LIC Bima Jyoti vs LIC Bima Ratna: The Life Insurance Corporation of India (LIC) offers a variety of plans that provide both insurance coverage and the possibility of savings. Two endowment plans are offered by LIC with the intention of giving subscribers financial stability and insurance protection. LIC Bima Jyoti and LIC Bima Ratna are two examples of such schemes.
LIC Bima Jyoti vs LIC Bima Ratna: Entry Age, Benefits, and Premium-Paying Term for Bima Jyoti
A non-linked, non-participating individual savings plan with guaranteed returns at maturity is the LIC Bima Jyoti policy. This plan is available to anyone between the ages of 90 days and 60 years. The policy period under the LIC Bima Jyoti plan is either 15 or 20 years. The policy’s premiums can be paid on a monthly, quarterly, half-yearly, or annual basis.
A guaranteed returns endowment investment insurance policy, LIC Bima Jyoti offers live cover, increases the policyholder’s investment, and offers tax advantages.
This investment insurance plan offers yearly guaranteed additions at a rate of 50 rupees per 1,000 of the total assured. The promised amount must be at least Rs. 1,000,000, with no upper bound.
All of the policyholder’s paid premiums will be reimbursed to the nominee if he or she passes away before to the risk commencement date. The nominee will also get the accrued guaranteed additions if the policyholder passes away after the date on which the risk began.
The sum promised upon death will be equal to the higher of 7 times the annualised premium or 125% of the basic sum assured.
The policyholder would have the option to collect the sum assured plus all guaranteed increments up until the maturity date in addition to the death benefit.
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Entry Age, Benefits, and Premium-Paying Term for Bima Ratna Plan
A non-linked, non-participating individual savings life insurance policy called the LIC Bima Ratna provides the policyholder with protection and savings advantages.
In addition to the added bonus and accidental death or disability rider benefits, this policy also offers a loan option.
Additionally, choosing a high amount of sum assured and paying premiums annually or biannually are both eligible for premium rebates.
There are three different policy lengths available for the LIC Bima Ratna plan: 15, 20, and 25 years. There is no maximum basic sum promised; the minimum is Rs. 5,00,000. The minimum and maximum entrance ages are 90 days and 65 years, respectively.
The policyholder will receive the Sum Assured on Maturity, which is equal to 50% of the Basic Sum Assured, coupled with accrued Guaranteed Additions, when the plan reaches its maturity.
It also provides a death benefit similar to LIC Bima Jyoti, whereby, in the event of the policyholder’s passing after the start of the risk period, the nominee will be given the sum assured as well as any accumulated guaranteed additions. As a death benefit, in this situation, the lesser of 105% of the total premium paid or the larger of 125 percent of the basic sum assured or 7 times the annualised premium will be paid.
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