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Life Insurance Corporation of India has introduced a new non-linked, non-participating, individual, savings plan which offers an attractive combination of protection and savings
The plan -- LIC’s Bima Jyoti -- provides guaranteed lumpsum payments at maturity and financial support to the family in case of the unfortunate death of the policyholder during the policy term.
It can be purchased offline through an agent or other intermediaries as well as online from the LIC website.
“Guaranteed additions at the rate of Rs 50 per thousand basic sum assured will be added to the policy at the end of each policy year,” LIC said in a statement on Monday.
The minimum basic sum assured is Rs 1 lakh with no upper limit.
“In the current scenario of rapidly declining interest rates, the guaranteed additions offered along with risk cover is an attractive feature in LIC’s Bima Jyoti,” the insurer said.
The policy can be taken for a term of 15 to 20 years with the premium paying term calculated as the policy term minus five years, it further said.
Loan facility is also available to meet liquidity needs.
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