LIC announces new policy scheme for annual income benefit
17 March 2015 12:23 AM GMT
LIC’s new policy scheme - ‘Jeevan Lakshya Plan’ is a participating non-linked plan which offers a combination of protection and savings, a top company official has said, explaining about its multiple benefits.
Talking about the new scheme, T T Kabui, Zonal Manager LIC of India North Zone said that “this is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that will help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate demise of Policy holder any time before maturity and a lump sum amount payment at the time of maturity.”
As an optional benefit, the plan provides LIC’s Accidental Death and Disability Benefit Rider (AD&DB) by payment of additional premium. The plan is available for ages 18 years to 50 years with option of choosing the policy term from 13 to 25 years. Minimum Basic Sum Assured is Rs 100,000 and further in multiples of Rs 10, 000. There is no limit for the maximum Basic Sum Assured. The plan has a limited premium paying term, where premium paying term is less than policy term by three years. This plan also takes care of liquidity needs through its loan facility.
Talking about the new scheme, T T Kabui, Zonal Manager LIC of India North Zone said that “this is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that will help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate demise of Policy holder any time before maturity and a lump sum amount payment at the time of maturity.”
As an optional benefit, the plan provides LIC’s Accidental Death and Disability Benefit Rider (AD&DB) by payment of additional premium. The plan is available for ages 18 years to 50 years with option of choosing the policy term from 13 to 25 years. Minimum Basic Sum Assured is Rs 100,000 and further in multiples of Rs 10, 000. There is no limit for the maximum Basic Sum Assured. The plan has a limited premium paying term, where premium paying term is less than policy term by three years. This plan also takes care of liquidity needs through its loan facility.
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