Andhra Pradesh - Vijayawada   

LIC launches new plan in division

VIJAYAWADA: The Life Insurance Corporation (LIC) of India launched Jeevan Saathi (JS) Plus – a joint life market linked plan – in the Machilipatnam division on Monday.

Senior Divisional Manager P. Mallikarjuna Rao said that the plan was the first of its kind in the insurance industry. Unlike the earlier Jeevan Saathi plan that was on a conventional platform, the new plan was on a ULIP platform offering the insured the benefits of market-linked returns.

In JS plus, the couple would have the option of taking insurance cover on their lives under a single policy with the ‘proposer’ being called the Principal Life Assured (PLA) and the partner being called Spouse Life Assured (SLA), he explained.

Joint life plans cost less, offering greater scope in estate planning. It could be used to set off mortgage loans too, he said. It was an excellent plan for working couples, he said.

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