New Delhi, Sept. 17: Life Insurance Corporation is all set to relaunch two policies —Bima Nivesh 2002 and Jeevan Samriddhi—on Wednesday.
Bima Nivesh 2002 —a fixed deposit plan with maturities of five and 10 years —will substitute the New Bima Nivesh which closed sales on Monday evening.
Jeevan Samriddhi is essentially a money-back plan modelled on Jeevan Sanchay scrapped in February this year.
The minimum age stipulated for buying the Bima Nivesh 2002 plan is 18 years and the maximum age on maturity is 75 years. The mode of premium payment is single. The minimum sum assured value under this plan is fixed at Rs 25,000 and the maximum is Rs 50 lakh.
The premium under the new plan has now been raised for both terms. The single premium rate for a sum assured of Rs 1,000 has been raised to Rs 985 against Rs 952 in the existing plan for five years. The premium rate for a period of 10 years has also been raised to Rs 923 against Rs 863 under the existing plan.
The policy also carries a death benefit rider. In the event of the death of the policyholder during the term of the policy, the sum assured along with accrued guaranteed additions will be payable. If a term policy has been taken, then the term assurance rider will also be payable.
Under the Jeevan Samriddhi plan, the policyholder now has the option of buying an additional term rider with the main policy. However, one can not buy this additional cover while purchasing a Jeevan Sanchay. Under the new plan, the amount of accident death benefit has been raised to Rs 10 lakh from Rs 5 lakh in Jeevan Sanchay.
The new policy can be purchased for a term of 12, 15, 20 and 25 years. Policyholders will have the option of paying the premium yearly, half-yearly, quarterly or monthly. The only difference incorporated under the new plan is that the minimum completed age fixed for buying a 12-year term policy is now 14 years against 13 years earlier. The maximum age at entry for buying this policy 58 years.