Addressing a press conference, LIC Zonal Manager AK Sahoo said that the ‘Jeevan Vaibhav’ would a single premium non linked insurance plan where the risk cover is the Sum Assured which is almost double the premium chosen by the customer and offers guaranteed returns at Maturity. The plan, which is an ideal combination of Insurance and Returns, would be available for a limited period only up to a maximum of 120 days.
Sahoo said that the major highlight of the new plan was that it offers multiple benefits to the customer that includes security, growth, convenience, freedom and liquidity. In the event of the unfortunate death of the Life assured during the currency of the policy, the Basic Sum Assured shall be payable which is almost double the Single Premium, depending on the age, excluding extra premium, if any. He also explained the various other benefits of the plan.
The minimum age at entry for the plan is eight years while the maximum is 65 years, Sahoo said adding that the term under the policy has been fixed at 10 years. The minimum Sum Assured is Rs 2 lakh while there is no upper limit. The minimum premium under the policy is Rs 95,210 with no upper limit, he said.
The Zonal Managar said that ‘Jeevan Vaibhav’ was an ideal plan for all groups of people and it offers high liquidity through policy loan after just one year. He said that LIC hopes to get a premium of Rs 1,000 crore from AP and Karnataka circles under the new plan.