The new plan that LIC launched 23.06.2023 is a close-ended single premium plan (869) with combination of protection and savings. The policy conveys assured returns in case of unfortunate death of the life assured. It is a Non-linked, non-participating, individual savings plan. Thus, it guarantees no future premium or no lapsation option after the death of the life assured.
The additions that are guaranteed with term are accrued each year by ranging from 60/- – 75/- as per plans you choose. The minimum assured returns is Rd 1,25,000/- and can be opted for more in multiples of RS. 5000/-.
The life assured will get both the guaranteed sum and basic sum after the death, or get the basic sum assured along with guaranteed sum accrued by the stipulated term of the life insurance.
The plan also comes with 10, 15 & 18 years of maturity period.
Overall, it can provide some assured sum that you invest to support your family after your death, or can be an asset in your life span. The plan also comes with liquidity option that is available 3 months after competition of the policy.
Learn more here: Basunivesh