LIC launches two new plans
The Life Insurance Corporation of India (LIC) has launched two new insurance products, Bima Platinum and Jeevan Raksha, to mark its 70th anniversary. The plans offer varying options for savings, protection, and death benefits, with availability starting September 7.
Why it matters
As India's largest insurer, new product launches by LIC significantly impact the domestic financial services market and personal investment options for millions of citizens.
The Life Insurance Corporation of India (LIC) has introduced two new plans, Bima Platinum and Jeevan Raksha, on the occasion of its 70th anniversary.
CEO and MD R.Doraiswamy launched the plans on Tuesday. The two plans will be available from September 7.
LIC’s Bima Platinum is a non-par, non-linked, individual plan offering a combination of savings and protection. It is a limited premium plan with accrual of guaranteed additions at the rate of ₹70 per ₹1000 of annual premium paid during the Premium Paying Term (PPT) with the guaranteed additions accruing at the end of each year during the PPT.
The minimum basic sum assured under the plan is ₹3 lakh. The plan offers regular and booster income benefits.
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