The Life Insurance Corporation has launched a micro insurance policy,Jeevan Deep,designed for the lesser privileged sections of society to commemorate its 56th anniversary.
This policy is designed to reach those who cannot afford to take conventional insurance policies,especially those from the deprived sections of the society. What makes this policy different is the mode of payment of the premium,which can be chosen as weekly, says L C Meena,Senior Divisional Manager.
The total value of the policy ranges from between Rs 5,000 and 30,000,with an aim to make sure it is within the reach of the masses. It has a guaranteed bonus of Rs 20 per 1000,a loyalty addition and an accident benefit.
Meena says that over the last year,there has been a marked increase in the sales of micro policies. During the last year,we sold 50,000 policies and on the first day of the launch of Jeevan Deep we received 500 requests, he says.