LIC News: Upcoming 4 LIC Plan Launches on November 18

Upcoming LIC Plan on November 18 – The Life Insurance Corporation of India (LIC) is set to launch a new suite of revised and modified insurance plans on November 18, aimed at offering customers a wider array of choices and improved benefits. Following the changes introduced in October 2024, LIC continues its push to meet market demand and respond to feedback from policyholders and agents alike.

This article will explore the details of these plans based on recent updates from LIC, examining the features of the Bima Shree, Jeevan Tarun, Money Back Plan, and Group Insurance Plan. Let’s delve into each plan and see what LIC has in store for its customers.

Also see: LIC launched 4 new plans, LIC agents are facing problems due to change in Rules

1. LIC Bima Shree Plan 748: The High Sum Assured Choice

LIC Bima Shree, now launched under Plan 748, is a high-net-worth (HNW) insurance plan with guaranteed additions. This policy is geared towards individuals seeking substantial life cover and consistent growth in their policy value. The plan’s key aspects include:

• High Minimum Sum Assured: The policy mandates a minimum sum assured of ₹10 lakh, catering to HNW individuals or clients who prefer substantial coverage.
• Flexible Premium Payment Options: Premiums can be paid monthly, quarterly, half-yearly, or annually, providing clients with flexibility.
• Premium Waiver: The policy allows a waiver of premiums for four years, a unique benefit that reduces the long-term cost of maintaining high-value coverage.
• Guaranteed Additions: Guaranteed additions ensure that the policy value grows consistently, providing clients with a reliable investment avenue that pairs well with life cover.

For clients seeking large, secure investments with steady growth and flexible payment options, Bima Shree stands out as a strong choice. It’s an ideal product for those looking to build long-term financial security.

Also see: LIC Bima Shree Plan 748

2. LIC Jeevan Tarun Plan 734: A Revised Child-Centric Policy

LIC Jeevan Tarun has returned as Plan 734, a popular option among parents. Designed to offer financial security to children, it provides a stream of income between the ages of 20 and 25. This makes it ideal for funding higher education or supporting a young adult’s early career. Some key highlights include:

• Regular Income Stream: Once the policyholder’s child turns 20, they begin receiving a steady income, which continues until they turn 25. This provision ensures that educational expenses are covered.
• Flexible Withdrawal Options: Parents can choose to withdraw the accumulated benefits yearly or defer the amount until the child turns 25, based on their financial planning needs.
• Premium Waiver Rider: In case of the unfortunate demise of the premium payer, future premiums are waived, securing the child’s education fund. This feature makes Jeevan Tarun particularly appealing for families.

Parents seeking a structured financial plan for their children will find Plan 734 beneficial, as it ensures monetary support precisely when educational expenses are at their peak.

Also see: LIC Jeevan Tarun Plan 734

3. Revised LIC Money Back Plan 720

The first of these policies is a revised version of LIC Money Back Policy, which was previously sold under various table numbers, including 820 and 920. This policy offers periodic payouts, making it ideal for clients needing regular liquidity. The new iteration, Plan 720, retains the core advantages of a Money Back plan, such as:

• Periodic Payouts Every Five Years: Clients receive a portion of the sum assured at intervals, providing financial support for education, unforeseen expenses, or any planned outlay.
• Higher Premium for Added Benefits: While this policy has a slightly higher premium compared to standard plans, it compensates through the periodic returns and ongoing bonus additions. The sum assured decreases with each payout, yet a bonus accrues, adding long-term value.

This plan suits clients looking for a mix of life cover and intermittent liquidity, particularly useful for families planning children’s education or those needing periodic income.

