STATE TIMES NEWS
JAMMU: In continuation of its commitment to underprivileged people, Life Insurance Corporation (LIC) on Monday launched new Micro Insurance Plan ‘Bhagya Lakshmi’.
‘Bhagya Lakshmi’ is a non-par limited payment protection oriented plan with return of 110 per cent of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term,” Senior Divisional Manager, Srinagar Division D.C Thakur told reporters, here on Monday.
Thakur said that all insurable persons between age group of 18 to 55 years are eligible for this policy. Maximum sum assured is allowed Rs 50,000 and minimum sum assured of Rs 20,000.
This policy is available for minimum term of 7 years and maximum term of 15 years and premium paying term is 2 years lesser than the policy term. The modes of premium payment allowable are yearly, half-yearly, quarterly, monthly or through salary deductions. However, a grace period of two calendar months but not less than 60 days will be allowed for all modes of payments.
In the current financial year, he said, Srinagar Division has completed 63,407 new policies with premium income of Rs. 121.98 crore.
Further, total claims settled during the current financial year are 34,665 and percentage outstanding claim is 0.026, he added.
Senior Divisional Manager, Srinagar Division D C Thakur on the occasion while giving the details of the policy said that all insurable persons between age group of 18 to 55 years are eligible for this policy. Maximum sum assured is allowed Rs 50,000 and minimum sum assured of Rs 20,000. This policy is available for minimum term of 7 yrs and maximum term of 15 Yrs and premium paying term is 2 years lesser than the policy term. The modes of premium payment allowable are yearly, half-yearly, quarterly, monthly or through salary deductions. However, a grace period of two calendar months but not less than 60 days will be allowed for all modes of payments.
