LIC Jeevan Nischay | LIC Jeevan Saral licofindia
Life Insurance Corporation (LIC) of India is set to launch a new guaranteed single premium plan – Jeevan Nischay. The plan will be
similar to last year’s Jeevan Aastha which rejuvenated the life insurance market when confidence on financial services was shaken following the global financial crisis.
Although details of the guaranteed returns will be announced on Thursday, insiders say an investment of Rs 1 lakh would mature into Rs 1.7 lakh after 10 years. The exact yield and the loyalty additions will be known only after the policy will be launched. The policy will be on sale for a limited period until end of March.
There are several unique features in the plan, which differentiate Jeevan Nischay from last year’s close-ended single premium plan. For starters, the policy will be available only to existing policyholders of LIC. The amount a person can invest will be linked to the extent of protection the individual already has purchased.
For instance, someone with a term insurance plan of Rs 10 lakh or with a Rs 5-lakh policy with double compensation for accidental death can invest a maximum of Rs 1 lakh. This policy will also be available to only those who are not subject to any additional charges for ill health.
Officials said the minimum cover requirement was not really an exclusion, as an individual could always buy term insurance to the extent of investment that he wished to make.
According to sources, the main objective of the policy is to tap the maturity benefits offered under an older plan – Bima Gold, which sold more than 1 crore policies when it was launched. Jeevan Aashta had mobilised close to Rs 10,000 crore, as it offered a safe haven of guaranteed returns amidst the turmoil in the market.
The only difference is while Jeevan Aastha was launched when interest rates were crashing, Nischay’s launch coincides with RBI’s exit from the accommodative policy. Just as in the case of Jeevan Aashta, Jeevan Nischay is more like a single premium bond, as the protection it offers is only rudimentary.
The policy covers only the mandatory five times of the premium amount for the first year of insurance. For subsequent years, the sum insured will be equivalent to the premium paid.
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I donot think so it really works…..