LIC Bima Jyoti Plan 860 Calculator
Plan No. 860 (UIN: 512N339V02)
Important Notes
- Guaranteed Addition is ₹50 for every ₹1,000 of Basic Sum Assured at the end of each policy year throughout the policy term.
- Premium Paying Term is always 5 years less than the selected Policy Term.
- Maturity Benefit consists of the Basic Sum Assured plus accrued Guaranteed Additions, provided the policy remains in force till maturity.
- Death Benefit is the higher of 125% of the Basic Sum Assured or 7 times the Annualized Premium, along with applicable Guaranteed Additions as per policy conditions.
- Loan facility becomes available after the policy acquires surrender value, subject to LIC rules.
- Yearly premium mode receives a 2% rebate, Half-Yearly mode receives a 1% rebate, while Quarterly and Monthly modes do not receive a mode rebate.
Disclaimer
This calculator provides estimated premium and benefit illustrations for LIC Bima Jyoti Plan 860. Actual premium, Guaranteed Additions, death benefit, maturity benefit and other policy values will be determined according to the official LIC policy document, underwriting guidelines and applicable terms & conditions.
Introduction to LIC Bima Jyoti Plan 860
LIC Bima Jyoti Plan 860 is a traditional life insurance policy that combines financial protection with guaranteed savings. The plan is structured as a limited premium payment policy, allowing policyholders to complete premium payments before the policy term ends while continuing to enjoy insurance coverage and guaranteed additions throughout the policy duration.
In the event of the policyholder’s death during the policy term, the nominee receives financial assistance. If the policyholder survives until maturity, a lump-sum benefit along with guaranteed additions is paid.
What is LIC Bima Jyoti Plan 860?
LIC Bima Jyoti Plan 860 is a non-linked, non-participating endowment life insurance plan with a limited premium payment option. It is designed to provide life insurance protection together with guaranteed savings over the policy term.
The plan offers the following benefits:
- Guaranteed Additions of ₹50 for every ₹1,000 of Basic Sum Assured at the end of each policy year.
- Death Benefit payable to the nominee if the life assured dies during the policy term.
- Maturity Benefit payable on survival until the end of the policy term.
- Loan facility after payment of premiums for at least two policy years.
- Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, subject to prevailing tax laws.
Key Features
Policy Term
Policyholders can choose a policy term ranging from:
- 15 Years
- 20 Years
Premium Paying Term
Premiums are payable for a period that is five years shorter than the selected policy term.
For example:
- 15-Year Policy → Premium Paying Term: 10 Years
- 20-Year Policy → Premium Paying Term: 15 Years
Basic Sum Assured
The minimum Basic Sum Assured available under the policy is ₹1,00,000, with no specified upper limit.
Age Eligibility
- Entry Age: 90 days to 60 years
- Maturity Age: 18 years to 75 years
Premium Payment Modes
Premiums can be paid through any of the following modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Guaranteed Additions
The policy provides Guaranteed Additions at the rate of ₹50 per ₹1,000 of Basic Sum Assured every policy year throughout the policy term.
Loan Facility
After payment of premiums for at least two policy years, policyholders become eligible to avail loans against the policy. The loan amount depends on the available surrender value.
Death Benefit
If the life assured dies during the policy term, the nominee receives:
- 125% of the Basic Sum Assured, plus
- Accrued Guaranteed Additions up to the date of death.
Maturity Benefit
If the policyholder survives until maturity, LIC pays:
- Basic Sum Assured, and
- Total Guaranteed Additions accumulated during the policy term,
as a lump-sum maturity benefit.
Eligibility Criteria
Eligibility Details of LIC Bima Jyoti Plan 860
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 90 Days | 60 Years |
| Maturity Age | 18 Years | 75 Years |
| Basic Sum Assured | ₹1,00,000 | No Limit |
| Policy Term | 15 Years | 20 Years |
| Premium Paying Term | Policy Term minus 5 Years | — |
The policy was available through both online and offline channels.
Benefits of LIC Bima Jyoti Plan 860
Death Benefit
If the life assured passes away during the policy term, the nominee receives 125% of the Basic Sum Assured along with the Guaranteed Additions accumulated up to the date of death.
This benefit helps provide financial support to the family during difficult circumstances.
Maturity Benefit
On successful completion of the policy term, the policyholder receives:
- Basic Sum Assured.
- Guaranteed Additions credited throughout the policy duration.
These guaranteed additions significantly increase the overall maturity value.
Guaranteed Additions
One of the key highlights of LIC Bima Jyoti Plan 860 is its Guaranteed Addition feature.
At the end of every policy year, LIC adds ₹50 for every ₹1,000 of the Basic Sum Assured, which continues throughout the policy term and enhances the final maturity proceeds.
Loan Facility
Policyholders can obtain a loan against the policy after paying premiums for at least two years.
For policies that remain in force, the loan amount may be available up to 90% of the surrender value, subject to LIC’s terms and conditions.
Tax Benefits
Premiums paid under LIC Bima Jyoti Plan 860 qualify for tax deductions under Section 80C, while the maturity and death benefits are generally eligible for exemption under Section 10(10D) of the Income Tax Act, subject to applicable tax rules.
