Life Insurance Corporation of India (LIC) has launched a new annuity scheme (LIC New Policy). The name of this new policy is Jeevan Section II. LIC stated that it is a non-linked, non-participping, personal savings annual payment policy. It aims to provide safe and guaranteed financial assistance to the people.
Premium payment option
The policy holder can choose between regular and single premium, annual plan or joint life annual annuity to pay their premium. In addition, policy grace can choose a period (5–15 years for regular premiums and 1–15 years for single premium) and annual payment method (annual, semi-annual, quarterly and monthly). LIC has mentioned all the information related to this policy in its policy document. Documents states that policy holders can expand the policy by paying additional premiums during the regulation period.
What is the option in the policy?
Under single life annuity, policy holder can choose different options as per the feature, such as option -1, the policy holder can choose the annual plan for a single life, or in option 2 you can choose a premium for a person. Life also provides annuity. As an alternative, LIC offers 3-7 different schemes, including life annuity plans with 50% or 100% premium returns for some age groups. Combined Life Version Annuity Options (Options 8 and Option 9) provides coverage to a couple. Life provides annuity for two people associated with the policy. In these options, the policy continues even if the principal or the other person survives during the policy of the policy setting up, then the policy continues, which also provides financial assistance even when one of the joint holders remains alone.
LIC Policy Rules
In case of joint life annuity with a return of premium, the advance annuity option allows the living policyholder to withdraw the concessional cash value of the annuity payment after the death of the first holder after the death of the first holder, giving the policyholder more options for payment. Options for those who choose annual premiums 10 and 11, respectively, offer life annuities with a return of procurement value for single and joint life. This option offers customers a lump sum payment solution with annual benefits according to individual or joint requirements.
Policy benefits
This policy provides financial stability as well as guaranteed and fixed advantage. Depending on the selected mode, customers get a death benefit equal to one percent of the total premium and annual premium paid. In addition, some options also provide early refunds of premium to customers and other various facilities. During the period, no payment is made if the beneficiary survives from annuity. Financial assistance is assured.
how to Buy?
LIC’s life is available for online purchase directly through Tier II agents or intermediaries through offline and official LIC website.