Jamshedpur, Dec 9: LIC launched limited period endowment plan which is a limited premium paying conventional with-profits endowment assurance plan.
The plan was launched by CV Ramana, Sr. Divisional Manager of Jamshedpur Division at Jeevan Prakash Building on Tuesday. Commenting on the occasion CV Ramana said, “the plan is available from 18 18 to 62 years with certain conditions.
The attractive feature of this plan is that premium paying term is 8 years or 9 years only, whereas the policy term can be 12,16 and 21 years as per the choice of the policyholder”.
Sr. Divisional Manager further informed that the absolute amount to be payable will be 125 times of the basic sum assured. The policy is beneficial for NRI and students specially the younger generation and those who don’t want to give long premiums as it is the limited payment Endowment Plan.
“It means, suppose you opted a term of 12 year, then you will not pay the premium for the full 12 years. Instead, your premium payment sieges earlier than the maturity period. On survival to the end of policy term, Basic sum assured along with vested simple reversionary bonuses and Final additional bonus, if any, shall be payable”, added Ramana.
M Nathaniel, Manager (Sales) said that this plan provides for two optional riders LIC’s accidental death and disability benefit rider and LIC’s New Term Assurance rider by payment of additional premium.
“Minimum sum assured is Rs 3 lakh and minimum premium payable will be Rs 30000 for a year. The plan is suited to those who want premium commitment for short duration having life coverage and benefits for a longer period”, M Nathaniel signed off.