LIC Bima Jyoti (Plan No: 860)

  • Double Benefit of Saving & Protection
  • Guaranteed Additions
  • Limited Premiums to Pay

What is LIC Bima Jyoti (Plan 860)?

LIC Bima Jyoti is an individual, non-participating, non-linked, life assurance saving plan offering the benefit of savings and protection. This limited premium plan provides financial security to the policyholder's nominee as a death benefit if the insured dies during the policy term. The policyholder gets the one-time lump sum on maturity with guaranteed returns if s/he survives the policy. The amount you receive nearly doubles the amount invested, the greatest benefit one can ever make.

Highlights of LIC Bima Jyoti Plan

Below mentioned are the highlights of LIC Bima Jyoti Plan:

  • Policy Type

    Endowment Plan

  • Guaranteed Additions

    At Rs. 50 per thousand basic sum assured (End of the Year)

  • Availability of Loans

    If the two years premium amount is paid.

  • Plan Purchase

    Online and Offline

  • Policy Term

    15 to 20 years

  • Premium Paying Term

    Policy Term minus 5 years

Eligibility Criteria of Bima Jyoti Plan of LIC

The following are the eligibility criteria and restrictions of the LIC Bima Jyoti Plan:

  • Sum Assured

    Rs.1 Lakh - No limit

  • Entry Age

    90 days to 60 years

  • Maturity Age

    18 years - 75 years

  • Mode of payment

    Monthly- Min. instalment Rs. 5,000
    Half-yearly- Min. instalment Rs. 15,000
    Quarterly- Min. instalment Rs. 25,000
    Annually- Min. instalment Rs. 50,000

LIC Bima Jyoti Benefits

Since the key features of LIC Bima Jyoti make investing preferable, there are some elemental benefits for a policyholder. These are

Death Benefit: In the event of your demise, the death benefits are payable to the nominee in the following terms-

  • For Death before the commencement of risk: LIC returns the premium paid after excluding the taxes, additional charges, extra premium, or riders (if opted).
  • For Death after the commencement of risk: The sum assured amount is paid along with the guaranteed additions. The sum assured in such cases is calculated as 125% of the basic sum assured or 7 times of annualized premium.

Maturity Benefit: If the policyholder outlives the maturity date, LIC will pay the policyholder a basic sum assured along with the accumulated guaranteed additions. To provide you with the maximum flexibility, LIC Bima Yojana allows you to choose the maturity benefits to be paid in a one-time lump sum or yearly/half-yearly/quarterly/monthly basis.

Guaranteed Benefits: Guaranteed additions will be supplemented at the end of each policy year at Rs. 50 per thousand sum assured in the following circumstances-

  • If death occurs within the in-force policy, the guaranteed addition in the year of death shall be for the entire year. 
  • In case of a paid-up policy or surrender of a policy, the guaranteed addition for the policy year will be added proportionately to the premium received.

If duly premiums are not paid, the guaranteed additions shall cease to accrue under a policy.

For example, the policyholder will get a guaranteed return of 5 lakhs every year for a sum assured of 1 crore, starting from the first policy anniversary to the last year. After 20 years, LIC’s Bima Jyoti provides a guaranteed income of over 1 crore.

How does LIC Bima Jyoti Work?

LIC Bima Yojana is a guaranteed return plan that provides the benefits of investment and savings in a single plan with higher profits. If an individual buys a plan and unfortunately dies, then the family receives an amount for the financial support as the life cover. Unlike the other term plans, if the policyholder survives the policy term, then the maturity benefits are provided with guaranteed additions. Let’s see how the LIC Bima Jyoti Plan works.

  • Age

    35 years

  • Policy Tenure

    20 years

  • Premium Payment Term

    15 years

  • Basic Sum Assured

    Rs. 10,00,000

  • Yearly Payment

    Rs. 78,770

End of Policy Year

Guaranteed Benefits

Annualised Premium Guaranteed premium Maturity Benefits Death Benefits
5 Rs. 3,93,850 Rs. 2,50,000 0 Rs. 15,00,000
10 Rs. 7,87,770 Rs. 5,00,000 0 Rs. 17,50,000
15 Rs. 11,81, 550 Rs. 7,50,000 0 Rs. 20,00,000
20 Rs. 11,81, 550 Rs. 10,00,000 Rs. 20,00,000 Rs. 22,50,000

The payable benefits under the following circumstances are

  • Name:
  • Age:
    30 years
  • Sum Assured:
    Rs. 10,00,000
  • Policy term:
    20 Years
  • Premium paying term:
    20 - 5 = 15 years
  • The basic premium payment:
    Rs. 78, 990 (excluding taxes)
  • Death Benefit:Your family can claim 125% of the basic sum assured.
  • Guaranteed Additions: The guaranteed additions will be added to the sum assured, and a gross benefit will be paid to the nominee. The GA will be calculated as follows:

