L.I.C’s Jeevan Nischay (Plan No. 199) Launched

Life Insurance Corporation of India, launched a new close ended plan named, “L.I.C’s Jeevan Nischay”. Jeevan Nischay (Plan No. 199) being a close ended plan, will be open for sale from 29th October, 2009 till 31st March 2010 and will be offered only to the existing policy holders of L.I.C only.

L.I.C’s Jeevan Nischay is a single premium assurance plan with Loyalty Addition. This plan will be offered without any medical examination, only to the existing policyholders of the Corporation whose previous policies have been accepted at standard rates and have at least one policy in force. Further, the policy holders who have only an annuity or pension plan without risk cover shall not be eligible for this plan.

BENEFITS:

a) Death Benefits

On death during first policy year: 5 times single premium excluding extra premium if any.

On death during the policy term after the first policy year: Maturity Sum Assured.

On death during last policy year: Maturity Sum Assured with Loyalty Addition.

b) Maturity Benefits:

On maturity the Maturity Sum Assured with Loyalty Addition will be payable.

ELIGIBILITY CONDITIONS:

Age Limits: 18yrs to 50yrs of age.

Minimum Single Premium: Rs 10,000/-

Maximum Single Premium: Rs 10,00,000/-

Policy Term: 5, 7 and 10 years

SURRENDER VALUE:

Guaranteed Surrender Value will be available under this plan, after completion of one year of policy.

LOAN:

Loan facility is available under this plan after completion of one policy year.