When I read about the news of Jeevan Deep policy, the third micro insurance product from LIC in The Hindu, I thought let me grant my mom’s wish that I own a LIC policy (she asks me three times a day like dont we have meals to buy LIC policy since I started working!!). The main inhibition for me with having a LIC policy was the thought of paying relatively higher premiums for years and the pretty low returns I would receive when I turn 60.
However, the micro insurance product was something affordable as the plan assured a sum of minimum Rs 5000 to maximum Rs 30,000 as risk coverage and you need to pay only annual premium of Rs 500!!…and what more….the LIC authorities have made it attractive to earn customers by offering flexible payment modes; either you pay them lumpsum or monthly, half-yearly or yearly!!!
The new policy is designed for small income group and was launched as part of financial inclusion efforts by LIC. But I feel the policy also best suits the young guys and gals who have just started earning themselves… guys it cost just Rs 500 a year, may be cost of one meal for you and girlfriend and vice versa in McDonald or KFC.
The maturity period of Jeevan Deep range from 5 to 15 years and the product comes with guaranteed amount along with loyalty addition. The insurance plan also has accidental cover and auto cover facility attached with it. If in case you are not able to (most probably you don’t want) to pay the premium after 2 yrs you will receive the full death benefit from due date to first unpaid premium. Well, death benefits means the basic sum assured along with guaranteed and additions and loyalty additions.
Well, LIC have now one more product in name of Jeevan Deep in its kitty and is all the way to support the financial inclusion activities of government.