India’s Largest Life Insurance Company ‘sweetens’ MicroInsurance Space with a New Product

India’s largest Life Insurance Company, the Life Insurance Corporation of India (LIC) has quickly followed through on recent announcements of MicroInsurance plans with the launch of a microinsurance life product åö ‘Jeevan Madhur’ (roughly translates to ‘sweet life’).

Under this product scheme, life insurance coverage from a minimum of Rs5,000(about USD110) to a maximum of Rs30,000(about USD650) can be obtained. The product is customizable in the sense that the customer can make minimum premium payments of Rs25 (USD0.55) per week, Rs50 (USD 1.1) fortnightly, Rs100 (USD 2.2) per month and a minimum of Rs250 (USD 5.5) over longer periods. The term of the policy ranges from 5-15 years.


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