LIC Bima Jyoti Calculator

What is LIC Bima Jyoti Plan 760?

LIC Bima Jyoti (Plan 760, UIN: 512N339V03) is a Non-Participating, Non-Linked, Individual, Savings plan that combines life cover with a guaranteed savings corpus. The plan's defining feature is its limited premium payment structure: you pay for a period that is always exactly 5 years shorter than the policy term. For a 20-year policy, premiums are due for 15 years. For a 15-year policy, premiums are due for 10 years. After the premium paying term ends, the policy continues for the remaining 5 years with no further payments required, life cover intact, and Guaranteed Additions continuing to accrue.

Guaranteed Additions of Rs.50 per Rs.1,000 BSA accumulate at the end of each policy year as long as the policy is in force. This rate is fixed in the policy contract from day one. It does not fluctuate with LIC's annual surplus declarations unlike the Simple Reversionary Bonuses in participating plans such as New Endowment or New Jeevan Anand. The maturity benefit -- BSA plus total accumulated GA -- is therefore completely certain.

Key Features

Eligibility Conditions

• Minimum Entry Age: 30 days (completed)
• Maximum Entry Age: 60 years (nearer birthday) for standard policies; 65 minus Policy Term for POSP-LI/CPSC-SPV
• Minimum Age at Maturity: 18 years (completed)
• Maximum Age at Maturity: 75 years (nearer birthday); 65 years for POSP-LI/CPSC-SPV
• Policy Terms: 15, 16, 17, 18, 19, or 20 years
• Premium Paying Term: Policy Term minus 5 years (fixed, no choice)
• Minimum BSA: Rs.1,25,000
• BSA Multiples: Rs.5,000 for BSA Rs.1.25L to Rs.2.75L; Rs.25,000 above Rs.2.75L
• Maximum BSA: No limit (subject to underwriting)

Benefits in Detail

Death Benefit

On death of the life assured during the policy term after the date of commencement of risk, the nominee receives the Sum Assured on Death plus all accrued Guaranteed Additions. Sum Assured on Death is the higher of 125% of BSA or 7 times the annualised premium. This death benefit cannot be less than 105% of the total premiums paid up to the date of death. For a child below age 8 at entry, full life cover starts at whichever comes first: 2 years from policy start, or the policy anniversary on or after the child's 8th birthday. Before that, the death benefit is a return of total premiums paid.

Maturity Benefit

On surviving to the maturity date, the policyholder receives the Sum Assured on Maturity (equal to BSA) plus all accrued Guaranteed Additions for the full policy term. This is completely guaranteed. On Rs.10 lakh BSA with a 20-year term, the Guaranteed Additions alone are Rs.10 lakh (Rs.50,000 per year for 20 years), giving a guaranteed maturity of Rs.20 lakh.

Guaranteed Additions

GAs accrue at Rs.50 per Rs.1,000 BSA at the end of each policy year throughout the policy term, as long as the policy is in force. If death occurs during a GA year, the full year's GA is payable. If a policy lapses or becomes paid-up, GA accrual stops from the date of the first unpaid premium, and only the proportionate GA for the year in which the last premium was received is added.

Sample Annual Premiums (BSA Rs.10 Lakh, Yearly Mode, Offline)

Source: LIC official brochure Section 7. Exclusive of taxes. GST is Rs.0 from Sept 2025. Rebates not applied above.

Rebates in Detail

Guaranteed Maturity Illustration

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Policy Loan

A loan is available after the first policy year if at least one full year's premium has been paid. Before two full years' premiums: maximum 50% of surrender value for in-force policies, 40% for paid-up policies. After two full years' premiums: 80% for in-force, 75% for paid-up. Loan interest for May 2025 to April 2026 is 9.5% per annum compounding half-yearly. Outstanding loan and interest is recovered from the claim proceeds.

Surrender Value

Surrender is allowed after one year if at least one full year's premium has been paid, though the Guaranteed Surrender Value applies only after two full years' premiums. The payout is the higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV equals total premiums paid (excluding taxes, rider premiums, extra premiums) multiplied by the GSV factor for total premiums, plus accrued GA multiplied by the GSV factor for GA. Both sets of factors are published in the LIC brochure and vary by policy term and surrender year. Riders carry no surrender value.

Optional Riders

Four riders are available (not for POSP-LI/CPSC-SPV policies):

• LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02): Can be added at any time during the PPT, with at least 5 years of PPT remaining, before age 65. Cover extends to age 70 or policy maturity, whichever is earlier.
• LIC's Accident Benefit Rider (UIN: 512B203V03): Cover only during the PPT. Rider SA can be up to 3 times the BSA. Can be added mid-policy with at least 5 years of PPT remaining.
• LIC's New Term Assurance Rider (UIN: 512B210V02): Available at inception only. Covers the full policy term. Adds pure death cover on top of the base plan.
• LIC's Premium Waiver Benefit Rider (UIN: 512B204V04): Available for policies on minor lives. On death of the proposer, future base policy premiums are waived for the rider term.

Combined rider premiums cannot exceed 30% of the base plan premium. Each rider SA (except Accident Benefit Rider) cannot exceed the BSA.