LIC to launch twin products
Life Insurance Corporation (LIC) will launch two new products 'NEW JEEVAN NIDHI', a deferred pension plan and 'FLEXI PLUS', a Unit linked assurance plan tomorrow.
LIC's New Jeevan Nidhi is a conventional product with profit pension plan, which provides for death cover during deferment period and offers annuity on survival to the date of vesting. It offers guaranteed addition @ Rs. 50/- per thousand Sum Assured for first 5 years, participation in profits in the form of Bonus (sixth year onwards) with its age eligibility being 20 to 60 years and policy term 5 to 35 years along with an Accident Benefit Rider, a release said.
LIC's Flexi Plus, a Unit linked Insurance product, not only provides a lump sum benefit on death but also the maturity benefit irrespective of survival of the policy holder. The policy holder can choose the amount of premium to be paid depending on an equivalent level of cover. The plan aims at steady income carrying lower to medium risk.
In Flexi Plus, the policyholder will have the option to choose from Debt Fund or Mixed Fund. Mixed Fund has 15pc to 25pc investments in listed equity shares and investment of not less than 45pc in Govt./Govt. guaranteed securities/ corporate debts and short-term investment such as money market instruments. Also, one is allowed to make partial withdrawals and switch the fund types.