Life Insurance Corporation of India has launched a non-unit linked single premium insurance plan.
The plan, ‘Jeevan Vaibhav', has a ten-year term with a minimum sum assured of Rs 2 lakh and there is no upper limit on the sum assured.
For a Rs 2-lakh sum assured, minimum single premium would be Rs 95,210 without service tax. “There will be a loyalty bonus and a facility to take 65 per cent of premium paid as loan,” Mr AK Sahoo, Zonal Manager, South Central Zone, told newspersons here on Monday. The policy, which has a guaranteed return, is being offered for 120 days from May 21. It can be surrendered for cash after at least one year. The minimum guaranteed surrender value is equal to 90 per cent of the single premium paid, excluding extra premium if any.
The policy is open for those who are aged between eight years and 65 years.
“For the south central zone, we have a target of mobilising Rs 1,000 crore through this policy this year,” Mr Sahoo said.