LIC new schemes: Following the GST reforms, LIC has launched two new schemes that offer a host of features for policyholders.
New Delhi: The Life Insurance Corporation of India (LIC) has launched two new schemes. The first is the LIC Jan Suraksha Yojana, specifically for low-income individuals. The second is the LIC Bima Lakshmi Yojana, exclusively for women. LIC stated that these two schemes are the first products to be implemented under the new GST regime.
1. LIC Jan Suraksha Plan (880)
This is a life microinsurance scheme. It is a non-participating, non-linked individual savings insurance plan. The advantage of this plan is that if the policyholder unfortunately dies during the policy term, their family will receive financial assistance. If the policyholder survives, they will receive a lump sum payment upon maturity.
This is an endowment plan that also offers guaranteed additions. These guaranteed additions will be added annually at the rate of 4% of the annualized premium throughout the policy term. To purchase this plan, you must be at least 18 years old and at most 55 years old.
What is the basic sum assured?
The minimum basic sum assured in this plan is ₹100,000. The maximum basic sum assured per person is ₹200,000. The basic sum assured will be in multiples of ₹5,000. The policy term for the Jan Suraksha Plan can range from 12 to 20 years. The premium payment period will be 5 years less than the policy term.
Key features of the Jan Suraksha Yojana
- This is a life micro insurance plan.
- Premiums can be paid for a limited period.
- Auto cover facility is available after paying the full premium for three years.
- Policy loan facility is available after paying the full premium for one year and completion of the first year of the policy.
- Guaranteed additions are available from the beginning till the end of the policy.
2. Insurance Lakshmi Yojana (881)
The LIC Bima Lakshmi plan is a non-linked plan. It provides life insurance coverage and pays back payments at fixed periods, every 2 to 4 years or after premiums cease. This plan is specifically designed for women. It also covers certain illnesses and offers attractive guaranteed maturity benefits upon maturity.
To purchase this plan, you must be at least 18 years old and a maximum of 50. The policy term is 25 years, while premium payment periods can be chosen from 7 to 15 years.
What is the basic sum assured?
The minimum basic sum assured in this plan is ₹200,000. There is no maximum basic sum assured per individual. This depends on LIC’s underwriting policy. The basic sum assured can be taken in multiples of ₹10,000.
Key Features of Bima Lakshmi Scheme
- This is a comprehensive insurance plan specifically designed for women. It offers protection, savings, and survival benefits.
- Guaranteed Additions are available as a percentage of the total tabular annual premiums paid during the policy term.
- This plan allows women to choose survival benefits from three options.
- There is also an option to receive survivor benefits later.
- There is a choice of premium payment term from 7 to 15 years.
- An option can be chosen to pay the maturity or death benefit in installments.
- Auto cover facility is available after paying the full premium for three years.
- Attractive incentives are available for higher sum assured.
- There is also an option to increase the coverage by opting for rider benefits by paying additional premium.
Illnesses will also be covered
LIC’s Auto Cover feature is also available under the Bima Lakshmi plan after paying full premiums for three years. In addition to other riders, a Female Critical Illness Rider can also be availed by paying an additional premium. According to LIC, 7% of the total tabular annual premium will be available each year as guaranteed additions for in-force and paid-up policies. Guaranteed additions will be added proportionately at the applicable rate.
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