LIC introduces Bima Nivesh Triple Cover
By Our Banking Bureau | 02 Jul 2002
This
is a short-term (10-year), single premium scheme which envisages
payment of thrice the basic sum assured in the event of the death
of the policyholder during the term of the policy.
As against this, the basic sum assured along with guaranteed additions and loyalty addition will be payable to the policyholder at the end of the term of the policy, an LIC spokesman says.
Guaranteed additions will be made at a compound rate of Rs 60 per 1,000 sum assured per year accruing at the end of each policy year. Loyalty additions will depend on LICs experience with regard to interest, mortality and expenses.
The minimum and maximum sum assured under the plan is Rs 25,000 and Rs 10,00,000, respectively, and it is open to those in the age group of 18 to 50 years.
LIC managing director and current-in-charge A Ramamurthy says unlike LICs other triple cover high-risk policies like Jeevan Mitra Triple Cover and Jeevan Griha Bima Nivesh Triple Cover provides for payment in the single-premium mode.
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