India's state-owned insurance group and investment company, Life Insurance Corporation (LIC) has introduced two new policies for its customers.

The policies include include a unit based scheme, dubbed Flexi Plan, and the New Jeevan Nidhi, which is a conventional product with profit pension plan.

Flexi Plus is designed to offer lump sum benefit on the policyholder’s death, in addition to the maturity benefit, irrespective of survival of the policyholder, according to a statement by the company.

The premium amount can be selected by the policyholder according to their desires, depending on which the term and equivalent level of cover will be finalized.

New Jeevan Nidhi is a profits deferred annuity pension plan falling under the company’s general schemes, and offers both death cover during deferment period and annuity on survival to the date of vesting.