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The Life Insurance Corporation launches a micro insurance product on its 56th anniversary. The launch of this product is to cover weaker sections. The idea is to reach out to the economically weaker sections through the micro-policy. Jeevan Deep a micro insurance policy The Life Insurance Corporation (LIC) of India local division launched a micro insurance policy called Jeevan Deep for the benefit of the common man on the occasion of its 56 anniversary. This plan is a real support to people who work with small savings as this plan offers a minimum sum assured of 5000 where you have to pay a premium of approx 500 per year. To facilitate more they have even come up with all modes of payments i.e. monthly, half-yearly, quarterly or single time. It also has guaranteed addition benefit. This plan also has the accidental rider and auto cover facility with it. It means if you are unable to pay premium after 2 yrs full death benefit from due date to first unpaid premium will be given. The idea is to reach out to the economically weaker sections through the micro-policy. Addressing a press conference on the occasion on the office premises here on Saturday, LIC Senior Divisional Manager D. Tandi said that the insurance product was launched nationwide. 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’. Policyholders in the age group of 18 to 60 are eligible for insurance coverage. The policy term is 5 to 15 years. The minimum insurance coverage is Rs.5000 and the maximum is Rs.30000. Those who pay the premium amount without fail for two years will have complete insurance cover for the next two years.
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