LIC has rolled out two new unit-linked plans — Nivesh Plus and SIIP — and opened two new offices in the city.
Chief Minister V. Narayanasamy, who opened a city sales office for LIC credit cards and a BIMA Connect office on Chetty Street, said that LIC is constantly diversifying its portfolio. This ability of offering new schemes is what makes LIC the dominant player in the insurance market. The public sector undertaking had retained the trust of the public even while maintaining its growth, he said.
Salient features
K. Kadiresan, LIC zonal manager, launching the new plans, explained the the salient features of LIC’s Nivesh Plus plan (UIN 512L317V01) and LIC’s SIIP (UIN 512L334V01). The Nivesh Plus Plan is a single premium, non-participating, unit-linked, individual life insurance plan offering insurance cum investment during the term of the policy. It starts with a minimum ₹1lakh in single premium mode. The sum assured options are 1.25 times the Single Premium or 10 times the Single Premium.
The LIC SIIP is more a regular insurance/investment plan, with minimum premium of ₹40,000 (for yearly mode) with no maximum premium limit. The proposer can choose the amount of premium. Upon the completion of specified policy years, guaranteed additions as a percentage of annualised premium shall be added to the Unit Fund under an in-force policy. The basic sum assured, offered for ages below 55 years, is 10 times annualised premium and, for ages 55 years and above it is 7 times annualised premium.
Mr. Kadiresan said the launch of credit cards was tied to the rapid growth of the PSU’s insurance business, with LIC having 76% market share.
M. Shyam, chief manager, N. Ramakrishnan, LIC senior divisional manager, Vellore and other officials spoke.
S. Ragothaman, LIC Credit Cards city sales manager, explained the features and benefits of the card. The LIC’s platinum/signature cards are being offered to policy holders in the 18-70 years age bracket.
