Excelsior Correspondent
JAMMU, Nov 29: Life Insurance Corporation of India (LIC), has launched a new individual, savings, and Whole Life Insurance plan. The Plan is a Non-Linked, Non-Participating Plan. This is a comprehensive form of life insurance providing lifetime coverage.
The plan was launched by Chairperson, Siddhartha Mohanty, LIC in a function held here today.
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As per the handout issued by the LIC, this plan is available for age starting from 90 days to 65 years. It gives guaranteed life long income and lifelong risk cover. Unlike term insurance plans that cover a person for a specified term, whole life insurance, as the name implies, provides coverage for the entire lifetime of the insured individual.
This insurance plan not only grants death benefits to the beneficiaries after the policyholder’s demise but also has a savings component where cash values accumulate over time.
The Life Insurance Corporation of India (LIC) has unveiled a new non-linked, non-participating money-back life insurance product that offers income benefits of 10 percent of the sum assured.
The minimum sum assured under the policy is Rs 5 lakh. The premium paying terms range from five to 16 years. The minimum age at entry is eight years, while the maximum limit is 65 years.
The income benefit, that is, survival benefit, will start flowing in after the periods specified in the policy that are, in turn, linked the premium paying term. You can choose between two payout options – regular income and flexi income benefits.
In the case of the former, 10 percent of the basic sum assured chosen by the policyholder will be paid starting from the 11th policy year, depending on the premium paying term selected. For instance, if you have chosen to pay premiums for five to eight years, the payouts will begin from the 11th year, but if you have chosen a longer-term – say, 10 years – income benefits will start from the 13th policy year.
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