The Life Insurance Corporation of India (LIC) launched ‘Jeevan Sugam’, a new non-linked single premium plan here on Monday. The new plan, which is available for a limited period, is a conventional close-ended plan.
The plan provides a risk cover of 10 times the single premium paid for a fixed term of ten years. On survival, the maturity amount assured along with the loyalty addition will be paid to the policyholder.
The amount of loyalty addition will depend on LIC’s claim experience. The policy is also eligible for tax benefit under section 80 C as per existing provisions of the Income Tax Act. The latest policy is available for those between 8 and 45 years. The minimum sum to be invested is `60000, while there is no upper limit for the investment.
For a maturity sum of more than `1,50,000, an additional 3.5 per cent will be provided to the policyholder and 4.5 per cent for a maturity sum of `400000.
If policy holders die during first five policy years then the 10 times the single premium will be given as the claim amount, and the same is applicable even if the policy holder passes away five years after the first five policy years.
Loyalty additions, if any, loans will be given. The unique identification number of the plan is 512N273V01.