The policy meant for the people living below the poverty line (BPL) is a term assurance of premiums on maturity. The policy holder can pay the premium either as a lump-sum or on yearly, half yearly, quarterly, monthly, fortnightly and weekly basis.
“The policy is basically for the poor people and we hope that many BPL families of south Orissa will come forward to take this new policy as the premium amount is very less and there are multiple modes of premium payment ranging from weekly to yearly”, said CH Jakkappanava, senior divisional manager of LIC's Berhampur division. He, however, did not specify the targeted premium collection for the new policy. “The total premium collection in the Berhampur division was Rs 622.35 crore by the end of March this year while the number of policy holders stood at 2.61 lakh. LIC had settled as many as 4265 death claims in the division by the end of 2008-09 and Rs 24.81 crore was paid as death claims”, said Jakkappanava.