New policy assures 8% annual return

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Politics, Plan and Policy, Insurance

New policy assures 8% annual return

LIC on Tuesday launched a long-term endowment policy Jeevan Umang, that covers up to 100 years and offer a combination of income and protection, including an assured 8 per cent annual return.
The plan provides for annual survival benefits from the end of the premium paying term till age 99 and a lump sum payment at the time of maturity or on death of the policyholder, LIC chairman VK Sharma said here.
The USP of the plan is that guaranteed survival benefit is payable on the life assured surviving to the end of the premium paying term, or the paid up value, if the policyholder has paid three premium.
The survival benefit will be equal to 8 per cent per annum of basic sum assured and paid up sum assured respectively.
The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the life assured survives or till the policy anniversary prior to the date of maturity.