Mumbai: The Life Insurance Corporation of India has launched two new plans: Jeevan Anurag, a money back product, and Jeevan Nidhi, a pension product.

A statement released by the company described Jeevan Anurag as a plan which takes care of the need for higher education of the policyholder's son or daughter. The premium can be paid in a single lump sum or in installments.

The money back payments start flowing back at the rate of 20 per cent of the sum assured during the last three years before maturity, the balance 40 per cent being payable on maturity along with bonuses if any.

These payments are guaranteed in addition to the payment of the basic sum assured in case of the demise of the policyholder at any time during the term of the policy.

Jeevan Nidhi is a pension plan with endowment funding. The policy provides for life cover during the waiting period, along with guaranteed additions of Rs50 per thousand for each of the first five years and bonuses if any, thereafter.

On survival of the policyholder beyond the term of the policy, the amount accumulated is used to generate a pension for the policyholder. Pension, called an annuity, will depend on the interest rates prevailing at the time.