Life Insurance Corporation of India (LIC), the country’s largest insurer, has launched two new insurance products for the domestic market, available from October 15. Designed to meet different individual needs, the two offers, LIC Jan Suraksha and LIC Bima Lakshmi, offer financial protection and savings benefits. These are the first products that LIC has launched under the new next-gen GST regime, the insurer said in a statement. The LIC Jan Suraksha Plan is a low-cost insurance scheme for individuals, especially those from lower income groups and economically weaker sections of society. It is a non-participating and non-linked insurance scheme, meaning it is not linked to the market or bonuses. LIC Bima Lakshmi is a life insurance and savings plan specially designed for women. It is also a non-participating and non-linked scheme that offers both life cover and periodic cashback options. Eligibility to apply for these schemes A person can apply for these schemes only if they meet the following eligibility criteria set by the insurance company. LIC Jan Suraksha: — An applicant must be at least 18 years of age, with the maximum age limit fixed at 55 years. — The applicant must be in good health at the time of application and should not undergo any medical examination. LIC Bima Lakshmi: — The applicant should be a female with a minimum age of 18 years as on the last birthday, while the maximum age allowed is 50 years. Sum Assured in New LIC Schemes For LIC Jan Sureksha, the minimum basic sum assured is ₹1,00,000, while the maximum basic sum assured per life is ₹2,00,000. This basic sum assured will be multiples of ₹5,000. LIC Bima Lakshmi’s minimum basic sum assured is ₹2,00,000, with no maximum limit per life (subject to the underwriting policy). The basic sum assured should be in multiples of ₹10,000. Policy Term Details The Jan Suraksha Plan’s policy term varies from 12 to 20 years, with the premium paying term calculated as the policy term minus 5 years. This means that if you have a 12-year policy, you only pay the premium for 7 years. For LIC Bima Lakshmi, the policy term is 25 years and the premium payment term varies from 7 years to 15 years. Features of the schemes Both schemes come with different features for the benefit of the policy holders. LIC Jan Suraksha: — Life Micro Insurance Plan. — Premium can be paid as a limited premium. — Auto cover after payment of three full years of premiums. — Policy loan is available after payment of one full year’s premiums and after completion of the first policy year. — Guaranteed Additions from the commencement to the end of the policy term. LIC Bima Lakshmi: — Assured additions are provided as a percentage of the total tabular annual premium in respect of premiums paid during the policy term. — Provides flexibility to select survivorship benefits from three available options. — Option to defer receiving survivor benefits. — Flexibility to choose a premium payment term from 7 to 15 years. — Allows payment of endowment or death benefit in installments. — Includes a car cover facility after three full years of premium payments. — Offers attractive incentives for a higher sum assured. — Option to enhance coverage by adding riders upon payment of an additional premium for rider benefits.
LIC Launches 2 New Insurance Plans After GST Rate Cuts; check all details about eligibility, features and benefits
