LIC launches two new products-One is for women, the other for men

Two new products of Life Insurance Corporation (LIC) were launched in Hyderabad on Monday.

A release from the insurance major said the two non-linked, with profits, regular premium, endowment assurance plans are for individuals having Aadhaar card. While LIC’s ‘Aadhaar Shila’ is a plan exclusively for women, the ‘Aadhaar Stambh’ is exclusively designed for men.

LIC Zonal Manager T.C. Suseel Kumar has launched the new policies, a release said, adding that the plans offer a combination of protection and savings and provide a lump sum amount at the time of maturity for the surviving policyholder. Under the plans, financial support for the family will be provided in case of unfortunate death of the policyholder any time before maturity.

The maturity benefit under both the plans will be the sum assured with loyalty additions if any. The total basic sum assured issued to an individual under this plan will be up to Rs.3 lakh. Plans are for those aged 8-55 years.

The maximum age of maturity is 70 years and the terms available are from 10 to 20 years. An optional benefit of LIC’s Accident Benefit Rider is available on payment of additional premium.

The two new plans also take care of liquidity needs through auto cover as well as loan facility, the release said.