Kolkata: State-run Life Insurance Corporation of India (LIC) on Saturday said it has launched a close ended guaranteed addition money back plan Jeevan Varsha and expects healthy response.
“After the success of Jeevan Astha which closed recently, the corporation has launched another guaranteed product. This is a regular premium policy and money back plan,” LIC zonal manager (east) R R Dash said in Kolkata on Saturday.
The plan would be made available for sale only between 16 February and 31 March.
Dash said the corporation was aiming to collect Rs1,500 crore premium from this new policy.
“The corporation in east collected Rs1,190 crore from sale of 2.64 lakh policies from recently closed Jeevan Astha,” he said.
Jeevan varsha plan is available with two policy terms of 9 and 12 years. The policy will offer Rs65 per Rs1,000 sum assured and Rs70 for a 12 year term.
“For the first time survival benefit are payable every three years,” a LIC statement said.
LIC officials said though guaranteed addition in Jeevan Varsha is lower than Jeevan Astha, the internal rate of return will be similar to it taking into consideration all factors.