LIC launches Jeevan Vidya Policy for children less than 10 years

ShareSansar March 20

LIC Nepal has endorsed new policy “Jeevan Vidhya Policy” in the market. The Policy was made public formally by Dr. Fatta bahadur K.C, the chairman of Insurance Board on Thursday at Yak and Yeti hotel. He asked the insurers to come up with new and different products that will be suitable for various market segments of Nepali Society.  

The policy is for children from 0 years to 10 years. The minimum sum assured is 1 lakhs whereas maximum sum assurance has no limits. The term of the policy is from 6 to 16 years. The policy will reach maturity when the policy holder reaches 16 years. The mode of payment can be yearly, half yearly, quarterly or monthly. There is also a provision for advance payment of the policy amount. If the entire policy amount is paid in advance then 5% compounding discount will be provided in the policy amount.

The Company’s CEO P.R Mishra discussed the unique features of the policy and said that this endowment plan to educational need of the children will bring parents at peace and help them get rid of the responsibility of child education.