LIC’s Bima Jyoti

LIC’s Bima Jyoti is a comprehensive Non-Linked, Non-Participating, Individual Life Assurance Savings Plan. It combines protection and savings, offering financial security for your family in case of your untimely demise during the policy term. Additionally, it ensures a guaranteed lump sum payout to you as the surviving policyholder upon maturity. The plan also caters to liquidity needs with a loan facility. You can conveniently purchase this plan both offline through agents or intermediaries and online directly through our website


A. Death Benefit:

If death occurs during the policy term before the date of risk commencement, the premiums paid are returned (excluding taxes and rider premiums).

If death occurs after the risk commencement date, the “Sum Assured on Death” (higher of 125% of Basic Sum Assured or 7 times the annualized premium) along with Accrued Guaranteed Additions is paid. This benefit is at least 105% of total premiums paid (excluding extras and rider premiums) until the date of death.

B. Maturity Benefit:

If the policyholder survives until the stipulated Date of Maturity while the policy is in force, the “Sum Assured on Maturity” (equal to Basic Sum Assured) along with Guaranteed Additions is paid.

C. Guaranteed Additions:

Guaranteed Additions are added to the policy annually at the rate of Rs. 50 per thousand of Basic Sum Assured, provided premiums are paid. If the policy is paid-up or surrendered, Guaranteed Additions are added proportionately based on premiums received.

Additionally, in case of death, the Guaranteed Addition for the full policy year is added, and if premiums are not paid, Guaranteed Additions cease to accrue.

Eligibility Conditions and Other Restrictions

Minimum Basic Sum Assured: The lowest coverage amount available is Rs. 1,00,000.

Maximum Basic Sum Assured: There is no upper limit on coverage, but the coverage amount must be in multiples of Rs. 25,000.

Policy Term: The duration of the policy can range from 15 to 20 years.

Premium Paying Term: The period for paying premiums is equal to the policy term minus 5 years.

Minimum Age at Entry: The insured individual must be at least 90 days old.

Maximum Age at Entry: The maximum age for entering the policy is 60 years (nearest birthday).

Minimum Age at Maturity: The policyholder must be at least 18 years old when the policy matures.

Maximum Age at Maturity: The policy must mature before the insured individual turns 75 years old (nearest birthday), except for policies obtained through POSP-LI & CPSC-SPV, where the maximum age at maturity is 65 years (nearest birthday).

Date of Commencement of Risk:

For individuals under 8 years old, the risk coverage begins either 2 years from the policy start date or from the policy anniversary following their 8th birthday, whichever is earlier. For those aged 8 or older, risk coverage starts immediately.

Date of Vesting:

If the policy is taken out on a minor’s life, it automatically transfers to the minor when they turn 18 or on the policy anniversary immediately following their 18th birthday. At that point, the policy becomes a contract between the insurance company and the now-adult individual.