 10 years for a policy term of 15 years and PPT will be 11 years for a policy of 16 years.
How much will the guaranteed return be?
In this policy, you get a guarantee in addition to the basic sum assured of Rs 50 per thousand at the end of each year during the term. That is, in this you will get a guaranteed bonus at 50 rupees per thousand sum assured.
What is the specialty of the policy-
>> You can buy this policy online.
>> The minimum age limit for this is 18 years.
>> Also the maximum age limit at maturity is 75 years.
>> Minimum age of admission in this policy is 90 days and maximum 60 years.
>> Policy Back Dating Facility
>> Customers will get the facility of maturity settlement option.
>> Option will be available for maturity and death benefits in installments of 5, 10 and 15 years.
>> Guaranteed addition of Rs 50 per thousand per year bonus during the policy term.
>> Options available for availing accidental and disability benefit rider, critical illness, premium forgiven rider and term rider.
>> Premium payment 5 years less than the policy term.
For example, for a person of 30 years on a basic sum assured of Rs 10 lakh for a policy term of 15 years, the annual premium – to be paid for 10 years – would be Rs 82,545. In this case, the guaranteed addition will be Rs 50,000 per year for 15 years or Rs 7,50,000 on maturity.
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The total maturity value will be a total guaranteed addition of Rs 7,50,000 and a basic sum assured of Rs 10,00,000 (Rs 7,50,000 + Rs 10,00,000) or Rs 17,50,000.
Annual Return (IRR) – For 10 years with a premium payment of Rs 82,545 at the beginning of each year and a maturity value of Rs 17,50,000 at the end of the 15th year will be Rs 7.215.