LIC launches 'Jeevan Tarang' and 'Jeevan Akshay' plan
Aurangabad, Maharashtra, Mar 17 (UNI) LIC today unvailed two new plans 'Jeevan Tarang' and 'Jeevan Akshay' 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.
Announcing the launch of the two new products here today, LIC's zonal manager Thomas Mathew said 'Jeevan Tarang' is 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 is 70 years and during this period, the policy is eligible for reversionary bonus, if all the premia due are paid up-to-date, he added.
The other plan 'Jeevan Akshay' is an immediate annuity policy.
Under 'Jeevan Akshay-IV', annuity rates have been increased by two to eight per cent. As per the plan, a 40-year-old policy-holder investing Rs one lakh would now be eligible for an annual annuity of Rs 6,820 for life, he said.
On the occasion, LIC's senior divisional manager M Ramchandran said the Aurangabad division has kept a target of 50,000 policies under the new plans by the end of this month.
UNI MPJ GK SKB1817