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Insurance for every Indian by 2020
Life Insurance Corporation has launched two new plans exclusively for Aadhar card holders, with a motto to cover the lives and provide security through insurance to every Indian today in the city.The two plans from LIC\'s, Aadhar Stambh shall be issued on the male lives whereas Aadhar Shila is exclusively for female lives.
Insurance behemoth LIC selling 24 plans for Indians as of now
Visakhapatnam: Life Insurance Corporation has launched two new plans exclusively for Aadhar card holders, with a motto to cover the lives and provide security through insurance to every Indian today in the city.The two plans from LIC's, Aadhar Stambh shall be issued on the male lives whereas Aadhar Shila is exclusively for female lives.
K Muralidhar Senior Division Manager, explained the new two plans through power point presentation to the media,and said ,we have 22 plans with this new two plans LIC is selling 24 best plans in the market. The new two plans are non linked to (ULIPS) or not related to any share markets, with profits, regular endowment assurance plans, which are offered without any medical examination.
Both the plans are offered to the Aadhar card holders issued by the Unique Identification Authority of Inida, from the age of 8years to 55years old, with a sum assured to a individual under these plans shall not exceed Rs 3lakh, with a minimum sum assured of rupees 75, 000, with accident benefit rider also which is optional with a flexibility of choosing terms in between 10 to 20 years.
He also added that both the plans have similar benefits whereas the plan for female, Aadhar Shila will have 10 percent extra risk coverage. Both the plans are having excellent feature of auto cover, which will provide the policy holder the benefit of risk coverage during the period of nonpayment of premiums also for the policies after completing 3 years, from the date of issuance of policy, the auto cover period shall be six months and for those who completed five years, the auto cover period shall be two years. On survival till the end of term, the policy holder will get the maturity sum assured along with loyalty addition if any.
T K Pattanaik Marketing manager, who also addressed the media said that the Visakhapatnam division comprises twenty branches and eleven satellite offices, spread across Visakhapatnam, Vizianagaram and Srikakulam. Last fiscal the division closed the books on a high note, by occupying number one position in the south central zone, comprising three states Andhra, Telangana and Karnataka. The division completed 2.60 lakhs of policies and collected a first premium of Rupees 381 crores and achieved the annual budget and it is a record in the history of this division in the past ten years.
