Excelsior Correspondent
JAMMU, Dec 29: With the prime objective to focus on the low income group people of the country and the serve the weaker sections of the society, the Life Insurance Corporation (LIC) of India has launched new micro insurance plan- “Bhagya Lakshmi”.
D C Thakur, the State head and the Senior Divisional Manager (Srinagar Div) of the LIC, today launched the new product in presence of senior officials of the Division at a press conference here today. Highlighting some features of the `Bhagya Lakshmi’ product, the Senior Divisional Manger said that it is non-par limited payment protection oriented plan with return of 110 % of the total amount of the premiums payable on maturity where the premium paying term is 2 years lesser than the policy term. Minimum sum assured under the plan is 20,000 and maximum Rs 50,000 and the age for the eligibility is between 18 years to 55 years. The policy term is from 7 to 15 years and maximum age at the maturity is 65 years. But the important feature is that premium paying term is two years less than full 15 years. There is 2 % rebate on the premium payment amount in case of yearly payments and just 1 % in case of half yearly mode.
Giving more details Mr Thakur said 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. Responding to a question, he disclosed that a target of 50,000 policies under this new plan has been given to the Division.
Referring to the business status of the Srinagar division, Mr Thakur said that entire division has completed 63407 new policies with premium income of Rs 121.98 crore so far while total 34665 claims were settled during current financial year. The Sr DM further claimed that a target of generating business of Rs 250 crore has been fixed for the Srinagar division while last year, it had achieved a target of Rs 235 crore. The progress has apparently been affected to some extent in the division due to flood situation in Kashmir and also due to Lok Sabha and then Assembly elections in the State.
Senior officials of the Division including, J L Sharma ( Mgr Sales), Nidhay Gupta (Mgr OS), R S Sambyal, M S Rather and S L Bhagat were also present at the launch.
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