Mumbai: Life Insurance Corporation of India (LIC) has launched two new policies. These policies are an investment-oriented insurance plan and a money-back plan with a guaranteed addition.

Bima Nivesh 2002, the investment-oriented policy, is for fixed terms of five and 10 years, for which the single premium will be Rs 985 and Rs 923, respectively, per 1,000 sum assured, says LIC chairman S B Mathur.

The mode of payment is single premium only and the minimum sum assured is Rs 25,000 and a maximum of Rs 50 lakh. The guaranteed additions at the compound rate of Rs 60 per 1,000 sum assured per annum and loyalty addition, if any, are payable on maturity.

The policy is an insurance plan with IT exemption under section 88 of the IT Act and tax-free returns. In the case of Jeevan Smriddhi, the money-back policy, the plan is available in four fixed terms of 12, 15, 20 and 25 years.