NAGPUR: Aiming at accessibility of insurance for the rural population, Life Insurance Corporation of India (LIC) will be launching 'AADHAR Stambh' and 'AADHAR Shila' endowment policies on Monday. The Aadhaar number linked plans will start at a minimum assured sum of Rs75,000 and a maximum of Rs3 lakhs with terms ranging from 10 to 20 years, informed senior divisional manager of LIC Nagpur Ashwini Kumar Jha in a press conference held at the company's division office on Kingsway Road, on Saturday.
The Stambh and Shila policies are designed for individual males and females respectively, between ages 8 to 55 years with no medical tests required prior to availing the policy. The premiums on the new policies are cheaper than existing focusing largely on the rural demographic, according to marketing manager Devojit Sanyal
The new plans are cheaper by 30 to 35% compared to our existing best-sellers. Moreover, our competitors cater largely to the urban population and miss out on the revenue generating prospects in the rural areas. Our target is to sell 70,000 new policies in the current fiscal year within our division," he said.
