LIC Scheme: LIC launches two risk-free schemes as Diwali gift for the middle class..
A few days before Diwali, the country's largest insurance company, LIC, has given a Diwali gift to the common man, or rather, the middle class. In fact, keeping in mind the pockets and savings of the lower-income and middle-class, the company has launched two insurance schemes. Both schemes are completely risk-free and have no connection to the stock market. According to LIC, there is no provision for bonuses in either scheme.
The Life Insurance Corporation of India (LIC) stated in an exchange filing on October 14 that both schemes will be available to the general public from October 15. Both schemes will cater to different individual needs. Let us explain the names of these two schemes and how they will benefit.
LIC Jan Suraksha
The LIC Jan Suraksha Scheme is a low-cost insurance scheme specifically for lower-income individuals. This scheme is a non-participating and non-linked insurance scheme, meaning it is not linked to the market or bonuses. Since it is a microinsurance plan, it is tailored to the needs of economically weaker sections of society. Such plans are available at low premiums with convenient payment options.
LIC Bima Lakshmi
LIC's Bima Lakshmi is a new life insurance and savings plan launched by LIC. It is also a non-par and non-linked plan, meaning returns are not linked to market performance and will not include bonuses. This plan likely offers both life insurance and maturity or savings, and is aimed at meeting the needs of individuals.
Company Shares Rise
Amidst the announcement of two new plans, LIC's stock saw a rise, defying the weak trend in the Indian stock market. LIC's share price reached a high of ₹904.15 and a low of ₹893.45, compared to its previous closing price of ₹897.25. Although LIC's share price performance has been disappointing on a year-to-date (YTD) basis, declining 6% and 0.5%, respectively, the public sector venture's stock has seen a 17% increase in six months.
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