The Life Insurance Corporation of India launched a new policy ‘ Jeevan Mangal’, a Micro Insurance Policy, at its office, near Raghavaiah Park, here on Wednesday.
Describing the details of the policy, Senior Divisional Manager of Machilipatnam branch, P Mallikharjuna Rao said that the new plan was a term assurance plan with return of premiums on maturity where the policy-holder may pay premiums either lumpsum or in yearly, half- yearly, quarterly, monthly, fortnig htly or weekly installments and the minimum premium was Rs 15 per week.
Apart from this, the plan premium starts from Rs 10,000 and its duration is 10 to 15 years.
The policy also provides an insurance cover for accidents for policy-holders.
He said the plan was designed for the benefit of daily wage workers, labourers and poor people and it was run by SHG women and NGOs under supervision of LIC.
Bihar Governor Debananda Konwar launched the second micro insurance plan "Jeevan Mangal" of Life Insurance Corporation of India (LIC) in Patna .
"Jeevan Mangal" is a fixed term insurance policy that is maturity refundable with premimum.
The policy launched all india basis including chandigarh, kakinada, patna , and other cities by hon'ble ministers & governers.
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