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| LIC launches new micro insurance plan "Bhagya Lakshmi" | | |  Early Times Report
Jammu, Dec 29: LIC of India has been catering to the insurance needs of all segments of the society since 1956. For providing insurance coverage to underprivileged people we started micro Insurance vertical in the year 2006.
Our first Micro Insurance product was launched on 28th September, 2006 at the hands of then President Dr. APJ Abdul Kalam. LIC is the leader in Micro segment amongst all Insurance Players. In continuation of our commitment to underprivileged people, LIC has launched our new Micro Insurance Plan "Bhagya Lakshmi". It is a non-par limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term. Provided the policy is inforced, on surviving to the date of maturity, "Sum Assured on Maturity" shall be payable which is equal to 110% of total amount of premiums payable during the term of the contract (excluding taxes and extra premium, if any).
On Life Assured's death before the stipulated Date of Maturity, provided the policy is in full force by paying up-to-date premiums, "Sum Assured on Death" equal to Sum Assured under the policy shall be payable. |
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