LIC is in the process of bringing a new single premium policy after a break of two and a half years. Keeping in view volatile markets and judging market sentiments, LIC is ready to launch its best-selling insurance product in the form of a single premium policy.
Almost two and half years back, LIC launched a single premium policy “Jeevan Astha". Investors responded eagerly to Jeevan Astha. In fiscal year 2009, around 1.8 million policies were sold amounting to Rs. 10,235 crore in just forty-five days.
LIC is now waiting to get the permission from IRDA and is aiming to launch it in the first week of September.
The product is expected to give a fixed return of 7% - 8% per year with insurance cover also. The policy also offers tax exemption and has a tenure choice of 5-10 year.