LIC Guaranteed Return Plan || Benefits Of Guaranteed Plan || Bima Jyoti (860).
LIC offers a vast variety of plans in each of the categories but one among all of them gives the best return which is LIC’s guaranteed plan.
But how guaranteed plan gives the best return ?
Let’s understand this with the meaning and the assurity given by the LIC in its guaranteed plan –
When the amount of additional bonus given on maturity or on death of the policyholder is guaranteed by the insurance company then that plan is termed as guaranteed return plan.
These plans give the higher return as compared to other plans because in other plans of LIC the amount of bonuses fluctuates according to the performance of the LIC in that period of time.
In other plans every year the amount of bonuses are accumulated every year according to the profit and losses LIC has borne in that particular financial year,
But in case of guaranteed return plan LIC adds a fixed amount of money per year in the form of bonuses in the policyholders policy amount irrespective to the LIC’s performance in that particular financial year.
Benefits Of Guaranteed Plan
1) Higher Return
As a fixed amount of bonuses is added at the end of every financial year the rate of return increases eventually, generally in most of the plans it is 2x of the sum assured money.
2) High risk cover
The risk cover is also high as the bonuses are added in the fixed amount every year irrespective to the performance of the company.
3) Assurity of fixed return
In the case of a guaranteed plan there is an assurity in the rate of return that – “In the end I will get this amount for sure irrespective of the market situation“.
4) Non – taxable
All of the sum assured money plus the bonuses you get on maturity are exempted from the tax i.e. the amount you get on maturity is tax free you don’t have to pay any kind of tax on maturity amount to the government.
5) Saves tax
Last but not the least you save upto 30% of your tax every year during the whole policy term period.
Whenever LIC wants to take over the market they release a guaranteed plan during the closing of the financial year so that most of the people can avail the benefit of tax saving, bonus accumulation of that year etc.
So, this year right after the covid situation in 2020 the LIC has brought its guaranteed plan in the second month of year 2021 so that during the closing of the financial year they can take over the market.
Bima Jyoti Table no.- (860)
On 22 feb 2021 LIC launched its Bima Jyoti guaranteed plan which gives the assurity on bonus every year of 5% on the total amount of sum assured in simple words in the end of policy term the amount of bonus will be two times of the sum assured money.
Key features –
- Bonuses are guaranteed.
- Premium payment term is less than the terms.
- High risk cover.
- Non taxable
- Saves upto 30% of tax every year
Minimum age at entry –
3 years (Nearest birthday) for term of 15
2 years (Nearest birthday) for term of 16
1 years (Nearest birthday) for term of 17
0 years (Nearest birthday) for term of 18
0 years (Nearest birthday) for term of 19
0 years (Nearest birthday) for term of 20
Maximum age at entry –
60 years (Nearest birthday) for term of 15
59 years (Nearest birthday) for term of 16
58 years (Nearest birthday) for term of 17
57 years (Nearest birthday) for term of 18
56 years (Nearest birthday) for term of 19
55 years (Nearest birthday) for term of 20
Minimum maturity age –
18 years (completed)
Maximum maturity age –
75 years (Nearest birthday)
Minimum Sum assured –
Maximum Sum assured –
Rs.50/- per 1000 Sum assured for throughout the policy term.
On Death –
125% of sum assured plus the whole bonus accumulated till the death of the policyholder.
On Survival or we can say – “Maturity”
Basic Sum assured plus the guaranteed bonus.
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