Tamil Nadu - Madurai   

LIC launches `Jeevan Plus' policy

Staff Reporter

A unit-linked whole life plan product

MADURAI: The Life Insurance Corporation of India launched `Jeevan Plus,' a unit-linked whole life plan product, here on Tuesday.

Launching the policy, the Senior Divisional Manager, R. J. Rajaraman, said the product was unique, as it was a flexible insurance-cum-investment plan for life and offered high risk cover, opportunity for high returns, liquidity and a freedom to choose the type of investment.

It was ideally suited as the policy never lapsed and provided four types of bonds for the holder. The level of cover and also the premium payment options could be decided by the policyholders and the premiums could be paid either in annual, half yearly or quarterly instalments and the minimum annual premium would be Rs.5000 and in multiples. Alternately, a single premium could be paid subject to a minimum of Rs.25, 000 and in multiples, said R. Sreenivasan, Marketing Manager.

Explaining the salient features of the product, Mr. Sreenivasan said the minimum age at entry was `0' years and the maximum age 65 years and the maturity age was 100 years. Besides maturity benefit, the product offered death benefit, accident benefit option and critical illness benefit, among other things.

According to Mr. Rajaraman, the LIC has chosen 50 companies to invest the sum. The product provided partial withdrawal. Switching over from one fund to another was permitted on four occasions and from then on a minimum fees would be levied.

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