The country's largest insurance company, Life Insurance Corporation of India (LIC) has launched a new savings life insurance plan titled Bima Ratna which is non-linked, non-participating, and is an individual scheme that provides a long series of protection and savings to the policyholder.
Unveiled on May 27, Friday, the new LIC policy, Bima Ratna is aimed to cater to the domestic market and can be purchased through multiple means including Corporate Agents, Insurance Marketing Firms (IMF), Brokers, CPSC-SPV, and POSP-LI engaged by these intermediaries viz. Corporate Agents, Insurance Marketing Firms (IMF), and Brokers.
In addition to that, the plan will not only help in providing necessary financial support to the family after the unfortunate death of the policyholder but, will also offer payouts on a periodic basis to the holder for survival to help meet his various financial needs. It also looks after the liquidity requirements through a loan option.
In the meantime, while the option of availing of the scheme is already available on the website of the insurance company, check some of its key features which help it to stand out.
In addition to the features, the plan also comes with certain restrictions and settlement options. While there is no limit on the maximum basic sum assured, the term for the policy can vary from 15 years, 20 years, and 25 years.