Country’s largest insurer LIC today launched a non unit-linked single premium product Jeevan Vaibhav with minimum premium of about Rs 95,000.
The policy is on the traditional platform where risk cover is the sum assured,which is almost double the premium chosen by the customer and offers guaranteed returns at maturity,LIC said in a statement.
The plan,which is an ideal combination of insurance and returns,would be available for a limited period only up to a maximum of 120 days. Besides,the policy offers high liquidity through loan after just one year,it said.
The minimum age at entry for the plan is 8 years while the maximum is 65 years.
The term under the policy is fixed at 10 years,LIC Senior Divisional Manager R K Jha sad,adding,the minimum sum Assured is Rs 2 lakh while there is no upper limit.
The minimum premium under the policy is Rs 95,210 with no upper limit,it said.
This is an ideal plan for all groups of people,be it youngsters who want to save a nest-egg for following their passion after putting in some years of hard work and gaining experience,or parents who want to save money for funding their young child’s,grand children’s higher education or for financing other needs of self or children who have grown up,it added.