LIC introduces new plans

Srinagar, Dec 4: CEO & MD, Life Insurance Corporation of India, R Doraiswamy launched two new plans, LIC’s Protection Plus and LIC’s Bima Kavach LIC’s Protection Plus LIC’s Protection Plus is a Non Par, Linked, Life, Individual, Savings Plan which offers life insurance cover cum savings throughout the term of the policy.

Besides providing life insurance cover, it offers flexibility to choose the type of investment fund, increase/ decrease the Sum Assured and pay “top-up” premiums. Partial withdrawal is allowed after 5 years from the date of commencement.

Under this plan the proposer can choose the amount of premium he/she desires to pay based on which, the Basic Sum Assured will be decided. The Base premium can be paid as Regular Pay or Limited Pay.

A few plan parameters: Minimum Age at entry is 18 years while the maximum age at entry is 65 years; Option of Premium Paing Term (PPT) of 5, 7, 10 and 15 years is available for Policy Terms of 10, 15, 20 and 25 years. While minimum premium depends on the PPT and mode of payment, there is no limit for Maximum premium.

However the maximum premium allowed to each individual is subject to underwriting decision as per the Board Approved Underwriting Policy.

The minimum basic sum assured allowed is 7 times or 5 times the annualized premium for age at entry less than 50 years, and 50 years and above respectively.

The maximum basic sum assured will depend on the age at entry and PPT.

The maximum age at maturity depends on the policy term which can go up to 90 years for a policy term of 25 years.