LIC launches micro insurance product

28 September 2006

Mumbai: LIC has launched a micro insurance product targeted to benefit the economically underprivileged segments of society. The policy – Jeevan Madhur – launched by President A P J Abdul Kalam, will cover individuals in the 18-60 age group.

The policy offers a minimum assured sum of Rs 5,000 and a maximum of Rs 30,000 and the premium can be paid weekly, fortnightly, monthly, quarterly, half-yearly and yearly.

The minimum premium is fixed at Rs25 per week, Rs50 for fortnightly, Rs100 per month and Rs250 for periods above. The policy has a tenure of 5 to 15 years.

The likely assured sum on maturity on a Rs1,200 per annum premium for a 15-year-term would be Rs18,396.

LIC will market the plan through micro insurance agencies.