LIC Bima Jyoti Scheme: Life Insurance Corporation (LIC) has released a new policy for 2021. It is designed to be used for savings as well as insurance coverage …
LIC Bima Jyoti Scheme: Life Insurance Corporation (LIC) has released a new policy for 2021. It is designed to be used for savings as well as insurance coverage. The policy, which was introduced under the name ‘Bima Jyoti’, is priced at a minimum of Rs. Can be taken from lakh. There is no maximum limit for this policy.
The policy term can be up to 15-20 years:
However the policy term can be chosen up to 15 or 20 years. This is a Limited Premium Payment Insurance Plan. This means that the premium will be paid over a period of time. The insurance only lasts for a few years. The premium payment period under this new policy is five years less than the term of the policy we have taken out. For example, if we choose a policy term of 20 years, the premium payable is only 15 years.
Another advantage offered by this policy is the definite additional payment. For every Rs.1,000 policy amount Rs.50 is deposited per year. That means an accurate return of five percent per year. Also the amount deposited will be paid after the expiry of the policy term. For example a policy of Rs 10 lakh is taken for 20 years. Rs.50 per thousand per year. 10 lakhs to an additional Rs. 50,000.
So for twenty years at the rate of Rs 50,000 per year. An additional Rs 10 lakh will be added at the end of the policy term. There will be no bonus on this.
However, experts say that this was done keeping in view the interest rates on fixed deposits (FDs). It is well known that FD rates have fallen sharply recently. However, there is currently no belief that FDs will return 5 per cent in the long run.
Minimum Policy Amount – Rs.1,00,000
Maximum limit – no
Policy term – 15 or 20 years
Premium payable – 10 or 15 years
Minimum age for admission – 90 days
Maximum age for admission – 60 years
Minimum age at maturity – 18 years
Maximum age at maturity – 75 years
Rs. The benefits of choosing a policy term of Rs 10 lakh for a period of 20 years
Policy term – 20 years
Premium payable – 15 years
Policy amount – Rs.10,00,000
Annual Premium – Rs. 82,545
Additional payments 20 × 50,000
Amount paid after expiry – Policy amount Rs. 10,00,000 and payments (Rs. 20 × 50,000) = Rs. 20 lakhs
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