Correct Answer : Option (C) - Life Insurance Corporation of India
LIC has a new life insurance product called Bima Ratna, a non-linked, non-participating, individual savings life insurance product that combines protection and savings. The policy was launched on May 27, 2022.
Goal of the policy :
* This plan provides financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term, as well as periodic payments on the policyholder's survival for predetermined periods of time to meet a variety of financial needs. Through a loan facility, this approach addresses liquidity concerns.
How to buy LIC Bima Ratna :
* This product can be currently purchased through 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.
* The key features of the plan include Death benefits, Survival benefits, Maturity benefits, Guaranteed Additions, Settlement Options, Grace Period and Revival solutions among other things.
* The Bima Ratna plan from LIC provides financial assistance to the policyholder’s family in the case of the policyholder’s untimely death during the policy term. It offers for periodic payments for the policyholder’s survival at specified intervals to address various financial demands.
* The plan also addresses liquidity requirements through a loan facility.
* Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (monthly premiums can only be paid through the National Automated Clearing House (NACH)) or by deductions from salary.