The Life Insurance Corporation of India (LIC), India’s largest insurer, has launched “Bima Ratna” – a non-linked, non-participating, individual, savings life insurance plan. The new plan, which is aimed at the domestic market, provides both protection and savings.
Key Features of LIC’s Bima Ratna Plan:
- Bima Ratna can be purchased through Corporate Agents, Insurance Marketing Firms (IMF), Brokers, CPSC-SPV, and POSP-LI employed by these intermediaries namely Corporate Agents, Insurance Marketing Firms (IMF), and Brokers
- The key features of the plan include Death benefits, Survival benefits, Maturity benefits, Guaranteed Additions, Settlement Options, Grace Period and Revival solutions among other things.
- The Bima Ratna plan from LIC provides financial assistance to the policyholder’s family in the case of the policyholder’s untimely death during the policy term. It offers for periodic payments for the policyholder’s survival at specified intervals to address various financial demands.
- The plan also addresses liquidity requirements through a loan facility.
- Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (monthly premiums can only be paid through the National Automated Clearing House (NACH)) or by deductions from salary.
Important takeaways for all competitive exams:
- LIC Chairperson: M R Kumar;
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956.