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The Life Insurance Corporation has launched a
new plan, 'Jeevan Amrit', for those who seek a long-term
insurance coverage by paying premium for a short term.
The policy, open to people in the age group
of 12 to 60 years, is suitable for NRIs and young professionals,
besides artistes in entertainment industry for whom life-long
income is not guaranteed, said LIC (south zone) Zonal Manager B
Manivannan.
Explaining the features of the new plan,
regional manager (Actuarial) V Vijayaraghavan said the policy
provided for high cover at a low cost.
While the policy term could be from 10 to 30
years, the premium payment term was limited to three, four or
five years. The premium would come down drastically from the
second year onwards, he said.
The minimum sum assured should be Rs 1 lakh,
he added. Vijayaraghavan said a total premium
along with bonus and final additional bonus would be paid at the
time of maturity. An amount equal to the sum
assured along with bonus and final additional bonus would be
payable in lump sum immediately on the death of life assured, he
added. Simple reversionary bonuses would be
declared annually at the end of each financial year at a rate
proportionate to the total amount of premiums paid as on the
date of valuation. Bonus would continue to be
declared for those policies which become paid-up after payment
of one year premium, he added. (Agencies)
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