Collector C. Kamaraj, on Thursday, launched Pension Plus policy, a unit-linked pension scheme of the Life Insurance Corporation (LIC) which offers a minimum guaranteed return of 4.5 per cent.
Addressing the inaugural function of the Insurance Week, celebrated by LIC every year to mark its anniversary, he said that LIC had rendered yeoman service to the public over five decades ever since it was founded in 1956. It was omnipresent across the country even in remote places.
That the company provided service with a public service motive and not driven by profits was a vital factor in ensuring that it earned and retained the public's trust. With assets worth over lakhs of crores, LIC was next only to the railways in terms of assets owned, he said.
Speaking about the Pension Plus policy, the Collector said that an effective marketing campaign must be undertaken to ensure the new policy reached the masses.
J. Chakrapani, Senior Divisional Manager, Madurai Division, said that LIC had increased it's market share to 73 per cent from 65 per cent, despite the intense market competition.
Speaking about the features of the Pension Plus, he said that after maturity, one-third of the corpus could be withdrawn as a lump sum amount. The remaining two-thirds would be converted into pension and paid in either monthly or half-yearly instalments after maturity, which would be decided by the policy holders.
The policy was in line with the Insurance Regulatory and Development Authority's (IRDA) latest unit-linked insurance policy (ULIP) guidelines, which became effective on September 1. This plan could be subscribed by any one between 18 and 75 years of age and the minimum maturity period was 10 years. The minimum single investment could be Rs. 30,000 onwards with no upper ceilings.
As part of the Insurance Week celebrations, an eye screening camp would be held at Government Boys' Higher Secondary School in Melur besides a symposium, ‘LIC - a nation builder,' would be held on Friday at Fatima College. Drawing competition for school children and dental check-ups for LIC staff has also been planned.
P.J. Nicholson, Marketing Manager, K. Sukumaran, Sales Manager, and Kirubakaran, Deputy Collector (Trainee), took part.