LIC has launched two new unit-linked plans, Nivesh Plus and SIIP while opening two new offices in Puducherry.
Chief Minister V. Narayanasamy has marked the opening of a city sales office for LIC credit cards and a BIMA Connect office on Chetty Street.
He said, “LIC is constantly diversifying its portfolio. This ability to offer new schemes is what makes LIC the dominant player in the insurance market. The public sector undertaking had retained the trust of the public even while maintaining its growth.”
K. Kadiresan, LIC zonal manager explained the features of the two policies. According to him, the Nivesh Plus Plan is a single premium, non-participating, unit-linked, individual life insurance plan offering insurance cum investment during the term of the policy. It starts with a minimum of 1lakh in a single premium mode. The sum assured options are 1.25 times the Single Premium or 10 times the Single Premium.
The LIC SIIP is more a regular insurance/investment plan, with a minimum premium of ₹40,000 (for yearly mode) with no maximum premium limit. The proposer can choose the amount of premium. Upon the completion of specified policy years, guaranteed additions as a percentage of annualized premium shall be added to the Unit Fund under an in-force policy. The basic sum assured, offered for ages below 55 years, are 10 times annualized premium and, for ages 55 years and above it is 7 times the annualized premium.
Mr. Kadiresan, “The launch of credit cards were tied to the rapid growth of the PSU’s insurance business, with LIC having 76% market share.”
