The new limited premium endowment plan ‘Jeevan labh’ from Insurance major, life Insurance Corporation (lIC) of India is drawing good response from the people, claimed the Senior Divisional Manager (SDM) of lIC, Dehradun division, Ramesh Chandra while interacting with the newsmen on Tuesday.
The new plan was launched on January 01. Speaking about the plan, Verma said that the minimum entry age in the plan is 8 years and it is available in terms of 16, 21 and 25 years. He said that the major feature of the plan is that one need not give the premium for the entire term of the policy. For the 16 year plan the premium term is 10 years while for the 21 and 25 year plans the premium terms are fixed at 15 and 16 years respectively.
Verma claimed that in most of the endowment plans the policy holder has to pay a total premium which is equal to the sum assured but in the new plan the total premium is less than the sum assured. The SDM said that lIC has re launched special revival campaign and customers can revive their lapsed polices from January 1 to February 29.
In this campaign the lIC would offer rebate in the late fees for reviving the lapsed policies. Dispelling doubts over the single premium “Jeevan Akshay’ plan, Verma said that the plan is still in force and it is getting tremendous response from the agent force due to its fixed and assured rate of returns.
The SDM of lIC said that those policy holders whose policies are nearing maturity should update their account numbers so that hassle free transfer of money on policy maturity can take place. He said that addresses of many policy holders especially in Tehri district are not traceable. Verma said that 10 and 12 passed candidates can join lIC by becoming Rural Career Agents (RCA) and City Career Agents (CCA).