Two new LIC plans

Staff Reporter

TIRUNELVELI: The Tirunelveli Division of Life Insurance Corporation of India launched two new plans - Jeevan Akshay - IV and Jeevan Tarang - here on Friday.

According to the Senior Divisional Manager, LIC, Tirunelveli, K. Swaminathan, these plans have been launched in all 16 branches under the Tirunelveli Division of LIC. In the Jeevan Akshay - IV plan, the amount of annuity shall be assured throughout the period for which it is payable. Annuity for Jeevan Akshay - IV can be paid in yearly, half-yearly, quarterly or monthly instalments, subject to a minimum annuity of Rs. 3,000 per annum. While the minimum age at entry for this plan should be 40 years the maximum age should be 79 years.

No medical examination is required under this plan. Standard age proof will be required under all annuity options, except the option "annuity with return of purchase price." No loan will be given by the LIC to policyholders under this plan.

The Jeevan Tarang plan offers three accumulation periods - 10, 15 and 20 years. Aspirants can pay single premium, yearly, half-yearly, quarterly, monthly and Salary Savings Scheme under regular premium. Sum assured will be Rs. 1 lakh or over in multiples of Rs. 5,000.

The vested simple reversionary bonuses will be payable in one lump sum on survival to the end of the selected accumulation period. Five-and-a-half per cent of the sum assured will be payable on survival to the end of each year after the accumulation period. The first survival benefit will be payable on survival to one year after the accumulation period is over.

The sum assured along with loyalty addition, if any, will be payable on survival of the life assured to the policy anniversary coinciding with or immediately following the completion of 100 years of age.