India, May 27 -- Life Insurance Corporation (LIC) of India on Tuesday launched two new joint life insurance products - LIC's New Jeevan Sathi Single Premium (Plan 888) and LIC's New Jeevan Sathi Limited Premium (Plan 889) - aimed at offering savings and protection benefits to married couples.
The non-linked, non-participating individual savings plans were launched by LIC CEO & MD R. Doraiswamy in the presence of Managing Directors R. Chander, Dinesh Pant and Ratnakar Patnaik.
The plans provide joint life cover for married individuals and their spouses under a single policy, with a minimum basic sum assured of Rs 3 lakh. LIC said the products offer guaranteed maturity and death benefits along with flexibility in choosing death benefit options.
Under Plan 888, policyholders need to pay a single premium, while Plan 889 allows premium payment for limited periods of 5, 10 or 15 years. Both plans will be available for purchase from June 1.
Published by HT Digital Content Services with permission from Millennium Post.