SRINAGAR: Life Insurance Corporation (LIC) has finally launched the first of its kind, long-term endowment policy Jeevan Umang on Tuesday. This policy covers up to 100 years and also offers the income and protection that includes 8 % annual return.
Under this plan, you will get the annual survival benefits from the end of premium paying term until the age of 99 years and also can get the total amount after it gets matured or the policyholder dies during the mandate.
Addressing the conference, LIC Chairman VK Sharma shared that USP of this particular plan guarantees the survival benefit which is payable till the end of paying term and if the policyholder pays three premiums, then he will get Rs. 2 lakhs for instance. This survival benefit equals to 8 percent per annum of the basic and paid sum.
At the end of the premium, the first survival benefit will be payable and since then after the completion of every subsequent year till the end of the life assured survivals or till the policy anniversary which is before the maturity date.
Those who are from the age of 90 days to 55 years are eligible for this plan. They cleared that there will be no upper limit to the basic sum of Rs. 25000 and with premium payments of option 15, 20, 25 and 30 years. It is also confirmed that the benefit is payable on life which is assured surviving to the end of policy term that is 100 years and providing all the due premiums that have been paid and the sum assure son maturity is equal to the basic sum.
In a separate statement, the LIC also revealed that the market share is 76.09% with nearly 20 million new policies in FY17 and it is related to systems. They also stated that the annual three-day All-India senior divisional managers conference kicked off yesterday.
In the fiscal year 2017, the corporation has registered a growth of 27.22%. It registered Rs1.24 trillion as the first-year premium in FY17 against Rs 98,000 crore in the previous fiscal and helps to improve the market share with 71.07%.
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