LIC launches 'Jeevan Amrit' policy

Hyderabad, May 28: Life Insurance Corporation of India (LIC) today launched its new plan 'Jeevan Amrit', a limited payment and term assurance plan which provides high risk coverage at a low premium.

Announcing the new insurance scheme here, LIC South Central Zone Manager S Vishwanathan said the policy was a boon to people looking for long term risk cover by paying premium for three to five years.

There was no limit on the maximum cover, but minimum cover was Rs one lakh.

Stating that the death benefit was an amount equal to sum assured along with vested simple reversionary bonuses and final bonus payable in lump sum immediately on the death of the life assured during the term of the policy, he said the beneficiaries could pay the premiums yearly or half yearly during the premium paying term of three, four or five years.

Mr Vishwanathan said the South Central Zone, consisting Andhra Pradesh and Karnataka, had occupied the first position at the national level by collecting Rs 5,968 crore of new business premium for 67.61 lakh of policies in 2006-07.

Among the 16 divisions of South Central Zone, Hyderabad was number one in terms of new business premium with Rs 533.08 crore, while Udupi stood first in terms of new policies with 5.69 lakh policies, he added.

UNI