Life Insurance Corporation of India (LIC) has launched a new plan for the people. Announcing the plan, the insurance company said it would be effective from the day it was launched. It is a non-linked, non-partnership, personal, savings life insurance plan that combines protection and savings. LIC has dubbed this plan as accumulation policy.
The corporation said the scheme offers guaranteed income benefit during the payment period from maturity date and guaranteed terminal benefit payable with the last installment of GIB.
Wealth Savings Scheme is available for a minimum of 5 years and a maximum of 15 years. The plan offers Level Income Benefit, Incoming Benefit, Single Premium Level Income Benefit and Single Benefit.
Guaranteed Return
Guaranteed compensation will be given to the policyholder under this policy. In addition, this amount will be payable as Guaranteed Terminal Benefit, which will be paid on maturity of the policyholder.
Death Benefits
In case of unfortunate death of the policyholder, the scheme will provide financial assistance to the family during the term of the policy after the commencement of the policy. Death benefits will be paid together or in installments over a period of 5 years as per your choice.
Loan Facility
This policy provides loan facility to the policyholder. The scheme monitors liquidity through lending facilities. Optional with additional payment available.
What will be the sum insured?
The minimum sum insured for options A and B is Rs. 3,30,000. At the same time, for option C, it is Rs. 2,50,000 and for option D Rs.Is 22,00,000. There is no maximum premium limit. The minimum age of entry is 3 years depending on the option chosen.
How to buy this Insurance plan
If you want to purchase this insurance plan, you can do so by visiting LIC’s website, offline – through LIC branch and agent.
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