LIC launches a long-term endowment policy Jeevan Umang, that covers up to 100 years and offer a combination of income, protection including an assured 8% annual return
India’s largest insurer Life Insurance Corporation (LIC) on Tuesday propelled a long term endowment policy Jeevan Umang, that spreads up to 100 years and offering a mix of pay and insurance including a guaranteed 8% yearly return.
The arrangement accommodates yearly survival profits by the finish of the premium paying term till age 99 and a single amount installment at the season of development or on death of the policyholder amid the approach term, LIC director V.K. Sharma said in Mumbai.
The USP of the Life Insurance Cover is that ensured survival advantage is payable on the life guaranteed making due to the finish of the premium paying term, gave all due premia have been paid or the paid up esteem, for example Rs2 lakh if the policyholder has paid three premium.
The survival advantage will be equivalent to 8% for each annum of fundamental whole guaranteed and paid up total guaranteed separately, LIC’s selected statistician Dinesh Pann said.
The primary survival advantage installment is payable toward the finish of premium paying term and from that point on consummation of each resulting year till the life guaranteed survives or till the approach commemoration before the date of development, whichever is prior.
The arrangement is accessible from age 90 days to 55 years and there is no maximum point of confinement to the fundamental total guaranteed however should be in products of Rs25,000 with premium paying terms having choice of 15, 20, 25 and 30 years.
The development advantage is payable on the life guaranteed making due to the finish of the arrangement term being age 100 years, gave all due premiums have been paid, being entirety guaranteed on development which is equivalent to essential aggregate guaranteed.
In the interim, LIC said in a different proclamation that its piece of the pie as far as number of strategies as of now is 76.09%, earning more than 20 million new approaches in FY17. It was uncovered amid the three-day All-India senior divisional supervisors’ gathering, which is the yearly methodology meeting of the organization that started here yesterday.
The Corporation has enlisted a 27.22% development in the new business premium as far as the primary year premium in monetary 2017. It accumulated aggregate first-year premium of Rs1.24 trillion in FY17 as against Rs98,000 crore in the past financial, helping it enhance its piece of the pie to 71.07%.