India's largest insurer, Life Insurance Corporation of India on Monday launched its close-ended single premium product, Jeevan Aastha that offers guaranteed benefits to customers.The plan has a maximum shelf life of 45 days and offers five and ten year maturities to customers, LIC Chairman, T S Vijayan told reporters in Mumbai on Monday.
The scheme has fixed the minimum age at entry as 13 years which would enable parents to make provisions for higher education of their children, Vijayan said.
Similarly, the maximum age at entry has been fixed as 60 years. The plan offers guaranteed addition of Rs 100 for every thousand of maturity sum assured for 10 years term and Rs 90 per annum for policies with five year term.
The policy holder can also avail the benefits of tax exemption and has the options of surrendering the policy or to raise loan under the policy, the Chairman said.