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LIC, the Life Insurance Corporation of India, has been serving the nation for 6 decades now and is the largest life insurance company in India. It has around 14 Lakhs agents and over 2000 branches to help citizens find the best plans for themselves. For its long-built goodwill and incomparable customer services, LIC has always been the first preference of all Indians. 

LIC Bima Jyoti plan 860 is an individual non-linked life assurance savings plan which gives you the benefits of both insurance and investment in the same plan itself. Here, the policyholder is eligible to receive the death benefit if he dies during the policy term, whereas the surviving policyholders are eligible to receive guaranteed returns and a maturity benefit on the completion of the plan. Bima Jyoti LIC makes sure you are protected while investing your money to generate bonus returns for you. The plan also allows you to save taxes on the premium that you pay as well as the benefits that you receive under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Benefits of LIC Bima Jyoti plan

The following benefits are available with LIC Bima Jyoti plan 860:

  1. Death Benefit:
    In case the insured individual dies during the tenure of an active policy, the sum assured amount is received by the appointed nominee. This amount is referred to as the death benefit.
    1. If death takes place during the term of the policy, before the date of commencement of risk, the death benefit would comprise of – Return of premiums that have been paid (excluding the taxes), extra premium, and the rider premium, if opted for
    2. However, if death takes place during the term of the policy, but after the date of commencement of risk, the death benefit would be: Sum Assured on death, which is either 125% of the Basic Sum Assured or 7 times the annualized premium.
      Along with the sum assured, the Accrued Guaranteed Returns would also be paid out
  2. Maturity Benefit:
    In case the insured individual outlives the tenure of an active policy, and survives the stipulated maturity date, he/ she would receive the Sum Assured on maturity which includes the guaranteed additions.
  3. Guaranteed Additions:
    Guaranteed additions at the rate of INR 50 per thousand Basic Sum Assured would be added to the policy at the end of every policy year. 

Key features of LIC’s Bima Jyoti:

  1. Protection-cum-Savings plan
    An endowment plan, the LIC Bima Jyoti plan offers the perfect combination of savings and protection. While offering death benefit to the nominee in case of death of the insured individual, it would offer a maturity benefit if the insured outlives the tenure.
  2. Premium Paying Term
    The policyholder has the freedom to choose the term for which he pays the premiums from 15 to 20 years. For example, in a Policy Term of 15 years, the PPT would be 10 years.
  3. Basic Sum Assured
    Starting from INR 1 lakh, there is no maximum limit on the basic SI.
  4. Liquidity
    If a minimum of 2 years’ premium has been paid in full, the policyholder can avail of a loan which is calculated on the basis of the surrender value. The loan amount can be up to 90% of the surrender value, depending on the terms of the plan.
  5. Free Look Period
    In case you are not completely satisfied with the policy, you can return the same to the company within a period of 15 days.

LIC Bima Jyoti plan – Calculator

An insurance calculator is an online tool that allows you to get a fair idea of the premium that you would have to pay for the coverage that you are opting for or the benefits that you would receive. Let us see what all can you calculate:

  1. LIC Bima Jyoti Plan – Premium Calculator
    With the help of the LIC Bima Jyoti Premium Calculator, you can easily calculate the premium that needs to be paid. The premium depends on a number of factors such as Sum Assured, your age, term of the policy, mode of purchase, etc.
  2. LIC Bima Jyoti plan – Death Benefit Calculator
    When you choose the Basic Sum Assured, the PPT, the mode of payment, etc. you would be able to calculate the death benefit that would be payable at different stages of life.
  3. LIC Bima Jyoti plan – Maturity Value Calculator
    It is important to calculate an approximate amount of the maturity benefit. This helps in planning your financial goals. Just fill in the details and see the amount that would be made if you survive the policy term.

Rebates offered on the sum assured by LIC Bima Jyoti plan

The rebates on High Basic Sum Assured, offered under LIC Bima Jyoti Plan 860 are shown in a tabular form:

Basic Sum Assured ( BSA)Rebates offered per INR 1,000 BSA
INR 1 Lakh- INR 2.75 LakhsNil
INR 3 Lakhs- INR 4.75 Lakhs4.00
INR 5 Lakhs – INR 9.75 Lakhs5.00
INR 10 Lakhs and above 6.00

Rebates offered if the policy is purchased online:

Premium Paying TermRate of Rebate
10 to 14 years7.5%
15 years10%

Eligibility criteria of LIC Bima Jyoti plan

Following are the criteria under which the policyholders need to be eligible to purchase Bima Jyoti plan LIC: 

Entry Age Minimum: 90 days (completed)Maximum: 60 years (Age nearer Birthday)
Maturity Age Minimum: 18 years (Completed) Maximum: 75 years (Age Nearer Birthday)
Basic Sum AssuredMinimum: INR 1 lakhMaximum: No Limit(Basic SI should be in the multiples of 25,000)
Policy Tenure 15 – 20 years
Premium Paying Term5 years less than the Policy Term

How does the LIC Bima Jyoti Plan work?

