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LIC of India launches new product - Jeevan Vriddhi

Announcement  |  Corporate 

The Life Insurance Corporation of India(LIC) today launched a new plan ’Jeevan Vriddhi’ on the traditional platform. This is a single premium non linked insurance plan where the risk cover is 5 times of premium chosen by the customer and offers excellent Guaranteed returns at Maturity. The plan, which is an ideal combination of Insurance and Returns, would be available for a limited period only up to a maximum of 120 days. A major highlight of this plan is that it offers multiple benefits to the customer, these being:

Security: Five times the single premium is being offered as the risk cover

Growth: There is an attractive Guaranteed Maturity Sum Assured along with Loyalty additions, if any (based on Corporation’s experience).

Convenience: One-time payment only.

Freedom: There is no upper limit on investment for eligible lives.

Liquidity: Policy Loan is available after just one year.

In the event of the unfortunate death of the Life assured during the currency of the policy, the Basic Sum Assured shall be payable which is 5 times the Single Premium excluding extra premium, if any. On Maturity, the Guaranteed Maturity Sum Assured (which will depend on the single premium payable and the age at entry of the life to be assured) along with Loyalty Addition, if any shall be payable. Eligibility for Loyalty Addition would be considered during the last year of the policy depending upon the Corporation’s experience and the rates and terms would be as declared by the Corporation.

The Minimum Age at entry for the plan is 8 years (completed) while the maximum is 50 years (nearer birthday). The term under the policy is fixed at 10 years. The minimum Sum Assured is Rs. 1.50 lakhs while there is no upper limit. The minimum premium under the policy is Rs 30,000/- and shall increase in multiples of Rs 1000/-

This is an ideal plan for all groups of people, be it youngsters who want to save a nest-egg for following their passion after putting in some years of hard work and gaining experience, or parents who want to save money for funding their young child’s higher education or for financing other needs of self or children who have grown up. The Customer shall be eligible for tax benefits on the premium under section 80C as per prevailing rules. The policy offers high liquidity through policy loan after just one year.

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First Published: Thu, March 01 2012. 17:40 IST