Life Insurance Corporation (LIC) of India launched a new product 'Jeevan Rakshak' today, with multiple benefits of low premium and high insurance coverage.
"The main features of Jeevan Rakshak includes the minimum sum assured of Rs 75,000 with a maximum limit of Rs 200,000 in addition to the loyalty additions and non-medical requirements," D C Thakur, senior divisional manager, LIC, Srinagar, told reporters here.
Thakur said the policy can be availed by any person between the ages of 8 years and 55 years and the maximum maturity age is 75 years.
The minimum policy tenure is 10 years and maximum allowed is 20 years, he said.
Thakur said the Srinagar division of LIC of India has completed more than 31,000 policies by procuring Rs 60 crore of fresh premium in the current fiscal, in addition to Rs 41 crore in pension and group schemes.
He said the division has been able to complete 1.84 lakh policies while underwriting more than Rs 226 crore in addition to Rs 174 crore in pension and group schemes last fiscal.
The division has settled 35460 claims amounting to Rs 132.74 crore by the mid of current month, Thakur said.
