Life Insurance Corporation has introduced a new plan, Bima Jyoti, which is a non-linked, non-participating, individual, savings plan offering a combination of protection and savings.
It provides a guaranteed lump sum payment on maturity and financial support to the family in case of untimely death of the policyholder during the policy-term.
Guaranteed additions at the rate of Rs 50 per thousand basic sum assured will be added to the policy at the end of each policy year.
The minimum basic sum assured is Rs 1 lakh with no upper limit and the policy can be taken for 15 to 20 years by a 90-day-old child to those under 60, LIC said.
