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Thread: LIC lines up a 'unique' offer - Jeevan Nischay

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    PW Stalwart v.r.s.nathan's Avatar
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    Arrow LIC lines up a 'unique' offer - Jeevan Nischay

    Life Insurance Corporation (LIC) of India is set to launch a new guaranteed single premium plan – Jeevan Nischay. The plan will be similar to last year’s Jeevan Aastha which rejuvenated the life insurance market when confidence on financial services was shaken following the global financial crisis.

    Although details of the guaranteed returns will be announced on Thursday, insiders say an investment of Rs 1 lakh would mature into Rs 1.7 lakh after 10 years. The exact yield and the loyalty additions will be known only after the policy will be launched. The policy will be on sale for a limited period until end of March.

    There are several unique features in the plan, which differentiate Jeevan Nischay from last year’s close-ended single premium plan. For starters, the policy will be available only to existing policyholders of LIC. The amount a person can invest will be linked to the extent of protection the individual already has purchased.

    For instance, someone with a term insurance plan of Rs 10 lakh or with a Rs 5-lakh policy with double compensation for accidental death can invest a maximum of Rs 1 lakh. This policy will also be available to only those who are not subject to any additional charges for ill health.

    Officials said the minimum cover requirement was not really an exclusion, as an individual could always buy term insurance to the extent of investment that he wished to make.

    According to sources, the main objective of the policy is to tap the maturity benefits offered under an older plan – Bima Gold, which sold more than 1 crore policies when it was launched. Jeevan Aashta had mobilised close to Rs 10,000 crore, as it offered a safe haven of guaranteed returns amidst the turmoil in the market.

    The only difference is while Jeevan Aastha was launched when interest rates were crashing, Nischay’s launch coincides with RBI’s exit from the accommodative policy. Just as in the case of Jeevan Aashta, Jeevan Nischay is more like a single premium bond, as the protection it offers is only rudimentary.

    The policy covers only the mandatory five times of the premium amount for the first year of insurance. For subsequent years, the sum insured will be equivalent to the premium paid.


    Source - economictimes.com



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    PW Stalwart >take's Avatar
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    Why people invest in Life Insurance for investment, when better investment options are available? I would tell you this will also as successful as 'Jeevan Aastha'.

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    Quote Originally Posted by >take View Post
    Why people invest in Life Insurance for investment, when better investment options are available? I would tell you this will also as successful as 'Jeevan Aastha'.
    I agree with you. Still the mind set up is - how much I will get, if I pay this much premium? Hope one day this will change.
    * SAFE
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    LIC’s JEEVAN NISCHAY TABLE NO. 199
    LICs Jeevan Nischay is a single premium closed ended plan designed exclusively for our valuable policyholders like you who have at least one in force risk bearing policy with us accepted at our standard rate. You may choose the premium amount you wish to pay and the sum payable on maturity (Maturity Sum Assured) will depend on the premium amount, your age and the term selected.

    ELIGIBILITY CONDITIONS
    • Minimum age at entry 18 years (completed)
    • Maximum age at entry 50 years (nearest birthday)
    • Policy term 5, 7 and 10 years
    • Minimum Single Premium Rs. 10,000/-
    • Maximum Single Premium Rs. 10,00,000/-

    (Premium shall be in multiples of Rs.1,000/-) Maximum Basic Sum Assured (First Year Death Benefit) : Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies

    INCENTIVE FOR HIGH PREMIUM PAID
    If your premium amount is Rs. 25,000 or more, you will receive higher maturity sum assured due to available incentive.

    LOAN
    You can avail loan under this plan after completion of one policy year.


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