LIC launches micro insurance product Jeevan Deep

NEW DELHI: Country's largest life insurer LIC today announced launch of its third micro insurance product Jeevan Deep.

This is an endowment assurance product with an added feature of guaranteed additions along with provision of loyalty addition, LIC said in a statement.

The plan provides for a sum assured or risk cover ranging from minimum of Rs 5,000 to maximum of Rs 30,000 with an optional accident benefit rider, together providing for total benefit equal to double the sum assured, on death due to accident, it said.

Flexible modes of premium payment have been provided ranging from monthly, quarterly, half-yearly and annually, it said adding a single premium payment option has also been provided.

This is the third micro insurance product offering by LIC, the first two being Jeevan Madhur, an endowment assurance plan and Jeevan Mangal a term assurance plan, it said.

All these micro insurance products of LIC are customised offerings to cater to the distinct needs of the most vulnerable low income sections of Indian population, it said.

Addition of one more micro insurance product in the kitty will enhance LIC's efforts towards financial inclusion initiatives of the government, it added.