Zonal Manager, LIC, South Zone
The Life Insurance Corporation of India (LIC) is launching two new products “New Jeevan Nidhi”, a deferred pension plan and “Flexi Plus”, a unit linked assurance plan. The New Jeevan Nidhi is a conventional with profit pension plan, which provides for death cover during deferment period and offers annuity on survival to the date of vesting. The salient features of the plan are, guaranteed addition of Rs. 50 per thousand Sum Assured for first 5 years, participation in profits in the form of Bonus, 20 to 60 years age eligibility, 5 to 35 years policy term, accident benefit rider, etc. The policy also provides death benefit and benefits on vesting. Due to the dearth of good deferred pension products in the market, the LIC New Jeevan Nidhi was developed specially keeping in mind the needs of the people. The policy is ideal for people who are earning well today and can keep aside funds for securing the future.
The LIC Flexi Plus policy is a Unit Linked Insurance product, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of survival of the policyholder. The policyholder can choose the amount of premium he/she desires to pay, depending on which equivalent level of cover will be provided. The plan aims at steady income carrying lower to medium risk. As the name suggests there is flexibility to choose policy term, mode of payment and fund type. One has the facility to make partial withdrawals and switch fund type. The policyholder will have the option to choose from Debt Fund, which is a low risk option with no investment in equity shares but only in Govt./Govt. guaranteed securities, corporate debts, and short term investments or Mixed Fund, which has 15% to 25% investment in listed equity shares and investment of not less than 45% in Govt./Govt. guaranteed securities, corporate debts, and short term investments.
