Life Insurance Corporation of India (LIC), the country's largest insurer, has introduced two new insurance products for the domestic market, available from 15 October. The two offerings, LIC Jan Suraksha and LIC Bima Lakshmi, are designed to cater to different individual needs, providing financial protection and savings benefits.

These are the first products LIC has launched under the new next-gen GST regime, the insurer said in a statement.

The LIC Jan Suraksha plan is a low-cost insurance scheme for individuals, particularly those from lower-income groups and economically weaker sections of society. It is a non-participating and non-linked insurance scheme, which means that it is not linked to the market or bonuses.

LIC Bima Lakshmi is a life insurance and savings plan specially designed for females. It is also a non-participating and non-linked scheme, offering both life cover and periodic money-back options.

Eligibility to apply for these schemes

A person can apply for these schemes only if they meet the following eligibility criteria set by the insurance company.

• LIC Jan Suraksha:

— An applicant must be at least 18 years old, with the maximum age limit set at 55 years.

— The applicant must be in good health at the time of application and should not be undergoing any medical examination.

• LIC Bima Lakshmi:

— The applicant must be a female with a minimum age of 18 years as of the last birthday, while the maximum age allowed is 50 years.

Sum assured in new LIC schemes

For LIC Jan Sureksha, the minimum basic sum assured is ₹1,00,000, while the maximum basic sum assured per life is ₹2,00,000. This basic sum assured shall be multiples of ₹5,000.

LIC Bima Lakshmi's minimum basic sum assured is ₹2,00,000, with no maximum limit per life (subject to the underwriting policy). The basic sum assured must be in multiples of ₹10,000.

Policy term details

The Jan Suraksha plan's policy term ranges from 12 to 20 years, with the premium-paying term calculated as the policy term minus 5 years. This means that if you have a 12-year policy, you only pay the premium for 7 years.

For LIC Bima Lakshmi, the policy term is 25 years and the premium paying term ranges from 7 years to 15 years.

Features of the schemes

Both schemes come with different features to benefit the policyholders.

• LIC Jan Suraksha:

— Life Micro Insurance plan.

— Premium can be paid as a limited premium.

— Auto cover after payment of three full years' premiums.

— Policy loan is available after payment of one full year's premiums and after completion of the first policy year.

— Guaranteed Additions from the inception till the end of the policy term.

• LIC Bima Lakshmi:

— Guaranteed additions are provided as a percentage of the total tabular annual premium in respect of premiums paid during the policy term.

— Offers flexibility to choose survival benefits from three available options.

— Option to defer the receipt of survival benefits.

— Flexibility to choose a premium paying term from 7 to 15 years.

— Allows payment of maturity or death benefit in instalments.

— Includes an auto cover facility after three full years of premium payments.

— Offers attractive incentives for a higher sum assured.

— Option to enhance coverage by adding riders with payment of an additional premium for rider benefits.