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Mumbai:
The Life
Insurance Corporation of India (LIC) has introduced a new facility
the term assurance rider under select life insurance
policies.
 Under
its whole life endowment and money-back plans, the new facility
will offer an extra risk cover to the extent of double the
existing risk cover under the plan, subject to an overall limit of
Rs 25 lakh. It will cost a small extra premium depending on
policyholders age, an LIC press release said.
The facility will be
available to policyholders between the ages of 18 and 50
years and the minimum extra risk cover will be Rs 1 lakh for a
period ranging from 10 to 35 years depending on the term of the
policy taken.
Initially, this facility
will be available only for new policies but may be extended to
existing policies eventually, the release said.
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