New Delhi: Life Insurance Corporation Limited (LIC) launched two new pure risk premium life insurance plans on Wednesday namely LIC New Jeevan Amar and LIC New Tech-Term, the company stated in a regulatory filing. The document also stated that both the products have been categorised under non-linked, non-participating, individual, pure risk premium life insurance plan. It also stated that products will only be catering to domestic markets.
"Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Corporation is delighted to announce the launch of its new product on 23rd November, 2022," LIC stated in a regulatory filing.
LIC's New Jeevan Amar Plan will provide all the benefits of term insurance plans alongside promising death benefits to families, noted policybazaar while discussing the key features of the plan. It also stated that the plan offers the flexibility to select from two benefits- increasing sum assured or level sum assured. It will also provide special premium rates to women, attractive and unique rebates on high sum assured, accidental rider benefits.
Discussing the key benefits of the Jeevan Amar Plan, policybazaar stated, "The main benefit of this policy is the death benefit, which is in absence of any maturity benefit. The demise of the policyholder is accompanied by lump-sum amount release as in death benefit, which for regular or limited period payment plans, will be the highest of seven times the annualised premiums paid or 105 percent of the premiums paid till death or absolute sum assured to be paid on death."
Discussing the premium amount to be deposited, policybazaar stated, "The premium can be paid as a single premium, regular pay mode or limited pay mode. The plan can be activated through a single premium payment, by depositing minimum amount of Rs 30,000. To pay through regular or limited pay mode, the minimum premium amount is Rs 3,000. The policyholder is also given a grace period of 30 days for the payment of half-yearly or yearly premiums from the date of first unpaid premiums. In case of non-payment of the premium amount during the grace period, the plan will lapse."
Highlighting the key features of the New Tech Term Plan, policybazaar stated," The policy tenure ranges from 10-40 years. Premium can be paid in regular and limited pay. The minimum premium amount for single premium payment is Rs 30,000. Also, minimum premium amount for regular or limited pay is Rs 3,000. Minimum age for plan is 18 years and maximum is 65 years while the maturity age is 80 years. There is a grace period of 30 days to pay the premium. the yearly mode of premium payment receives a rebate of two percent on tabular premium whereas half-yearly payment of premium amount receives a one percent rebate. In case of unfortunate demise of the policyholder, the beneficiary receives a lump-sum payment which is equal to seven times of the annualised premium or 105 percent of the premiums paid till death, whichever is higher."
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