Excelsior Correspondent
JAMMU, Jan 2: While launching LIC’s Single Premium Endowment Plan yesterday A P Singh Zonal LIC, Manager North Zone said that this is a with profit non-linked savings-cum-protection plan, where premium is paid in lump sum at the outset of the policy.
He said the policyholder is entitled to full risk coverage for the term of the policy. At the end of the policy term Sum assured along with Simple Reversionary Bonus and Final Additional Bonus (if any) is payable.
Singh said that the policy can be taken for a child at the age of 90 days up to the age of 65 years for maximum of 25 years term. He further, added that Minimum sum assured is Rs 50000 and can be taken in multiples of Rs. 5000 with no limit for maximum sum assured. It also takes care of liquidity through its loan facility.
He said that this plan is suitable for those people having large sums to invest and looking for safe instruments and who want financial protection with a single premium. The plan is also ideal for providing for future educational needs of the children, he added.
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