5 years of Micro Insurance with LIC

CHENNAI: Soon after the promulgation of IRDA (Micro Insurance) Regulations, 2005, true to its commitment towards financial inclusion, the Life Insurance Corporation of India (LIC) set up a separate Micro Insurance Vertical. The first Micro Insurance Product ‘Jeevan Madhur’ was dedicated to the nation on 28.09.2006 at the hands of A P J Abdul Kalam, the then President of  India, intended for the low income group and especially those who have no fixed and stable income. This policy was an Endowment Assurance Plan with premium as low as `25 a week or `100 a month.

The second Micro Insurance Product ‘Jeevan Mangal’ – A Term Assurance Policy with return of premium on maturity was launched on 03.09.2009.

The policy provides for Sum Assured ranging from minimum of `10,000 to maximum of `50,000. Mode of premium payment ranges from weekly to yearly. Single premium option has also been provided. A Jeevan Mangal policy together with earlier Jeevan Madhur plan can provide to a low income policy holder a life cover benefit of up to `80,000 Sum Assured. On Thursday Micro Insurance Vertical of LIC completes 5 years. This vertical of LIC has provided the valuable risk coverage as well as small savings to more than 85 lakh people from the BPL and low income segments of the society, since inception.