Excelsior Correspondent
JAMMU, Mar 16: Life Insurance Corporation (LIC) of India launched Jeevan Lakshya Plan.
The plan was launched by TT Kabui, Zonal Manager, LIC of India, North Zone.
While speaking, Kabui 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, he added.
As an optional benefit, the plan provides LIC’s Accidental Death and Disability Benefit Rider (AD&DB) by payment of additional premium, he stated.
LIC’s New Term Assurance Rider is also available which has to be opted at the inception of the policy on payment of additional premium. This rider provides an additional amount equal to Term Assurance Rider Sum Assured on death of the Life Assured during the policy term provided the rider cover is in force.
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 1,00,000 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. The Policy will participate in Profits of the Corporation and Bonus will be paid as per the rules of the Corporation.
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