Life Insurance Corporation of India has launched 'Bima Bachat', a single premium money - back policy .The new policy can be availed by individuals in the age range 15-66 years.
The plan has a range of three terms- 9 years, 12 years or 15 years. The maximum age at maturity is 75 years. The minimum sum assured is 20,000 and maximum is unlimited.
Apart form offering certain benefits like death benefit, survival benefit and maturity benefit, the new policy also delivers loan facility for its customers.The policy can also be surrendered for cash after one year from the commencement of the policy.
Launching the new policy K Sridhar, managing director of LIC briefed the press on heights LIC has achieved and services it has delivered to its policy holders. According to him, about 4,10,526 claims were settled at speed rate of 97.46 percent.
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