Excelsior Correspondent
JAMMU, Jan 7: Life Insurance Corporation (LIC) launched New Money Back Plans for 20 and 25 years term.
While launching the Plans, AP Singh, Zonal Manager LIC said that the Plans are with profit non-linked products which offer an attractive combination of protection against the death throughout the term of the Plans alongwith the periodic payment on survival at specified durations during the term.
He further said that this unique combination provides financial support for the family in case of the death of policyholder anytime before maturity. The Policy also takes care of liquidity through its loan facility.
On death during the Policy term, sum assured will be 125 percent cent higher than the basic sum assured or 10 times of annualized premium.
The policy can be taken from the age of 13 years to 50 years, minimum sum assured is Rs 100000 and in multiples Rs 5000 thereafter.
This Plan is suitable for those who need financial support periodically during the tern of the Policy for fulfilling different obligations.
AP Singh also informed that New Bima Bachat Plan and New Jeevan Plan will be launched shortly.
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