Date:19/11/2004 URL: http://www.thehindubusinessline.com/2004/11/19/stories/2004111902310600.htm

Back LIC unveils two policies

Our Bureau

Mumbai , Nov. 18

The Life Insurance Corporation of India has launched two new plans Jeevan Anurag and Jeevan Nidhi, a money back and a pension product.

`Jeevan Anurag' is a money back plan that takes care of the need for higher education of the policyholder's son or daughter. The premium can be paid in a single lump sum or in instalments, said a press release.

The money back payments start flowing back at the rate of 20 per cent of the sum assured during the last three years before maturity, the balance 40 per cent being payable on maturity along with bonuses if any.

These payments are guaranteed in addition to the payment of the basic sum assured in case of the demise of the policyholder at any time during the term of the policy, the release said.

`Jeevan Nidhi' is a pension plan with endowment funding. The policy provides for life cover during the waiting period, along with guaranteed additions of Rs 50 per thousand for each of the first 5 years and bonuses if any, thereafter.

On survival of the policyholder beyond the term of the policy, the amount accumulated is used to generate a pension for the policyholder. Pension-called an annuity- will depend on the interest rates prevailing at that time.