LIC CEO PR Mishra said the scheme was launched as part of the company’s effort to introduce the innovative product. Under the scheme, the LIC customers could receive insurance coverage upto 250 times the monthly premium incase of death of the customers before maturity. The additional facilities that the policy holders can receive include loyalty bonus and refund of the entire premium amount except the first year’s payment after maturity.
According to the LIC, the product offers more flexibility in insurance payment including any time maturity facility to its customers. “The policy holders can surrender at any time after five years in which they will receive the full payment for the period,” said Mishra. “Besides, they can also withdraw their insured amount partially any time before the actual maturity date.”
Similarly, the policy holders are also allowed to surrender (give up getting insured) after two years of receiving the policy. Based on the insured amount, they are also allowed to take loan up to 90 percent of the surrendered amount after two years. People between 16-60 of age will be eligible for the scheme and the maximum age of maturity has been fixed at 65 years of the policy holders. “Customers can easily calculate their bonus amount under Jeevan Saral scheme,” said Rajesh Kumar Chaudhary, LIC assistant general manager. Stressing on the need for a flexible insurance policy like Jeevan Saral to address people’s changing lifestyle, Insurance Boarad Chairman Fatta Bahadur KC said: “Through such client-friendly policy, the insurance company can promote even the micro insurance in the country.”
- The Kathmandu Post
