The lIC, in its endeavour to bringing out innovative products matching the customers' requirements is introducing another two new Insurance Products in the market namely- ‘New Endowment Plan’ and ‘Single Endowment Plan’. Regional Manager (Corporate Communication), Zonal Office, Bhopal, in a statement informed that the New Endowment Assurance plan is a regular premium paying conventional With-Profits Plan. The salient features of this plan includes payment of Basic Sum Assured along with the vested Bonus on survival to the end of the policy term, in case of an untimely death of the life assured during the policy term the Sum Assured on Death shall be payable along with the bonus. The modes of premium payment allowable are Yearly, Half yearly. There are provisions of Quarterly and Monthly premiums (ECS or through salary deductions).
Besides, the ‘Single Premium Endowment Plan’ is a conventional Single Premium With Profits Plan. It has an attractive feature of one time investment. Risk cover is for the full Sum Assured.
It was further informed that it is an excellent plan for meeting the educational needs of young ones.
Children from the age of 90 days can be covered. There is liquidity through loan facility. There is wide range of policy terms available.