LIC launches new life insurance product

 Life Insurance Corporation of India (LIC) has recently launched its new product – a non-linked single premium plan Jeevan Sugam. It is a conventional closed ended plan and is available for purchase only for a limited period. It provides for a risk cover of ten times the single premium paid for a fixed term of ten years. On survival, maturity sum assured along with loyalty addition shall be paid to the policyholder. The amount of loyalty addition shall depend on LIC’s claim experience. The policy shall be eligible for tax benefit under section 80 C as per existing provisions of Income Tax Act. [NT]