↳ If the policyholder dies after 5 years:

GA = (50 X 10,00,000/ 1000) X 5 = Rs. 2,50,000

↳ If the policyholder dies after 15 years:

GA = (50 X 10,00,000/ 1000) X 15 = Rs. 7,50,000

↳ If the policyholder dies after 20 years:

GA = (50 X 10,00,000/ 1000) X 20 = Rs. 10,00,000

Sample Premium Calculation for LIC Bima Jyoti:

If you need clarification about what premium you must pay while purchasing LIC’s Bima Jyoti Policy, here’s the sample illustration premium calculated for a basic sum assured of Rs. 10 lakh for different age groups.

Age in years (Nearer Birthday)

Policy Term (Policy Paying Term)

15 (10) 18 (13) 20 (15)
20 Rs. 1,13,217 Rs. 87, 541 Rs. 77,153
30 Rs. 1,13,609 Rs. 88,031 Rs. 77,790
40 Rs. 1,15,667 Rs. 90,481 Rs. 80,534
50 Rs. 1,22,135 Rs. 97,488 Rs. 88,178

* The premiums mentioned above are exclusive of taxes.
* All premiums are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C applied.

LIC Bima Jyoti Premium Chart

Bima Jyoti chart of LIC provides complete detailed information on the premium amount that needs to be paid by the policyholder to an insurer. This premium amount is based on age, policy term, premium policy term, and sum assured. You can also derive the customized premium amount you need to pay using the LIC Bima Jyoti Premium calculator on the official website.

The table below illustrates the premium amount of an individual of 35 years for 20 years of the policy term.

  • Age

    35 Years

  • Policy term

    20 years

  • Instalment premium

    Rs. 78,770

  • Premium payment mode


  • Rate of GST in 1st year


  • Rate of GST in 2nd year


  • Sum assured

    Rs. 10,00,000

  • Sum assured on death

    Rs. 12,50,000

  • Guaranteed additions per Rs. 1000 per year

    Rs. 50

Policy Year Annualized Premium (INR) Guaranteed Benefits
Survival Benefits (INR) Guaranteed Additions (INR) Maturity Benefits (INR) Death Benefits (INR) Minimum Guaranteed Surrender Benefits (INR)
1 78770 0 50000 0 1300000 0
2 157540 0 100000 0 1350000 47262
3 236310 0 150000 0 1400000 107039
4 315080 0 200000 0 1450000 190700
5 393850 0 250000 0 1500000 239500
6 472620 0 300000 0 1550000 289050
7 551390 0 350000 0 1600000 337225
8 630160 0 400000 0 1650000 401474
9 708930 0 450000 0 1700000 470237
10 787700 0 500000 0 1750000 543728
11 866470 0 550000 0 1800000 622182
12 945240 0 600000 0 1850000 705855
13 1024010 0 650000 0 1900000 795155
14 1102780 0 700000 0 1950000 890327
15 1181550 0 750000 0 2000000 992010
16 1181550 0 800000 0 2050000 1043664
17 1181550 0 85000 0 2100000 1099088
18 1181550 0 900000 0 2150000 1159241
19 1181550 0 950000 0 2200000 1348395
20 1181550 0 1000000 20,00,000 2250000 1413395

* The premiums mentioned above are exclusive of taxes.

* All premiums are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C applied.

Factors that Affect the LIC Bima Jyoti Premium Chart

A premium is a variable number that depends upon various parameters. But the good news is that the parameters are in your control, and you can examine them to ensure that the plan's premium remains as low as possible. Some factors that affect the LIC Bima Jyoti Premium rates are mentioned.

Gender: It is scientifically proven that women have a greater life expectancy than men of the same age. Which ultimately affects the premium that needs to be paid. If the woman buys term insurance, the premium quotes are more likely to be lower than a man's.

Age: Age is a significant factor in affecting the LIC Bima Jyoti Premium rates, as the younger ones are more likely to live longer. Hence, they need to pay a lower premium than an older individual. Buying a LIC Bima Yojana plan at an early age is efficient.

Lifestyle: Your lifestyle habits affect your life expectancy. Suppose a person smokes or drinks regularly, then s/he is more prone to illness or death due to different health conditions. Hence, the premium rates are higher for smokers or drinkers.

Additional Features of LIC Bima Jyoti

LIC Bima Jyoti Policy offers a multitude of features to complement the needs of the policyholders. Some additional terms of the LIC Bima Jyoti plan are-

Grace Period: A grace period of 30 days is provided for the missed premium payment of yearly, half-yearly, and quarterly premiums. At the same time, 15 days grace period is allowed for monthly premium payments to pay from the premium due date. Within the grace period, the plan will remain risk covered.

