The Life Insurance Corporation of India (LIC) has introduced two new insurance products, LIC Jan Suraksha and LIC Bima Lakshmi, which will be available for sale starting October 15. Both schemes are non-linked and non-participating, meaning they are not affected by market fluctuations, ensuring a safe investment. These products cater to different individual needs and are designed with the domestic market in mind.
LIC Jan Suraksha is specifically designed for low-income individuals, offering insurance coverage at a low premium. This plan is risk-free, making it an affordable and reliable option for those with limited income. It is a non-participating, non-linked insurance plan, which means it does not offer any bonuses and is not linked to the market.
On the other hand, LIC Bima Lakshmi is designed for the middle-class, providing both life insurance and savings benefits. A maturity amount is paid upon completion of the policy term, and investments are completely safe since it is not linked to the market. This plan is also non-participating and non-linked, meaning its returns are independent of market performance, and there are no bonuses. It aims to cover individuals who want to combine savings with insurance protection.
The launch of these two schemes provides investors with more options, catering to the diverse needs of the general public. Both plans offer a sense of security and stability, as they are not affected by market fluctuations. It is essential to note that investors should make informed decisions and take responsibility for their financial investments. The introduction of these products by LIC is expected to provide a boost to the insurance sector, offering more choices to customers and promoting financial inclusion.