RIYADH, 30 June — A new insurance scheme for Indian expatriates called "Jana" Raksha was launched by the Life Insurance Corporation (International) here under which a policy holder will be covered for three additional years after paying the premiums for two years. The policy holders will also be entitled to accident benefits without paying extra premium, said A. Ramamurthy, LIC chairman while launching the scheme.
Speaking about the features of the policy, he said that the scheme was open to all non-resident Indians under 50 years of age.
"We have found that many NRIs have interruptions in their employment and so we have launched this scheme whereby if they have paid premium for two years, the policy will be kept on hold for them while offering risk cover for the full sum assured for three years", he said. "Even after they re-start their payment of premiums, we will offer easy installment payment facilities to make the policy convenient for them", he said. The LIC chief said that the policy holder under "Jana Raksha" will also be entitled to loan facility including housing loan.
He also said that the Professional Education Plan launched recently, under which children upto 10 years of age are eligible for holding the policy, is another good option for Indian parents and their children living in the Gulf countries.
This education plan provides facilities to the parents to pay premium in yearly, half-yearly and quarterly installments. "One can also opt for making the payment by a single premium or for a limited period of five years", said a brochure of the Professional Education Plan released by the LIC, which gives an overview of a sound financial strategy, ensuring the development of a child’s professional career with added life insurance coverage.
Referring to the growing LIC operations in the Gulf including Saudi Arabia, he said that the LIC (Intl.) issued 8,500 policies last year in the Gulf countries.