Revival: Suppose you have missed your chance for the premium payment even in the grace period; now what? Are your invested funds dissolved? No. You can revive your Bima Jyoti policy within 5 consecutive years after your policy lapses but before the maturity date.

Surrender Benefits: The policyholder is allowed to surrender the policy anytime after paying the premiums for at least two years. Once the policy is surrendered, the insurer will pay the surrender value equivalent to the higher surrender value or special surrender value (as settled by IRDAI).

Paid-up Value: If the policyholder pays the premium for less than 2 years but fails to pay the premiums for subsequent years, then all the benefits of the premium will be terminated. In another scenario, if a policyholder pays the premium for at least 2 years and subsequent premiums are not duly paid, the risk cover of the policy will remain active, and the policy will exist as the paid-up value.

Freelook Period: LIC Bima Jyoti grants a freelook period of 15 days from the date of policy receipt date (offline) and 30 days in case of online policy purchase. In this period, if a policyholder is not satisfied with the policy’s terms & conditions, there is an option to return the policy to the company.

Loan Against Policy: If a policyholder has paid a minimum of 2 years of premium, then LIC Bima Jyoti allows them to avail of the loan. The maximum value of the loan amount can be 90% for in-force policies and up to 80% for paid-up policies. At times, the insurer will only set the interest and other conditions.

Waiting Period: If the policyholder dies within 90 days of the commencement of risk (waiting period), and the death is not caused by accident, the company will reimburse the total premium paid.

The assured sum will be paid to the policyholder if death is caused due to an accident within the waiting period. If the policyholder’s age at the time of entry is less than 8 years, this provision will not apply.

Tax Benefits: Plan no. 860 allows tax exemptions under sections 80 (C) and 10 (10 D) of the Income Tax Act.

Rebates: The additional rebates are allowed under Bima Jyoti.

Mode of Rebate Rate of Rebate
Annually 2% of tabular premium
Half-yearly 1% of tabular premium
Quarterly, monthly NA

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Exclusion Under LIC Bima Jyoti

By now, you are well aware of all the inclusions mentioned under the benefits and features section. Still, you must be aware of some key clauses under LIC Bima Jyoti Policy exclusions.  These are:

  • Suppose the policyholder commits suicide within 12 months of the commencement of risk. In that case, the company will not provide any risk cover but is entitled to payout 80% of the total premium paid, excluding the rider premiums, additional premiums, and taxes other than term assurance rider, if any.
  • If the policyholder commits suicide within 12 months from the revival date, the company will pay an amount higher than 80% of the total premium paid till the date of the death. Or the company is liable to pay the surrender value available as of the date of death. The amount excludes any extra premiums, taxes, or rider premiums. The policy will not entertain any further claims under this policy.

The clause shall not be applicable, if

  • The age of the life assured is below 8 years at the time of revival.
  • The policy is lapsed without acquiring paid-up value. 

Riders Offered by LIC Bima Jyoti Plan

An extra premium amount needs to be paid by the policyholder to avail of the additional riders. The following five optional riders are available under this plan

  • Accidental Death and Disability Benefit Rider
    If this rider is opted, in case of accidental death of the policyholder, the accident benefit sum assured will be payable in lump sum along with the death benefits of the base plan. In case of accidental disability (within 180 days of the date of the accident), an amount equal to the accidental benefit sum assured will be paid in equal monthly instalments upto 10 years.
  • Accident Benefit Rider
    If this rider is opted, in case of accidental death of the policyholder, the accident benefit sum assured will be payable in lump sum along with the death benefits of the base plan. The benefits this rider covers are only payable under the premium payment term.
  • New Term Assurance Rider
    A policyholder can only opt for this rider during the inception of the policy. If this rider is selected, an amount equal to the term assurance rider, including the base death benefit, shall be offered.
  • New Critical Illness Benefit Rider
    A policyholder can only opt for this rider during the inception of the policy. The critical illness benefits are payable on the first critical illness diagnosis as specified under the rider. Basically, 15 critical illnesses are covered under this rider benefit.
  • Premium Waiver Benefit Rider
    If opted for this rider, all the future due premium payments under the base policy will be waived off following the policyholder's death.



Final Words

Purchase LIC Bima Jyoti costs less but enables you to avail of the double benefits of protecting and saving simultaneously. If you plan to invest for the future and want to save a financial backup for your family in case of your uncertain demise, there can be no perfect match other than LIC Bima Jyoti Policy. No more worry about your capital loss, as the endowment plan comes with the facility of collection of benefits at low risk and higher returns. Need assistance with buying a Bima Jyoti policy? Quickly connect with one of our experts at RenewBuy and settle all your concerns in minutes.

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