LIC to offer critical illness cover for existing policies

 This follows the corporation withdrawing the last of the high assured return plans- Jeevan Asha II and Jeevan Akshay I from October 16.

 The critical illness rider introduced by the corporation for the first time will replace Jeevan Asha II.

 The latter is essentially a health plan covering 18 to 20 major illness and offers a high assured return of 7 per cent (Rs 70 per Rs 1000 sum assured.

 Jeevan Akshay I, a single premium immediate annuity plan, will be replaced by Jeevan Akshay II. The latter will offer lower returns ranging between 4.75 to 4.9 per cent from the prevailing 6.25 per cent.

 LIC sources said,