LIC launches two new plans

The insurance giant, LIC has unveiled two new policies-‘Jeevan Tarang’ and ‘Jeevan Akshay IV’. With these two new policies, the number of products launched in this fiscal by LIC has reached to seven. The insurance mammoth is pacing fast to keep in tandem with the market. Its new policy, ‘Jeevan Tarang’ is a combination of Whole life and Moneyback plan. The policy comes with flexible premium paying term options- 10,15 or 20 years. After the completion of the premium paying term, the policyholder gets survival benefit of 5.5% of the total sum assured. The policy provides risk cover up to 100 years. After its decision to withdraw, Jeevan Akshay III, LIC decided replace it with ‘Jeevan Akshay IV’-an annuity plan. The minimum age of entry is 40-79 years and the minimum purchase price of this policy is Rs 50,000 or such amount, which may secure a minimum annuity of Rs 3,000 per annum. The minimum annuity installment is Rs 250 per-month, Rs 750 per quarter, Rs 1,500 per half-year and Rs 3,000 per year.