India's largest life insurer LIC of India recenlty announced launch of its 3rd micro insurance product Jeevan Deep.
Mr. D.D. Singh, Zonal Manager, Southern Zone, LIC of India launched the policy, the third product in the micro-insurance category.
56 years of LIC..!
The launch of a new micro-insurance product Jeevan Deep marked the commemoration of 56 years of the Life Insurance Corporation of India. An endowment assurance with an added feature of guaranteed additions along with provision of loyalty addition, this is a product targeted at helping people to help people with lower incomes.
This is an endowment assurance product with an added feature of guaranteed additions along with provision of loyalty addition.
The plan provides for a sum assured or risk cover ranging from minimum of Rs 5,000 to maximum of Rs 30,000 with an optional accident benefit rider, together providing for total benefit equal to double the sum assured, on death due to accident.
Flexible modes of premium payment have been provided ranging from monthly, quarterly, half-yearly and annually, it said adding a single premium payment option has also been provided.
This is the 3rd micro insurance product offering by LIC of India, the first 2 being Jeevan Madhur, an endowment assurance plan & Jeevan Mangal a term assurance plan.
All these micro insurance products of LIC of India are customised offerings to cater to the distinct needs of the most vulnerable low income sections of Indian population.
Addition of one more micro insurance product in the kitty will enhance LIC of India's efforts towards financial inclusion initiatives of the government.
90% of the market share..!
During 2011-2012, 3.57 crore policies were sold, over 90% of the market share of new policies, and the total first year premium exceeded Rs. 81 crore. Mr. D.D. Singh added that in the same year, 185.7 lakh claims were settled amounting to a sum of Rs. 66,022 crore. Total payments to policy holders aggregated to Rs. 112,912 crore.
In the picture from left to right the name of the officials :
Mrs. Gemma Berly - RM-CC, Mr. Vijayaraghavan - RM-CRM, Mr. D.D.Singh - ZM, Mr. Ravichandran -RM E & OS, Mr. Masil Jeyamohan - RM P & IR and Mr. Swaminathan - RM - Micro Insurance.
Its good to know that this is an endowment assurance product with an added feature of guaranteed additions along with provision of loyalty addition.
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