Page 50 - Insurance Times December 2022

NEW PRODUCTS

New Product Launches

LIC Launches Two New Pure Risk same as the policy term. For limited premium, it is policy
term less five years for policy term of 10-40 years, and
Insurance Plans - Tech Term And New
policy term less 10 years for policy term of 15-40 years.
Jeevan Amar " The minimum basic sum assured is Rs 50 lakh.

The Life Insurance Corporation (LIC) of India on November " The basic sum assured shall be in multiples of Rs. 5 lakh
23, 2022 launched two non-linked and non-participating if basic sum assured for the policy is Rs 50 lakh to Rs 75
pure risk insurance plans. lakh, and Rs 25 lakh, if basic sum assured for the policy
is above Rs 75 lakh.
Named Tech Term and New Jeevan Amar, the two policies
allow policyholders to pay fixed premium and get " The death benefit for the regular and limited premium
guaranteed returns. payment policy will be highest of seven times of
annualised premium or 105 per cent of "total premiums
Tech Term Plan - Key features
paid" up to the date of death, or absolute amount
" This plan shall be available online only through LIC's
assured to be paid on death.
website
" For single premium policy, the policy defines "sum
" Buyers can choose between two benefit options: level
assured on death" as higher of 125 per cent of single
sum assured and increasing sum assured.
premium or absolute amount assured to be paid on
" Premiums can be paid either through single, regular
death.
and limited premium payment options
" The death benefit option cannot be changed once
" The premium rates have also been categorised for
chosen.
smokers and non-smokers. The application of non-
" On survival of the life assured to the end of the policy
smoker rates shall be based on the findings of the
term, no maturity benefit is payable.
Urinary Cotinine test. In all other cases, the smoker
rates will be applicable. New Jeevan Amar - Key Features
" This plan can be purchased offline through licensed
" The policy offers special rates for women.
agents, corporate agents, brokers and insurance
" There are also options to enhance coverage through
marketing firms.
accident benefit rider on payment of additional
" The minimum basic sum assured is Rs 25 lakh.
premium for the rider benefit.
" The basic sum assured shall be in multiples of Rs 1 lakh,
" Buyers can choose the policy term/premium paying
if basic sum assured for the policy is Rs 25 lakh to Rs 40
term as well as opt for payment of benefit in
lakh. If basic sum assured for the policy is above Rs 40
instalments.
lakh, the same will be in multiples of Rs 10 lakh.
" The minimum and maximum entry age are 18 years and
" The remaining features of this policy, i.e., minimum and
65 years.
maximum entry age, policy term, premium paying
" The policy term is for 10-40 years.
terms, death benefit, special premium rates for
" That said, the maximum age at maturity should be 80 women, and categorisation of premium rates for
years. smokers and non-smokers are the same as for the Tech
Term Plan.
" According to an LIC sales document, the premium
paying term is as follows: For regular premium, it is the

The Insurance Times December 2022 43