Also see: LIC New Money Back Plan 720 Details

4. LIC Group Insurance Plan (P&GS Department)

The Group Insurance Plan is introduced by LIC’s Pension and Group Scheme (P&GS) department. This policy is crafted for corporates and institutions, providing comprehensive group coverage. Unlike individual policies, the Group Insurance Plan focuses on protecting the workforce of an organization and covers essential services such as:

• Corporate Group Insurance: Employers can provide group life insurance to employees, ensuring financial security for families in case of unforeseen circumstances.
• Medi-Claim Benefits: This group policy includes options for healthcare benefits, an attractive feature for businesses aiming to offer employee health insurance coverage.
• Liability Coverage and Superannuation Benefits: The policy includes general liability, group gratuity, and superannuation benefits, aligning with many corporates’ retirement and health benefit schemes.

By adding this group plan to their portfolio, LIC aims to expand its reach within the corporate sector. Organizations can leverage this plan to enhance their employee benefits packages, contributing to workforce satisfaction and loyalty.

Also see: LIC Jeevan Utsav Plan 771

Why These Plans Are Opportunities for LIC Agents

The launch of these four plans aligns with current market trends, offering new avenues for LIC agents to reach a broader client base. Here’s how each plan can contribute to an agent’s success:

1. Attracting Different Client Segments: The diversity among these policies—from high-net-worth plans like Bima Shree to family-oriented options like Jeevan Tarun—allows agents to cater to a range of clients.
2. Financial Flexibility: Money Back and Bima Shree plans address both liquidity and investment needs, making them appealing to clients with specific financial goals. Agents can tailor their recommendations based on each client’s unique financial planning requirements.
3. Growth Potential in the Corporate Sector: The Group Assurance Plan creates a new revenue stream for agents through corporate partnerships, allowing them to expand their client base from individual to institutional clients.
4. Enhanced Trust through Established Policies: These policies build on LIC’s legacy products, allowing agents to present plans that come with the reliability of LIC but with updated features that meet modern financial demands.

Also see: LIC New Jeevan Anand Plan 715

Benefits of Updated Policies to Clients

These new LIC policies are designed to adapt to the evolving needs of clients. From individuals seeking regular income and flexible premiums to corporates aiming to enhance employee benefits, LIC’s latest plans deliver tailored solutions. By introducing revised versions of popular plans, LIC ensures clients can access policies they trust, now enhanced to align with contemporary market expectations.

Strategic Advantages of the New Policies

• Policy Customization and Market Responsiveness: LIC’s decision to reintroduce and revise popular policies reflects its awareness of client demand. Money Back and Jeevan Tarun policies, previously discontinued, have been revamped to cater to the specific needs of clients seeking liquidity and secure education funds.

• Comprehensive Financial Solutions: Offering policies like Bima Shree alongside the Group Assurance Plan enables LIC to cater to both individual and institutional financial needs, positioning it as a versatile insurance provider.

• Focus on High-Net-Worth Individuals: Bima Shree high sum assured and guaranteed additions are a strategic move to capture the HNW segment, which often seeks policies offering both substantial coverage and wealth growth.

• Corporate Sector Expansion: The Group Assurance Plan provides LIC agents a valuable entry point into the corporate sector, allowing them to diversify and strengthen their client portfolios by serving business clients.

Also see: LIC Bima Jyoti Plan 760

Conclusion

LIC’s latest policy additions mark an exciting phase for both agents and clients, reflecting its commitment to delivering adaptable, goal-focused products. The four policies—Bima Shree, Money Back, Jeevan Tarun and Group Assurance—offer flexible solutions tailored for a range of financial objectives, from individual growth to corporate protection.

With these new policies, LIC agents are well-positioned to make a positive impact on their clients’ financial futures. Through comprehensive insurance options that cater to different stages of life, income levels, and corporate needs, LIC demonstrates its dedication to evolving with market demands.

Also see: LIC Index Plus and LIC Nivesh Plus Plan 749

Frequently Asked Questions (FAQs)

Also see: LIC New Jeevan Shanti Plan 758

Disclaimer: This article provides a general overview of upcoming LIC plans based on recent information. For accurate details on terms, benefits, eligibility, and premium rates, customers should consult official LIC policy documents or speak with an LIC advisor. This article is not a substitute for professional insurance advice and should not be used as the sole basis for financial decisions.