Andhra Pradesh - Visakhapatnam   

New policy from LIC's stable

Special Correspondent

'Bima Bachat is first single premium money-back policy.'

VISAKHAPATNAM: Life Insurance Corporation of India (LIC) has launched a new plan, Bima Bachat, a single premium money-back policy.

"Bima Bachat is the first single premium money-back policy, though other policies also have options like single premium, yearly, etc. This has been introduced to meet the market needs," LIC's Senior Divisional Manager S. Behra told a press conference here on Tuesday.

Benefits

Launched on Monday, the policy offers high sum assured rebates. Five per cent, seven per cent and eight per cent rebates are offered on the sums assured between Rs. 50,000 and less than Rs.1 lakh, Rs.1 lakh and less than Rs.2 lakhs and Rs.2 lakhs and above, respectively.

"The policy is available for nine years, 12 years and 15 years and the holder would get back 15 per cent of sum assured at the end of every three years as survival benefit. The maturity benefit is total refund of the premium along with the loyalty addition, while the survival benefits would be excluded," Mr. Behra said.

The policyholder could also seek loans on the policy. The policy could be taken by anyone in the 15-66 age group.

This was one of the new policies introduced by the LIC in the recent past. Bima Gold was launched in September to mark the golden jubilee of LIC followed by Jeevan Plus in October.

With 1,41,665 policies worth Rs.50.25 crores as the first premium income (FPI), the Visakhapatnam Division achieved 36.42 per cent and 36.18 per cent of the respective targets till October.

The Division's targets for this fiscal are 3,89,000 policies and Rs.139 crores as FPI. Marketing Manager N. Nageswara Rao, Business Development Manager K. Devadas and Manager (sales) M. Swamy Naidu were also present.

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