LIC Bima Jyoti Plan 860 Calculator
The LIC Bima Jyoti Plan 860 Calculator is a helpful tool that enables prospective policyholders to estimate premium payments, maturity benefits, and death benefits based on their selected policy details. By entering a few basic inputs, users can understand the financial commitment involved and the benefits they can expect from the policy.
How to Use the LIC Bima Jyoti Plan 860 Calculator
Using the calculator is simple and involves the following steps:
Step 1: Enter the Basic Sum Assured
Enter the desired Basic Sum Assured.
The minimum Basic Sum Assured available under the plan is ₹1,00,000.
Step 2: Select the Policy Term
Choose a policy duration from the available options:
- 15 Years
- 20 Years
Step 3: Choose the Premium Payment Mode
Select your preferred premium payment frequency:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Step 4: Calculate the Premium
Once the required information is entered, the calculator estimates the premium payable according to LIC’s applicable premium rates.
Step 5: View the Maturity Benefit
The calculator displays the estimated maturity amount, including:
- Basic Sum Assured.
- Guaranteed Additions accumulated during the policy term.
Step 6: Estimate the Death Benefit
It also provides an estimate of the amount payable to the nominee if the life assured dies during the policy term.
Using the calculator allows policyholders to understand the policy benefits clearly and make informed financial decisions.
Premium Payment Options and Rebates
LIC Bima Jyoti Plan 860 offered multiple premium payment options with rebates for certain payment modes.
Mode Rebate
| Premium Payment Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly | No Rebate |
| Monthly | No Rebate |
Choosing the yearly payment mode provides the maximum available rebate on premiums.
Policy Revival and Surrender
If premiums are not paid within the prescribed period, the policy can be revived within five consecutive years from the date of the first unpaid premium, subject to LIC’s revival conditions.
Revival of Policy
A lapsed policy may be reinstated by paying the outstanding premiums along with applicable interest and fulfilling LIC’s revival requirements.
Lapse of Policy
If premiums for less than two policy years have been paid and the policy is not revived, it lapses without any policy benefits.
Paid-Up Policy
If the policy acquires paid-up value and further premiums are discontinued, it continues with reduced benefits based on the premiums already paid.
Surrender Benefit
If the policy is surrendered before maturity, LIC pays the applicable surrender value according to the policy terms and conditions.
Riders Available
Policyholders could enhance their insurance protection by choosing optional riders available with LIC Bima Jyoti Plan 860.
The available riders include:
- Accidental Death and Disability Rider.
- Accident Benefit Rider.
- Term Assurance Rider.
- Critical Illness Benefit Rider.
- Premium Waiver Benefit Rider.
These riders provide additional coverage and benefits on payment of an extra premium.
Why Choose LIC Bima Jyoti Plan 860?
Guaranteed Benefits
The policy offers Guaranteed Additions, providing assured growth without exposure to market fluctuations.
Limited Premium Payment
Premiums are payable for fewer years than the overall policy term, reducing the long-term premium burden.
Financial Protection
The plan offers substantial life insurance coverage, helping secure the financial future of the policyholder’s family.
Loan Facility
Policyholders can access funds during emergencies by availing loans against the policy after it acquires surrender value.
Tax Advantages
The policy provides tax benefits on premium payments and policy proceeds under the applicable provisions of the Income Tax Act.
Flexible Premium Payment Options
Premiums can be paid according to the policyholder’s convenience through yearly, half-yearly, quarterly, or monthly modes.
Where to Buy LIC Bima Jyoti Plan 860?
Before its withdrawal, LIC Bima Jyoti Plan 860 was available through:
- LIC’s official website.
- LIC branch offices.
- Authorized LIC agents.
For information about currently available LIC insurance products, customers can visit the official LIC website or consult an authorized LIC representative.
Frequently Asked Questions
What is LIC Bima Jyoti Plan 860?
LIC Bima Jyoti Plan 860 is a non-linked, non-participating endowment life insurance policy that combines life cover with guaranteed savings through annual Guaranteed Additions.
When was LIC Bima Jyoti Plan 860 launched and withdrawn?
The policy was launched on 22 February 2021 and withdrawn from sale on 14 October 2024.
What is the Premium Paying Term under this policy?
The Premium Paying Term is always five years shorter than the selected policy term.
For example, if the policy term is 20 years, premiums are payable for 15 years.
Who is eligible to purchase LIC Bima Jyoti Plan 860?
The policy is available for individuals:
- Aged 90 days to 60 years at entry.
- With a maturity age between 18 years and 75 years.
What benefits are available under LIC Bima Jyoti Plan 860?
The policy provides:
- Death Benefit.
- Maturity Benefit.
- Guaranteed Additions of ₹50 per ₹1,000 of Basic Sum Assured every policy year.
- Loan Facility.
- Tax Benefits under applicable laws.
Conclusion
LIC Bima Jyoti Plan 860 was a thoughtfully designed limited premium payment endowment policy that offered a combination of life insurance protection and guaranteed savings. With features such as annual Guaranteed Additions, flexible premium payment modes, loan availability, and tax advantages, it provided policyholders with both financial security and predictable long-term returns.
Although the plan has been withdrawn from new sales, it continues to serve as a valuable example of LIC’s traditional savings-oriented insurance products. Understanding its features can help individuals compare similar plans currently offered by LIC and make informed decisions while selecting life insurance solutions.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
