Today we will talk about LIC's special policy Bima Jyoti. This policy has been designed with the objective of saving tax and guaranteed income. This policy has been designed in such a way that whether you can take it in your own name or in the name of your child. Through this policy, you can plan for the future of your child. In this policy, guaranteed returns are available at Rs 50 per 1000 rupees. That is, on the number of thousand policies you have taken, add a guaranteed return of Rs 50 every year.
Talking about the guaranteed return, Rs 5000 will be added per year for every 1 lakh and it will be added till the policy continues. Talking in percentage, 5 percent of your total sum assured will be added every year. This is a limited period endowment plan in which 125% return of sum assured is given as life cover. This policy is available for 6 periods. That is, this plan can be taken for 15 years, 16, 17, 18, 19 and 20 years.
Who can take the policy
In this policy, different minimum age limit has been fixed for all the policy terms. The minimum age limit in this is from 0 to 3 years. The maximum age limit is 55 years to 60 years. This is a limited term policy, so the premium has to be paid for lesser number of years for the policy. For a policy of 15 years, the premium has to be paid only for 10 years. The premium will be paid for 5 years less than the number of years the policy is in place. The minimum sum assured to take this policy is Rs 1,00,000 and if it is to be increased then it can be increased in multiples of Rs 25,000. There are 5 riders available in this policy in which there is a premium waiver benefit rider which is considered very good for the future of the children.
understand with this example
Let us understand this policy with an example. Rajesh, 35, has taken a Bima Jyoti policy. Rajesh has taken a policy of Sum Assured of 1 lakh for 20 years. Rajesh will have to pay premium only for 15 years because 5 years less premium has to be paid on any policy. If Rajesh chooses to pay premium every month, then he will have to pay Rs 737. If the premium is paid annually, then they will have to pay Rs 8,668. Rajesh will get coverage of 125 percent of the sum assured i.e. Rs 1.25 lakh during the entire policy period. Rajesh will pay Rs 1,30,210 as premium during the entire policy term.
How much money will be received on maturity
When the policy matures, Rajesh will get Rs 1 lakh as sum assured and Rs 1 lakh as guaranteed additional return. A total of 2 lakhs will be paid in their hands. The specialty of this policy is that on the maturity of the plan, as many as the sum assured policy is taken, double money is available. If Rajesh dies before maturity after taking this policy, then the nominee will get a sum assured of Rs 1 lakh along with a guaranteed addition amount.
The higher the sum assured plan taken in this policy, the more guaranteed addition facility will be available on it. If Rajesh dies after 5 years of inception of the policy, then the nominee will get Rs 25,000 as Guaranteed Addition. If the accident happens after 10 years, the guaranteed addition will be Rs 50,000.
how to pay premium
The policy taker can pay premiums on monthly, quarterly, half yearly or yearly basis. The policy can be surrendered after 2 years of inception. But on surrender, the policyholder suffers a lot. You can also take a loan against this policy. You can easily take a loan after 2 years of taking the policy. If the policy is in force, then a loan can be taken up to 90% of the surrender value.
No comments:
Post a Comment