LIC of India introduces first 2 products in new next-gen GST regime

Srinagar, Oct 17: R Doraiswamy, CEO & MD, Life Insurance Corporation of India launched two new plans, LIC’s Jan Suraksha and LIC’s Bima Lakshmi.

These are the first two products to be introduced by LIC in the new Next Gen GST Regime. In the current environment when interest rates are very volatile, these two Plans provide Guaranteed Additions throughout the policy term.

Auto cover facility is available after payment of three full years’ premiums paid under both the plans. LIC’s Jan Suraksha – Plan (880). LIC’s Jan Suraksha is a Life Micro Insurance Plan. This plan aims to cater to the lower income group people. It has Auto Cover facility and Guaranteed Additions. These Guaranteed Additions accrue at the rate of 4 per cent of annualised premium at the end of each policy year throughout the policy term. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump su amount at the time of maturity for the surviving policyholder. This plan is only available for standard healthy lives without undergoing any medical examination. LIC’s Bima Lakshmi is an insurance plan designed exclusively for females providing life cover, periodical fixed money back after every 2 years or 4 years or after premium payment ceases, as per life assured’s choice, covers limited illness and attractive guaranteed maturity benefits, said a press release.