LIC launches micro risk product

The Life Insurance Corporation of India (LIC) launched Jeevan Madhur, a micro-insurance product targeted at covering the low-income group, in Hyderabad on Thursday.

The product, to be marketed through 3,000 members of the Confederation of NGOs of Rural India (CNRI), is aimed at covering individuals in the age group 18 to 60 years.

It offers a minimum sum assured of Rs 5,000 and guarantees a maximum sum assured of Rs 30,000, besides, offering an in-built accident benefit with no additional premium charged.

An additional sum, equivalent to the death benefit sum assured of Rs 18,000, will be paid if death occurs due to accident during the term of the policy.

"The policy holder gets an option to choose the policy term anywhere between 5 to 15 years, with a convenient mode of premium payment of weekly and fortnightly, besides, other regular modes, to suit the needs of people with no fixed and stable income," M Srinivas Reddy, working president of CNRI AP chapter, told mediapersons here on Thursday.

The CNRI AP chapter had so far sold 1,150 Jeevan Madhur policies in Hyderabad and was slated to introduce it across the state in the next couple of days, he said adding that the confederation had set a target of covering 100 to 200 lives in each village of the state to touch the two-lakh mark by March 2007.