LIC New Schemes: Life Insurance Corporation of India has launched two new policies. Both schemes fall into the Non-Linked and Non-Par categories and are for the domestic market. This will provide investors with more options. Let’s explore the features of these two schemes.
LIC New Schemes :Â The country’s largest insurance company, Life Insurance Corporation of India (LIC), has announced the launch of two new products for the domestic market in an exchange filing. These products will be available for sale from October 15. The schemes launched are LIC Jan Suraksha and LIC Bima Lakshmi. Both these schemes will cater to different individual needs. Both the schemes are non-linked and non-participating, meaning they will not be affected by market fluctuations at all. The investment will be completely safe.
These two schemes have been specially designed for the domestic market. They have been created keeping in mind the different needs of the common people. The launch of these two schemes will provide more options to the investors.
LIC Jan Suraksha
This plan is specifically designed for low-income individuals. It offers insurance coverage at a very low premium. Since it is not linked to the market, it is risk-free. For those with limited income, this plan can be an affordable and reliable option. It is a non-participating, non-linked insurance plan. This means it is neither market-linked nor offers any bonuses.
This is a microinsurance plan, so it’s designed to meet the needs of economically weaker sections of society. Such plans typically offer low premiums and convenient payment options.
LIC Bima Lakshmi Plan
This scheme is designed with the middle-class in mind. It offers both life insurance and savings benefits. A maturity amount is also paid upon completion of the policy term. This plan is not market-linked, so investments are completely safe. This is also a non-participating and non-linked plan. This means that its returns are independent of market performance and there are no bonuses. It is intended to cover individuals who want insurance protection along with savings benefits.
