LIC of India wins Golden Peacock Innovative Product Award-2011

Bhopal : As another step forward in its endeavour to provide innovative products and services to the Indian Public, the Life Insurance Corporation of India has launched a new plan. LIC’s Jeevan Ankur on 23rd January 2012. The product is speciality designed to meet the educational and other needs of the child. A conventional, with profits plan, Jeevan Ankur, is the most situable insurance plan for parents who have a child aged up to 17 years, for this plan ensures that their responsibilities are met under all circumstances, without depending on anyone else. The plan covers the risk on the life of the parent and the named child shall be the nominee under the plan.
AP Singh, Zonal Manager, Bhopal on launching said that in the event of unfortunate death of the parent during the policy term, the Basic Sum Assured is payable immediately on inforce policies. In addition, an Income benefit equal to 10% of the Basic Sum Assured is pavable from the policy anniversary coinciding with or next, following the date of death till the end of policy term to the nominee child. This will ensure the continuity of the child’s education without any additional burden. Not only this, the nominee child will also get a lumpsum amount equal to basic sum assured on the predefined maturity date of the policy along wth Loyalty Additions, if any, to support higher education or start in professional life.