life Insurance Corporation of India (lIC) launched ‘Jeevan Sugam’ insurance policy here on Tuesday.This is a non-linked single premium scheme wherein the risk cover is a multiple of premium paid.
The scheme also provides attractive returns and financial development along with security from risk. The policy period is of ten years.The lIC in an official statement on Tuesday informed that as per the policy, on death during the first five years of the policy years then basic sum which will be 10 times the single premium will be payable except for any extra premium charged and service tax.
On death, after completion of five policy years then basic sum assured which will be 10 times the single premium excluding any extra premium charged along with loyalty addition, if any, will be payable.
On maturity, the maturity sum assured along with loyalty addition, if any, shall be payable.
The minimum age for eligibility for the policy is fixed at eight years of age and maximum age for the policy is fixed at forty five years. Minimum maturity amount is fixed at Rs60,000 while no limit has been put on maximum maturity amount.
The matured amount will be paid in multiplications of Rs5,000.loan can be availed under this policy anytime during the policy term.
loan shall be equal to 60 per cent of the surrender value as on the date of sanction of loan.Tax free return benefit will be availed under section 80C and 10 (10D) of income tax on investment.