The Life Insurance Corporation of India (LIC) will launch three new insurance plans on October 19. The new products include a deferred annuity plan, a health insurance plan and a cancer cover plan.
LIC announced the launch in a regulatory filing dated October 12. All three products will be available for sale in the domestic market.
The three products are LIC's New Jeevan Dhara - II, LIC's Health Shield and LIC's New Cancer Cover. Each plan is designed to serve a different insurance need.
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What Are The Three New LIC Plans?
1. LIC's New Jeevan Dhara - II
It is a non-linked, non-participating, individual, savings, deferred annuity plan. Under this plan, benefits payable on death or survival are guaranteed and fixed. Features of this plan are guaranteed annuity from inception, higher annuity rates at higher ages and life cover during the deferment period.
2. LIC's Health Shield
It is a health insurance plan that provides risk cover. It is a non-participating, non-linked individual plan.
3. LIC's Cancer Cover
It is a regular premium payment health insurance plan that provides financial protection in case the Life Assured is diagnosed with any of the specified early and/or major stage cancers during the policy term. Early-stage cancers that are covered include carcinoma-in-situ, prostate cancer, thyroid cancer, bladder cancer, chronic lymphocytic leukaemia and cervical intraepithelial neoplasia.
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All three products fall under the non-participating, non-linked individual insurance category. LIC has announced October 19 as the date from which these plans will be available for sale in India.
On October 12, shares of Life Insurance Corporation of India (LIC) rose to Rs 393.10 on the BSE, compared with the previous closing price of Rs 379.50. This means the stock gained Rs 13.60, or around 3.58%.
During the trading session, the share price touched a high of Rs 394.50 and a low of Rs 379.50. A total of 43.45 lakh shares were traded in 5,725 transactions. The total value of shares traded during the day was around Rs 168.84 crore.
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