Life Insurance Corp (LIC) is looking at repositioning three of its conventional non-ULIP products, Jeevan Tarang, Jeevan Anand and Jeevan Sathi, soon. The repositioning is being done to make the products popular with better publicity, said RR Dash.
At present, the sale ratio of ULIP to non-ULIP products is 80:20, and the target is to convert it to 70:30. Besides, products like Tarang and Anand have some special features, he said. In Tarang, even after the maturity, the policyholders will get survival benefit till 100 years of age. In case of Anand, they will get the life-cover even without paying the premium after maturity.
Market Plus -I covers life, accident benefit and critical illness for insurers from 18-75 years. The amount of critical illness benefit ranges from Rs 50,000 to Rs 10 lakh, and in case of accident, it is between Rs 25,000 and Rs 50 lakh. LIC has contributed Rs 1,583.26 crore as development loans to the state government. In terms of the amount, it is only secong to Maharashtra, where LIC contributed Rs 1,622.58 crore, Dash said. Last fiscal, the first-year premium income was to the tune of Rs 4,102 crore. At present, LIC is enjoying a market share of 63.64%.
At present, the sale ratio of ULIP to non-ULIP products is 80:20, and the target is to convert it to 70:30. Besides, products like Tarang and Anand have some special features, he said. In Tarang, even after the maturity, the policyholders will get survival benefit till 100 years of age. In case of Anand, they will get the life-cover even without paying the premium after maturity.
Market Plus -I covers life, accident benefit and critical illness for insurers from 18-75 years. The amount of critical illness benefit ranges from Rs 50,000 to Rs 10 lakh, and in case of accident, it is between Rs 25,000 and Rs 50 lakh. LIC has contributed Rs 1,583.26 crore as development loans to the state government. In terms of the amount, it is only secong to Maharashtra, where LIC contributed Rs 1,622.58 crore, Dash said. Last fiscal, the first-year premium income was to the tune of Rs 4,102 crore. At present, LIC is enjoying a market share of 63.64%.
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