LIC launches new product

Hyderabad: State-owned Life Insurance Company recently launched a new plan called as 'Navjeevan'. Offering protection and savings, the plan is non-linked,participating andendowment life assurance.

LIC informed to have sold 700 of this policy on the day of its launch from south central zone, and 3,000 policies across India, collecting a new premium income of Rs 8 crore.BVinoda Kumari, Zonal Manager (Incharge), South Central Zone, said: "This product provides a wide range of options in terms of payment of premium, riskcoverage and optional riders.Likewise, theproposer has an option to select the LIC's accidental death and disability benefit rider.

"Further, she said that apart from tax benefits, the plan also offers liquidity through loan facility. "The policyholder has an optionto pay the premium as a single premium or for a limited payment term of five years. Also,it provides for payment of maturity or death claim amount in instalments," the LIC official added.