Indian lifeInsurance Corporation (LIC) has come up with a new scheme. Its name is Bima Jyoti (Bima Jyoti) scheme. It is a non-affiliated, non-participating, personal savings plan. The plan offers both savings and security simultaneously. The plan will receive a one-time payment upon maturity. At the same time, the untimely demise of the policyholder will also provide financial support to his family members. The plan can be purchased offline by an LIC agent or online by visiting the LIC website.
An additional Rs 50 per basic insurance amount will be added to the scheme at the end of each policy year. “Sum Assurance of Death” on death during the term of the policy after the additional amount of the guaranteed deposit is payable as per the date of commencement of the risk and the terms of the policy.
LIC has issued an affidavit stating that the minimum basic fixed amount in the scheme will be Rs 1 lakh. No roof. Consumers can take this policy for 15 to 20 years. The premium payment period will be calculated up to five years from the policy term. Individuals below the age of 90 days can take entry in Vima Jyoti policy.
The scheme also offers the option of availing death / maturity benefit in installments, which has a number of conditions. Premiums can be paid on an annual basis, half-yearly basis, quarterly basis or at monthly intervals. The policy also provides loan facility to meet the cash requirement.