Early Times Report
Mumbai, Feb 25: Life Insurance Corporation of India (LIC) has today launched its new product- a Non-Linked Single Premium plan "JEEVAN SUGAM".
According to press release, LIC's Jeevan Sugam is a conventional single premium plan, which provides for a risk cover of ten times the single premium paid for a fixed term of ten years. On survival, Maturity Sum Assured along with Loyalty Addition shall be paid to the policyholder. The amount of Loyalty Addition shall depend on LIC's claim experience. The policy shall be eligible for tax benefit under section 80 C as per existing provisions of Income Tax Act.
Salient features of the Plan are: Age Eligibility: 8 to 45 years, Policy Term: 10 years (Fixed), Loan facility available, Minimum sum assured: ` 60,000, No upper limit for investment, for maturity sum assured of more than ` 1,50,000/-, an additional maturity sum assured of 3.5% is provided to the policyholder, for maturity sum assured of more than ` 4,00,000/-, an even higher additional maturity Sum Assured of 4.5% is provided to the policyholder. |
