Mumbai: State-owned life insurance company in India (LIC) on Monday introduces unrelated life insurance plans, not participating, individuals.
Insurers add that there is a special premium level for women’s lives and the plan is permitted for the third gender.
The plan, Dhan Rekha, gave a percentage of the basic amount guaranteed as a periodic survival benefit from the end of the term of office to pay premium, provided the policy applies, the insurance company said in a statement.
At the time of maturity, the policy holder will receive a full amount guaranteed without reducing the amount of money back received along with the guaranteed addition that still has to be paid, the statement was added.
For the death of a single premium, the guaranteed amount is 125 percent of the basic amount guaranteed plus additional.
The minimum amount guaranteed below this plan is Rs 2 Lakh and without limits for the maximum amount guaranteed.
The minimum age when entering ranges from 90 days to eight years and the maximum age of entries ranges from 35 years to 55 years, depending on the term policy chosen, the statement said.