LIC Bima Jyoti Plan 860
Guaranteed Additions Savings Plan Offline Calculator
LIC Bima Jyoti Plan 860 Overview
LIC Bima Jyoti Plan 860 is a non-linked, non-participating, individual life insurance savings product. It is a highly attractive scheme offering guaranteed additions of ₹50 per thousand Sum Assured at the end of each policy year throughout the policy term.
Eligibility & Rules
- Entry Age: 90 Days to 60 Years
- Policy Term: 15 to 20 Years
- Premium Paying Term: Policy Term minus 5 Years
- Minimum Sum Assured: ₹1,00,000
Key Plan Benefits
- Death Benefit: Sum Assured on Death + Accrued Guaranteed Additions.
- Maturity Benefit: Basic Sum Assured + Guaranteed Additions (₹50 per ₹1000 SA per year).
- Guaranteed Returns: High fixed additions ensure certainty of returns irrespective of market performance.
Detailed Maturity Benefit
Basic Sum Assured + Accrued Guaranteed Additions at a fixed rate of ₹50 per ₹1,000 Sum Assured per year.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
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Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Policy Term / PPT | 15 Years / 10 Years |
| Yearly Premium (Approx) | ₹37,400 |
| Total Paid Premium (10 Yrs) | ₹3,74,000 |
| Guaranteed Additions (50/1000/yr x 15) | ₹3,75,000 |
| Guaranteed Maturity Amount | ₹8,75,000 |
Calculating…