Life Insurance Corporation (LIC) has launched two new products — New Jeevan Amar and Tech Term — today. Both are term assurance plans.
New Jeevan Amar and Tech Term are non-linked and non-participating plans, which means policyholders pay fixed premiums and receive guaranteed returns. Non-linked plans are low-risk products that are not linked to the stock market.
Jeevan Amar offers the flexibility to choose from two options: level sum assured and increasing sum assured.
A customer can also choose a single premium payment or a regular premium payment. A limited premium payment option is also offered.
While women can avail special rates under the New Jeevan Amar plan, premium rates differ for non-smokers and smokers, according to information available on the LIC website.
Under the single premium plan, the minimum premium is Rs 30,000. For regular and limited modes, the payment is Rs 3,000.
Non-smoker rates will be based on the findings of the urinary cotinine test.
The surrender value under the regular premium plan is nil.
A customer can also opt for an accident benefit rider on payment of an additional premium.
While the basic sum assured is Rs 25,00,000, no maximum sum has been set.
Citizens in the age group of 18-65 years can buy the New Jeevan Amar policy. The policy term is 10-40 years.
There is an option to receive death benefits in instalments over a period of five years instead of a lump sum amount.
The details of the Tech Term plan are awaited.