Life Insurance Corporation of India (LIC), the country's largest insurer, is set to broaden its product offerings with the introduction of two new life insurance plans and a health rider. This move aims to provide customers with more diverse insurance options and strengthen LIC's market position.

New Life Insurance Plans

LIC is launching two new life insurance products:

1. LIC's Nav Jeevan Shree: A new life insurance plan designed to offer comprehensive coverage to policyholders.
2. LIC's Nav Jeevan Shree – Single Premium: A variant of the Nav Jeevan Shree plan that allows customers to pay a single premium for the entire policy term.

These new plans are expected to cater to different customer needs and preferences, offering flexibility in premium payment options.

Critical Illness Health Rider

In addition to the new life insurance plans, LIC is introducing a Critical Illness Health Rider. This rider is designed to provide additional protection to policyholders in case of severe health conditions. By offering this rider, LIC aims to enhance the overall value proposition of its insurance products and provide more comprehensive coverage to its customers.

Expanding Product Portfolio

The introduction of these new insurance products and the health rider is part of LIC's strategy to expand its product portfolio. By diversifying its offerings, LIC seeks to:

• Meet evolving customer needs and preferences
• Strengthen its competitive position in the insurance market
• Provide more options for financial protection and security to policyholders

As the insurance landscape in India continues to evolve, LIC's move to introduce these new products demonstrates its commitment to innovation and customer-centric approach in the life insurance sector.

The launch dates and specific details of these new insurance products have not been disclosed yet. Potential customers and insurance advisors are advised to stay tuned for further announcements from LIC regarding the features, benefits, and availability of these new offerings.

LIC of India , the country's largest insurer, has announced special measures to support families affected by the recent Air India flight AI 171 crash in Ahmedabad on June 12. In a move aimed at expediting claim settlements and easing the burden on grieving families, LIC has significantly relaxed its claim norms for this incident.

Relaxed Claim Norms

LIC has taken the compassionate step of accepting alternative proof of death to facilitate faster claim processing for the victims of the Air India crash. This decision acknowledges the extraordinary circumstances surrounding the tragic event and aims to minimize additional stress on the affected families during this difficult time.

Proactive Outreach

The insurance giant is not waiting for families to approach them. Instead, LIC has initiated a proactive outreach program to connect with the families impacted by the crash. This approach ensures that those who may be unaware of their insurance coverage or are too overwhelmed to begin the claim process receive the necessary support and information.

Helpline Assistance

To further assist the families of the crash victims, LIC has set up dedicated helpline assistance. This service will provide guidance on the claim process, answer queries, and offer support to navigate through the documentation requirements under these special circumstances.

Conclusion

LIC's swift response and accommodating measures demonstrate the insurer's commitment to its policyholders in times of crisis. By easing the claim process, LIC aims to provide some financial relief to the families facing unexpected loss, underlining the critical role of insurance in mitigating the impact of unforeseen tragedies.

As the situation develops, LIC is expected to continue working closely with relevant authorities and the affected families to ensure smooth and timely settlement of claims related to this unfortunate incident.