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Mumbai May 28 LIC has launched "Jeevan Amrit" designed with a short period for premium payment.

The premium payable decreases after the first one-year of the policy and the payment is limited to a term of three to five years, said a press release. The policy term ranges from 10 to 30 years and the minimum sum assured is Rs 1 lakh. The plan has no upper limit.

The bonuses are payable on the total premiums paid rather than the sum assured.

When the policy matures, the total amount of premium paid along with vested bonuses will be payable. In the event of death, sum assured along with vested bonuses will be payable, said the release.

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