The Hindu : Business : LIC launches two policies today

Online edition of India's National Newspaper
Friday, Mar 17, 2006

Business

Business

LIC launches two policies today

Corporate Reporter

Overwhelming response to Bima Gold introduced in September

CHENNAI: The South Zone of Life Insurance Corporation of India has sold 25.13 lakh policies during the current financial year up to February for a new business premium of Rs. 2,056.82 crore. The total premium income of the zone was Rs. 8,835.31 crore, showing a growth of 18 per cent over the corresponding period in the previous year, according to G. Prabhakaran, Zonal Manager (South).

Addressing presspersons here on Thursday, Mr. Prabhakaran said LIC's Golden Jubilee product "Bima Gold", launched in September last year received overwhelming response. This policy accounted for 28.6 per cent of the number of sales made during the period September-February, he said. This policy is open till March 31.

The corporation is launching two new plans, Jeevan Akshay-IV and Jeevan Tarang, on Friday.

Under the new Jeevan Akshay series, the policyholder can invest in one lumpsum and annuity payments will be made at regular intervals at the choice of the policyholder. The annuity rates have been increased by 2 percentage points to 8 per cent.

The Jeevan Tarang is a whole life plan where life cover is available up to the age of 100 years. The plan can be taken by anyone in the age range 0 to 60 years. The premium can be paid either as a single premium or on a yearly, half-yearly, quarterly or monthly basis for a fixed term of 10,15 or 20 years.

Even though the scheme is a whole of life plan, the sum assured along with loyalty addition will be paid when the policy holder completes 100 years of age.

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