Jamshedpur, May 16: Life insurance giant Life Insurance Corporation (LIC) on May 16 launched a long-term endowment policy Jeevan Umang, that covers up to 100 years and offering a combination of income and protection including an assured 8% annual return.
The plan provides for annual survival benefits from the end of the premium paying term till age 99 and a lump sum payment at the time of maturity or on death of the policy holder during the policy term.
This is a non-linked, with profit Policy offering a combination of Protection and Savings. The plan is available from age group 90 days (3 months completed) to 55yrs (nearer birthday) with Premium paying term as 15,20,25, and 30 years. The minimum age for Premium paying term is 30 years and maximum is 70 years, said a press communique issued by the Jamshedpur divisional office on Tuesday.
It stated that the minimum sum assured is Rs. 2, 00,000/- and there is no maximum limit. Premiums can be paid in Yrly ,Half Yrly, Quarterly and Monthly modes (NACH Only) or Salary Savings Schemes.
The death benefit in the plan is Basic Sum Assured with bonus and final additional bonus if any. In case of death before the commencement of risk total premium will be refunded after deduction of any extra premium and service tax.
The press release further stated that the commencement of risk for age group below 7 years will be 2 yrs from the date of commencement of the policy or attaining the age of 8 yrs whichever is later. The other unique feature of the plan is loan facility to take care of liquidity.
It can be availed after 3 yrs of premium is paid. Loan can be availed even after the completion of premium paying term. Optional rider for Accident Benefit is also available under this plan.
The plan is an unique plan which is as good as a Deferred Annuity Plan. It is a policy designed in a manner in which the purchase price keeps on increasing every year with accumulation of bonus. it added.