LIC launches new policy

The Life Insurance Corporation of India (LIC) on Tuesday launched a new policy 'Jeevan Plus'. The unit linked whole life policy offers investment-cum-insurance throughout the lifetime of the policyholder.

LIC senior divisional manager C Narasavadhani said the policyholder could choose the level of cover within the limits, which will depend on the mode and level of premium he agrees to pay. The allocated premium would be applied to buy units as per the chosen fund type.

He said the policyholder's Unit account would be subject to deduction of charges like life cover, critical illness benefit, accident benefit charges, administrative charges, policy charges and fund management charges.

Units would be allotted based on the Net Asset Value of the respective fund as on the date of allotment. There would be no Bid Offer spread. (Both the Bid price and Offer price would be equal to the NAV).