LIC Jeevan Nischay : new guaranteed single premium plan from LIC

LIC Jeevan Nischay the new guaranteed single premium plan will be announced today by LIC – Life Insurance Corporation (LIC) of India. The plan similar to last year launched Jeevan Aastha is expected to give new life to life insurance market in the backdrop of global financial crisis. The policy will be on sale for a limited period till the end of March 2010.

According to unconfirmed reports an investment of Rs 1 lakh in LIC Jeevan Nischay would mature into Rs 1.7 lakh after 10 years. The exact yield and the loyalty additions of LIC Jeevan Nischay will be known only after the policy will be launched.

Features LIC Jeevan Nischay plan

• The policy will be available only to existing policyholders of LIC
• The amount a person can invest will be linked to the extent of protection the individual already has purchased.
• Available to only those who are not subject to any additional charges for ill health
• The policy covers only the mandatory five times of the premium amount for the first year of insurance. For subsequent years, the sum insured will be equivalent to the premium paid.

Sources say that key objective of the policy is to tap the maturity benefits offered under an older plan Bima Gold, which sold more than 1 crore policies when it was launched and is maturing now. For example Jeevan Aashta last year had mobilised close to Rs 10,000 crore, as it offered a guaranteed returns in turmoiled market.

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