LIC unveils savings life insurance plan

Mumbai: State-owned Life Insurance Corporation of India (LIC) on Monday introduced a non-linked, non-participating, individual savings life insurance plan.

The insurer added that there are special premium rates for female lives and the plan is allowed to the third gender. The plan, Dhan Rekha, provides a percentage of the basic sum assured as survival benefit at regular intervals starting from the end of the premium-paying term, provided that the policy is in force, the insurer said in a statement. On maturity, the policyholder will receive full sum assured without the deduction of the money back amount received along with accrued guaranteed additions, the statement added. For single premium death, the sum assured is 125 per cent of the basic sum assured plus guaranteed additions. The minimum sum assured under this plan is Rs 2 lakh and no limit for the maximum sum assured. The minimum age at entry ranges from 90 days to eight years and the maximum age at the entry ranges from 35 years to 55 years, depending upon the chosen policy term, the statement said.