Life Insurance corporation (LIC) launches new micro insurance policy ‘Jeevan Deep T-810’

The South Central Zone of the Life Insurance Corporation (LIC) of India, recently launched its 3rd micro-insurance named ‘Jeevan Deep T-810’. Through this product, the largest insurer is eyeing to reach out to the economically weaker sections of the society.

On the occasion of the 56th anniversary of the corporation, the South Central Zone manager Mr. A.K. Sahoo announced the launch of the plan ‘Jeevan Deep T-810’ in Vishakhapatnam. “The scheme offers various modes of premium payment and has death benefit, maturity benefit and auto cover facility”, Mr. Sahoo explained the features of the plan.

The minimum age to buy the plan is 18 years and the maximum age is 60 years. The policy term is 5 to 15 years. The minimum insurance coverage is Rs.5,000 and the maximum is Rs.30,000. Those who pay the premium amount without fail for two years will have complete insurance cover for the next two years.

This is an endowment assurance with an added feature of guaranteed additions along with provision of loyalty addition. An immediate annuity product is available for ‘online buy’. LIC Senior Divisional Manager D. Tandi said this product was launched nationwide.

With the launch of this product, state-run insurer aims to procure approximately 5 lacs policies under the product in the fiscal year 2012-13. On the occasion, Mr. Sahoo said that it was on September 1, 1956 that LIC was set-up and is celebrated as LIC Day. The first week of September as Insurance Week every year.

Further, he said LIC is the largest insurance company in the world with a customer base of 31 crore and a market share of 74 percent in policies and 80.56 percent in premiums though there are 23 players in the market. “The corporation, which had a Rs 112-crore income in its year of launching, had an income of Rs 2 lakh crore last year. Its average daily collections stand at Rs 1,000 crore and settles a minimum of three claims per second. Its total assets now stand at Rs 14.77 lac crore,” he added.

Some of the other popular products are Girl Child Protection, Abhaya Hastam, Aam Admi Bheema Yojana and Janasri Bheema.

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