Kalam unveils LIC’s micro iinsurance product
Wednesday, October 11, 2006
President A P J Abdul Kalam on Thursday unveiled Life Insurance Corporation’s insurance product which seeks to benefit economically underprivileged segments of society.
The new policy, Jeevan Madhur, will cover individuals in 18-60 year age group. The minimum sum assured under the plan is Rs 5,000 while maximum is Rs 30,000.
The premium for the policy can be paid weekly, fortnightly, monthly, quarterly, half-yearly and yearly.
The minimum premium is Rs 25 per week, Rs 50 for fortnightly, Rs 100 per month and Rs 250 for other premium paying periods.
The term of the policy ranges between 5-15 years. The likely maturity sum assured on a premium of Rs 1,200 per annum for a 15-year-term would be Rs 18,396.
The plan will be marketed through some micro insurance agencies.
Country’s largest insurer, LIC has a market share of about 77 per cent.