The life Insurance Corporation (lIC) of India has launched a new policy ‘Jeevan Pragati’. Informing about the new plan the Senior Divisional manager (SDM) of lIC, Ramesh Chandra said that the feature of the policy is that the risk cover in it increases with time.
The entry age for the plan is 12 years and person up to 45 years of age can purchase it. He said that from sixth policy year to 10th year the risk cover increases to 125 percent of sum assured while in 11th to 15th year it becomes 150 percent and increases to 200 percent from, 16th to 20th year of the policy.
The SDM said that this policy is ideally suited as risk cover increases with age which is desirable. He informed that the Insurance Regulatory Development Authority of India (IRDAI) chairman T S Vijayan started E services in the lIC on February 01.
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.