Excelsior Correspondent
NEW DELHI, Feb 25: Life Insurance Corporation of India (LIC) today launched its new product – a Non-Linked Single Premium plan “Jeevan Sugam”.
“Jeevan Sugam” is a conventional single premium plan, which provides for a risk cover of ten times the single premium paid for a fixed term of ten years. On survival, Maturity Sum Assured along with Loyality Addition shall be paid to the policy holder. The amount of Loyality Addition shall depend on LIC’s claim experience. The policy shall be eligible for tax benefit under section 80C as per existing provisions of Income Tax Act.
The age eligibility for the policy ranges from 8 to 45 years. The minimum Sum Assured should not less than 60,000 whereas there is no upper limit for investment. The policy also provides for Loan facility.
For Maturity Sum assured of more than 150000, an additional Maturity Sum Assured of 3.5% is provided to the policy holder whereas for maturity Sum Assured of more than 400000, an even higher Maturity Sum Assured of 4.5% is paid.
The policy provides for a risk cover of ten times the single premium as claim amount, in case of death of policy holder during first five policy years whereas in case of death after first five policy years, the policy holder shall be paid ten times the single premium as claim amount along with Loyality Additions, if any.
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