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Bahrain-headquartered Life Insurance Corporation (International), a subsidiary of Life Insurance Corporation (LIC) of India on Sunday launched ‘Jeevan Aastha 2’, an investment plan offering a combination of insurance and guaranteed returns for non-resident Indians (NRIs) in the Sultanate of Oman.
‘Jeevan Aastha 2’, offers insurance and guaranteed returns to the policy holder on a single premium. Customers can choose between three, five or 10-year terms and the guaranteed returns offered are $50, $55 and $57.50 per thousand basic sum assured, plus top-up premium for three, five and 10-year terms, respectively,” VS Madhu, Resident Manager-Oman, LIC (International), told the media at the launch event.
He said the sum assured could be a minimum of $2,500 and a maximum of $48,000. The plan, which provides an opportunity to increase savings, will be open for subscription for only two-months, he said.
“We are offering higher returns compared to NRE fixed deposits. Further, LIC (International) has declared the highest bonus rates among life insurance companies in the Gulf region,” he said.
Madhu said the maturity benefit for Jeevan Aastha 2 would be sum assured with guaranteed returns plus top up premium if any with guaranteed returns on that. The plan has flexible features such as withdrawal facility after two years with provision for availing loans if required during the term of the policy, he said. The minimum premium amount is $2,500, he said.
“We hope to collect premium amount of around $2.5 million through Jeevan Aastha 2,” he said. This product is in addition to 20 other products of the company that caters to education, marriage, pension, health insurance and unit-linked policies, he said. Source : Oman Tribune
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