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LIC relaunches 3 pension plans.
: After a month's hiatus, the Life Insurance Corporation of India has relaunched its three pension plans in the market with lower assured returns and has also introduced a new scheme Jeevan Anand - a policy where the life insurance cover continues even after the term of the basic policy.
The new products will be available from today. Jeevan Anand will be a combination of the endowment assurance and whole life plans. It provides for the payment of the sum assured and the bonus amount on the survival of the policyholder at the end of the selected term.
The risk cover for the full sum assured will, however, continue as long as the policyholder is alive. Upon his death, his survivors will receive an amount equal to the sum assured. In case the death takes place during the selected term, the sum assured and the bonus amount accrued till that time will be paid to the nominees and the policy will cease.
This policy is available to individuals in the age group of 18 to 65 years. The premium paying term ranges from 5 to 57 years and the minimum amount for which one can insure oneself is Rs 1 lakh.
It may be recalled that the pension plans - New Jeevan Dhara, New Jeevan Akshay and Jeevan Suraksha - were withdrawn in December, 2001. The new pension plans now being launched are New Jeevan Akshay I, New Jeevan Dhara I and New Jeevan Suraksha I.
New Jeevan Akshay I is an immediate annuity plan, which means that ...
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