Source: Economic Times
Context:
Life Insurance Corporation of India (LIC) launched two new life insurance plans — Jan Suraksha (Plan 880) and Bima Lakshmi (Plan 881) — under its first product launches post the GST regime. These plans aim to cater to specific demographics, focusing on financial inclusion and women empowerment.
LIC Jan Suraksha (Plan 880)
Type: Non-participating, non-linked individual savings plan.
Target Audience: Lower-income individuals.
Key Features:
- Policy Term: 25 years
- Premium Paying Term: 5 years
- Entry Age: 18–55 years
- Minimum Sum Assured: ₹50,000
- Guaranteed Additions: 4% of annualized premium at year-end
- Loan Facility: Available after one year of premium payment
- Auto Cover: Commences after 3 full years of premiums
Significance: Promotes long-term savings and life cover for economically weaker sections.
LIC Bima Lakshmi (Plan 881)
Type: Non-linked plan with life cover and periodic money-back options.
Target Audience: Exclusively women.
Key Features:
- Policy Term: 25 years
- Premium Paying Term: 7–15 years
- Entry Age: 18–50 years
- Minimum Sum Assured: ₹2,00,000 (no maximum, subject to underwriting)
- Critical Illness Rider: Optional with additional premium
- Auto Cover: After 3 full years of premium
Significance: Supports women’s financial empowerment and provides periodic liquidity along with life cover.
