LIC launches new 'Jeevan Amrit Plan'

Chennai, May 28: To cater to the needs of the people who desire to have long-term insurance coverage by paying premimum for a short term, Life Insurance Corporation (LIC) today launched 'Jeevan Amir Plan'.

"The plan is especially suitable for NRI's, young software professionals and persons in the entertainment industry," LIC Zonal Manager B Manivannan told newspersons here.

The policy provides for high cover at a low cost, he said, adding the premimum payment term is limited to three, four and five years.

The premimum comes down drastically from the second year onwards, he said.

The term of the policy can be from ten to 30 years, he said.

On the maturity benefit, he said the policy holder would be paid the total premium amount (Excluding any extra premimum paid if any) along with bonus and final additional bonus.

He said in the case of the death of the policy holder, an amount equal to sum assured along with bonus and final additional bonus was payable in lump sum immediately.

According to the other benefts of the plan, the simple reversionary bonus would be declared annually at the end of each financial year at a rate proportinonate to the total amount of premiums paid as on the date of valuation.

The policy will be open to persons in the age group between 12 to 60 years.

UNI