Life Insurance Corporation of India (LIC) has rolled out its latest offering, known as single premium endowment plan, which can be taken for age group 90 days to 65 years for a maximum of 25 years term.
According to the insurer, the newly launched product is a profit non-linked plan, which combines the features of savings and protection plans.
The product, which features a single premium at the outset of the policy, offers full risk coverage to the policyholder for the term of the policy.
At the end of the policy term, the beneficiary will receive sum assured along with simple reversionary bonus and final additional bonus is payable, if any.
Designed to allow management of liquidity through its loan facility, the plan provides a minimum INR50000 sum assured for the product and in multiples of INR5000.
The plan, which is suitable for offering future educational needs of the children, can also be selected by individuals who seek financial protection with a single premium.