Life Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an immediate annuity product, on Thursday.

While private players have been selling insurance products online for past three years, LIC is taking the first step into online space.

On payment of a lump sum, a policyholder is entitled to an annuity from the very next month under any one of the seven annuity options chosen by him. The options are annuity payable for life at a uniform rate, annuity payable for five, 10, 15 or 20 years certain and, thereafter, as long as the annuitant is alive, annuity for life with return of purchase price on death of the annuitant, annuity payable for life increasing at a simple rate of 3 per cent per annum, annuity for life with a provision of 50 per cent of the annuity payable to the spouse on death of the annuitant.

The other two options are annuity for life with a provision of 100 per cent of the annuity payable to spouse in case of the death of the policyholder and annuity for life with a provision of 100 per cent of the annuity payable with the purchase price being returned to the last survivor.

The product is available for ages 30 to 85 years.

The product was launched by J Hari Narayan, chairman, Insurance Regulatory & Development Authority (Irda) during the senior divisional managers’ conference of LIC in Mumbai. The Irda chairman remarked that there is a need for more annuity products.

LIC’s Jeevan Akshay VI is the only immediate annuity product available inIndia.

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LIC,Country’s largest insurer, today launched a non unit-linked single premium product Jeevan Vaibhav with minimum premium of about Rs 95,000.

The policy is on the traditional platform where risk cover is the sum assured, which is almost double the premium chosen by the customer and offers guaranteed returns at maturity, LIC said in a statement.

The plan, which is an ideal combination of insurance and returns, would be available for a limited period only up to a maximum of 120 days. Besides, the policy offers high liquidity through loan after just one year, it said.

The minimum age at entry for the plan is 8 years while the maximum is 65 years.

The term under the policy is fixed at 10 years; LIC Senior Divisional Manager R K Jha sad, adding, the minimum sum Assured is Rs 2 lakh while there is no upper limit.

The minimum premium under the policy is Rs 95,210 with no upper limit, it said.

This is an ideal plan for all groups of people, be it youngsters who want to save a nest-egg for following their passion after putting in some years of hard work and gaining experience, or parents who want to save money for funding their young child’s, grand children’s higher education or for financing other needs of self or children who have grown up, it added.

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