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The chairman of the Life Insurance Corporation (LIC) of India, Siddhartha Mohanty, in a recent interview to Business Standard, said that the insurer is keen to enhance the premium contribution from non-participating (non-par) plans in its premium mix. Buyers need to make an informed choice when opting for these insurance plans.
Guaranteed-return plans
Non-par plans do not participate in the insurer’s profits or losses.
“The plan is a low-risk insurance-cum-investment tool that offers guaranteed benefits at pre-determined intervals. Unlike participating (par) plans, they do not offer bonuses or dividend payouts based on the life insurer’s business performance,” says Anup Seth,
