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| LIC launches new 'money back plans' in insurance sector | | | Early Times Report
Jammu, Jan 7: Life Insurance Corporation (LIC) today launched new insurance products 'money back policy' during a product launching function organized here today.
While launching the product, the Zonal Manager LIC, A P Singh said that the Money Back plans are for 20 years and 25 years term each. "These are with profit non-linked products which offer an attractive combination of protection against death throughout the term of the plans along with the periodic payment on survival at specified durations during the term," he said.
Singh further elaborated this unique combination provides financial support for the family in case of unfortunate death of the policyholder anytime before maturity and lump sum amount at the time of maturity for the surviving policyholders. It also takes care of liquidity through its loan facility.
"On death during the policy term, provided the policy is in full force, " Sum Assured on Death" , vested Simple Reversionary Bonuses and Final Additional Bonus , if any is payable. " Sum Assured on Death" will be higher of 125% of Basic Sum Assured or 10 times of annualized premium (excluding service tax, extra premium and rider premiums, if any), and in any case this death benefit shall not be less than 105% of all the premiums paid as on date of death, he said adding, "policy can be taken from age 13years to 50 years. Minimum Sum Assured is Rs 100000/- and in multiples of RS. 5000/- thereafter.' Zonal Manager LIC also informed that New Bima Bachat Plan and New Jeevan Anand Plan will be launched shortly. Officials from LIC and policy holders of LIC were present on this product launching occasion. |
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