LIC of India has introduced Bima Jyoti, a non-linked, non-participating, individual savings plan which offers a combination of protection and savings.
“The plan provides a guaranteed lump sum payment at maturity and financial support to the family in case of unfortunate death of the policyholder during policy term. It can be purchased Offline through agent /other intermediaries as well as Online directly through the website,” LIC said in a statement.
The policy provides guaranteed additions at the rate of ₹50 per thousand and basic sum will be added to the policy at the end of each policy year.
The minimum basic sum assured is ₹1 lakh with no upper limit. The policy can be taken for term of 15 to 20 years with premium paying term calculated as Policy term minus 5 years.
The minimum age at entry is 90 days completed and maximum age at entry is 60 years.