LIC to launch 'Jeevan Tarang' on Mar 17

Chennai, Mar 16: Life Insurance Corporation of India (LIC) is launching a new plan 'Jeevan Tarang' tomorrow (Mar 16, 2006) to cater to customers' demand for security of savings, scope for reasonable returns, liquidity, risk cover and provision for a regular and tax-free income in the golden years of their life.

Addressing a press conference here, LIC (South Zone) Zonal Manager G Prabhakara said 'Jeevan Tarang' was a 'whole of life' plan where life cover was available for up to 100 years.

The plan could be taken by anyone in the age group of zero to 60 years and premium could be paid either as a single payment or on yearly, half-yearly, quarterly or monthly basis for a fixed term of ten, 15 or 20 years.

The maximum age at which premium payment would cease was 70 years and during this period, the policy was eligible for reversionary bonus, if all the premia due were paid up-to-date, he added.

The LIC would also introduce from tomorrow an improved version of 'Jeevan Akshay,' an immediate annuity policy.

Under 'Jeevan Akshay-IV,' annuity rates had been increased by two to eight per cent. For example, a 40-year-old policyholder investing Rs one lakh would now be eligible for an annual annuity of Rs 6,820 for life, he said.

Mr Prabhakara said the South Zone of the LIC had sold 25.13 lakh policies till February 2006 for a new business premium of Rs 2056.82 crore. It sold 4.41 lakh policies of LIC's golden jubilee product 'Bima Gold' for a premia of Rs 8,606.22 lakh. The plan accounted for 28.6 per cent of the sales made during the period September 2005 to February 2006.

He said the LIC had signed MoUs with regional rural banks such as Pandian Grama Bank, Vallalar Grama Bank and Adhiyaman Grama Bank to act as distributor of LIC's products and services to the rural population.

Stating the zone had achieved the annual target on all counts for the third consecutive year on March 14 last, he said the zone had completed 1,575 schemes for a new business premium of Rs 318 crore covering 5.45 lakh lives.

The South Zone had insured more than 3.15 lakh people living below or just above the poverty line under the social security scheme, he added.

Mr Prabhakara said over 8,69,904 maturity claims had been settled for an amount of Rs 1,540.38 crore. Of the above, 97.83 per cent of claims had been settled on or before due date.

The total premium income of the zone as on February 28 was Rs 8,835.11 crore showing a growth of about 18 per cent over the corresponding period the previous year, he added.

UNI