Indore: The Life Insurance Corporation India is all set to launch it brand new policy on Monday. Called as ‘ Jeevan Sugam’, it is the latest addition in the bouquet of Single Premium plans of the LIC. Elaborating on features and other details of Jeevan Sugam, Senior Divisional Manager Ratnakar Patnaik said that there were several unique- selling features in the policy, which make it a must- have for the people.
The ‘ Jeevan Sugam’ is a 10- year policy which is a close- ended entity and will be available for 45 days after the launch. Insurers will get maturity benefits i. e. Guaranteed Maturity Sum Assured ( guaranteed) + Loyalty addition. Most importantly the policy requires only onetime investment with no upper limit whatsoever.
Loan and SV benefits are available immediately after taking the policy. Highlighting the death benefits, the policy stipulates that if Death occurs with in 5 years, 10 times of the premium would be paid ( excluding any premium any). If Death occurs after 5 years, 10 times of the premium + loyalty addition will be paid.
The eligibility criterion for the policy is as follows: Applicants must be between 8 and 45 years. Minimum maturity sum assured is Rs 60000. The LIC intends to sell out 50,000 policies in the Indore region.