LIC Bima Jyoti plan 860 is a guaranteed returns endowment plan which keeps your life protected and invests your money to give you higher returns. If an individual has purchased this plan online and unfortunately dies, his family receives a death benefit according to the sum assured to take care of their financial needs. However, if the policyholder survives the plan, he is eligible to receive a maturity benefit payable either in a lump sum amount or in installments. A guaranteed addition of INR 50 per thousand is made to the basic sum assured by the end of each year. 

Let us understand the plan with an example. Suppose, Ravi Bhatnagar is a 35-year old non-smoker. He purchases LIC Bima Jyoti plan 860 with the following specifications:

  • Policy Tenure: 20 years
  • Premium Paying Term: 15 years
  • Basic Sum Assured: INR 10 lakhs
  • Sum Assured on death: INR 12.5 lakhs
  • Premium Paid on a Yearly basis: INR 78,770

Under this plan, let us take a look at the payouts at different stages:

  Guaranteed Benefits
End of the Policy YearAnnualised Premium in INRGuaranteed Additions in INR Maturity BenefitDeath benefit

*These premiums are indicative only and subject to change at any point of time.

Riders provided by LIC Bima Jyoti Plan

There are a number of riders offered by LIC India where the policyholders can pay a little extra on the premiums to avail extra benefits. These riders are a great help when you are stuck in a serious problem. Here are some of the riders offered by the Bima Jyoti Plan LIC:

  1. Accidental death and disability benefit rider
  2. Accident benefit rider
  3. New term assurance rider
  4. New critical illness benefit rider
  5. Premium waiver benefit rider

Example: A person has purchased the LIC Bima Jyoti Plan online worth INR 10 lakhs. He has also purchased an accident benefit rider along with the plan worth INR 2 lakhs. Assuming he dies in an accident, then the appointed nominee will get a lump sum amount as an addition to the death benefit and the accident benefit sum assured, in all the amount paid out would be INR 12 lakhs. 

Before you Buy

Being an online policy, LIC Bima Jyoti Plan, can be purchased via the company website. However, it is recommended that you visit www.turtlemint.com before buying the policy. Turtlemint helps you in not only understanding the different aspects of the policy but also allows you to see how changing the variables can influence the premium and the payout. 


There can be no match to a plan that gives you the benefits of both protecting and saving all at the same time. LIC Bima Jyoti plan is a wonderful combination of investment and insurance that offers everything you would need in an endowment plan. Purchasing the Bima Jyoti plan LIC will cost you less but will keep giving you more and more. 

With this plan, you don’t have to worry about capital loss, moreover, the company collects bonuses on your behalf which you receive at maturity. The death benefit offered by the pan has absolutely no match as it will protect the family’s financial needs if you are not with them. 

The policy even has a provision of providing loans to the policyholders in order to care for their liquidity needs. Additional rider facility, no limit on the sum assured, 30 day grace period and rebates offered, are some major benefits under the LIC Bima Jyoti plan that make it the most efficient one to buy.


No, if your premiums are not duly paid, the guaranteed additions will cease to accrue. 

When you opt for the Bima Jyoti Plan LIC, you have two options of receiving the death benefit:

  1. Death benefit as a lump sum of the entire sum insured amount OR
  2. Receive the death benefit in installments over a period of 5/ 10 or 15 years

LIC Bima Jyoti Plan can be purchased online via the official website. Click https://licindia.in/Products/Insurance-Plan/LIC-s-Bima-Jyoti to reach the page directly. You can also purchase the policy via a trusted website such as Turtlemint. In case you wish to purchase the plan through Point of Sales Persons-Life Insurance (POSP-LI), however, the terms and conditions would be different.

In case the insured commits suicide within 12 months of policy purchase, then 80% of the total premiums paid (taxes excluded), and the extra premium would be refunded. In case the insured commits suicide within 12 months from the date of revival an amount higher of 80% of the sum total of premiums paid up to the date of death would be payable.

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