Page 10 - Insurance Times March 2021

LIC of India

News

LIC launches new plan Accident-cum-life Rs. 2 lakh in case of natural death of
the beneficiary and a maximum of Rs.
Bima Jyoti insurance plan launched
2 lakh in the event of permanent
Life Insurance Corporation of India has by Tamilnadu Govt incapacitation. If those in the 18-50
introduced a new non-linked, non- The Tamilnadu government has age group die due to accidents, their
participating, individual, savings plan legal heir would be paid Rs. 4 lakh
which offers an attractive combination launched accident-cum-life insurance each. For those in the 51-70 age
of protection and savings cover which will benefit about 55.67
lakh breadwinners from Below the group, the compensation under
The plan -- LIC's Bima Jyoti -- provides Poverty Line (BPL) families. accident cover would be Rs. 2 lakh.
guaranteed lumpsum payments at
Around 32.51 lakh beneficiaries in rural The government has enlisted the
maturity and financial support to the services of Life Insurance Corporation
family in case of the unfortunate death areas and 23.15 lakh in urban areas for life cover and United India
of the policyholder during the policy will be brought under the Puratchi Insurance for accident cover. As
term. Thalaivi Amma Comprehensive
Accident-cum-Life Insurance Scheme. regards the identification of
It can be purchased offline through an beneficiaries, the Tamil Nadu
The State Government will fully bear
agent or other intermediaries as well Corporation for Development of
as online from the LIC website. the burden of annual premium
payment, which will be Rs. 330 for life Women carried out the task. Several
"Guaranteed additions at the rate of cover and Rs. 12 for accident cover parameters, such as income criterion
Rs 50 per thousand basic sum assured per beneficiary. and asset indexing, had been used to
will be added to the policy at the end identify BPL families, officials said. The
of each policy year," LIC said in a Deputy Chief Minister O. Corporation is responsible for addition
statement on Monday. Panneerselvam, during the course of and deletion of BPL families.
his Interim Budget address in the
The minimum basic sum assured is Rs. Assembly, made a reference to the The scheme has been formulated on
1 lakh with no upper limit. the lines of the Pradhan Mantri Jeevan
launch of the scheme.
"In the current scenario of rapidly Jyoti Bima Yojana and the Pradhan
declining interest rates, the According to an order issued by the Mantri Suraksha Bima Yojana of the
guaranteed additions offered along Revenue and Disaster Management Central Government. Two years ago,
with risk cover is an attractive feature Department, approximately Rs. 114 when the State Government
crore would be required annually.
in LIC's Bima Jyoti," the insurer said. announced the scheme, it planned to
Beneficiaries of life cover will be in the
The policy can be taken for a term of 18-50 age group and those under converge it with the Central schemes.
15 to 20 years with the premium accident cover in the 18-70 group. The But with effect from April 1 last year,
paying term calculated as the policy extension of the policy under life cover the Centre decided not to have any
term minus five years, it further said. convergence arrangement with the
can be done up to 55 years.
Loan facility is also available to meet States, compelling the Tamil Nadu
liquidity needs. The idea is to provide compensation of government to relook at its scheme. T

10 The Insurance Times, March 2021