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Our Bureau

Kolkata , July 6

LIC has launched a drive to retain the money that is moving out of its fold by way of maturity of policies or settlement of claims.

The company has earmarked a few select products that may be used to hold back maturity or claim proceeds.

Among the policies named by the insurer are Jeevan Tarang and Jeevan Akshay. Some of the others are products that range from whole-life policies to unit-linked plans.

LIC has urged agents to present these plans before customers, particularly those whose policies are getting redeemed. All these plans have single-premium options.

Jeevan Tarang is a with-profits whole life plan that pays vested bonuses in a lump sum on survival till the end of the accumulation period or on earlier death.

Jeevan Akshay, the fourth in a series of pension plans, allows premium payment as a lump sum, with the minimum purchase price at Rs 50,000, which may secure a minimum annuity of Rs 3,000.

Some of LIC's products such as Future Plus, Jeevan Plus, and Bima Nivesh, have lately been in the news for a variety of reasons.

The first is a unit-linked pension plan that provides investment options in addition to an insurance cover to an insured person.

Jeevan Plus is a unitised whole life plan that allows customers to choose the level of cover they are most comfortable with.

Bima Nivesh, an upgraded version of Bima Nivesh 2004, offers compound rate of guaranteed additions and loyalty additions. It was introduced by LIC as a single-premium policy, partly aimed at those without regular income but want good periodical income.

Special programme

LIC has framed an incentive scheme for agents who successfully secure fresh mandates by using policies such as Jeevan Tarang. The idea is to encourage them to shore up business through select products.

Incentives that non-monetary in nature will depend on the level of business procured by the salesperson concerned. A top performer will naturally be rewarded better.

LIC has already said that it is investing in setting up good infrastructure at branches to enable agents to source the right sort of technology for their operations. An agent can offer each of his customers the full suite of LIC's products.

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