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LIC Introduces Second Micro Insurance Product

The Jeevan Mangal product targets at groups with lower income, as well as those living in remote rural areas

The Life Insurance Corporation of India (LIC) has introduced it’s second micro insurance product, Jeevan Mangal, that targets at groups with lower income, as well as those living in remote rural areas – reported Business Standard.

V K Sharma, manager of LIC South Zone, said: This policy, a term assurance plan with return of premiums paid on maturity, will be sold only by Self Help Group (SHG) and NGOs. We have set a target of selling a minimum of five lakh policies during the first year.”

Reportedly, the micro insurance plan intends to offer return of premium on maturity providing for sum assured (risk cover), ranging from minimum of INR10,000 to maximum of INR50,000, with an optional accident benefit rider on death due to accident.

LIC has been providing flexible modes of premium payment like weekly, fortnightly, monthly, quarterly, half-yearly and annually. There is also a single premium payment option, claims the compmay. LIC’s Coimbatore division added that they are aiming a target of 40,000 Jeevan Mangal policies for the year.