LIC launched its first policy called Single Premium Endowment Plan based on the new IRDA (Insurance Regulatory and Development Authority) Regulations. All other policies of LIC of India have been withdrawn and the new policies meeting revised guidelines are expected to be rolled out soon.
The dates for the Policy Launches have been released:
1) Single Premium Endowment Plan - Table no. 817 : 1st January 2014
2) New Endowment Plan - Table no. 814 : 3rd January 2014
3) New Moneyback Plan (20 years Term) - Table no. 820 : 6th January 2014
4) New Moneyback Plan (25 years Term) - Table no. 821 : 6th January 2014
5) New Bima Bachat - Table no. 816 : 7th January 2014
6) New Jeevan Anand - Table no. 815 : 8th January 2014
LIC Single Premium Endowment Plan is an endowment policy where the policyholder has to pay only one single premium at the start of the policy term. It is available to any individual up to the age of 65 years.
In this plan, the entire premium is paid in a lumpsum just once at the start of the policy. This plan offers bonus and is not linked to the market. The Sum Assured along with accrued Bonuses are paid to the Policyholder on survival till the end of the Policy Tenure or to the nominee in case of death of the Life Insured within the Policy Tenure.