Thursday, September 28 2006 14:22 Hrs (IST) - World Time -

New Delhi: President A P J Abdul Kalam today (Sept 28, 2006) launched a micro insurance product of LIC that targets to benefit economically underprivileged segments of society.

The policy -- Jeevan Madhur -- will cover individuals in 18-60 year age group and the minimum sum assured under the plan is Rs 5,000 while maximum is Rs 30,000.

The premium can be paid weekly, fortnightly, monthly, quarterly, half-yearly and yearly.

The minimum premium is Rs 25 per week, Rs 50 for fortnightly, Rs 100 per month and Rs 250 for other premium paying periods.

The term of the policy ranges between 5-15 years.

The likely maturity sum assured on a premium of Rs 1,200 per annum for a 15-year-term would be Rs 18,396.

The plan is being marketed through some micro insurance agencies.

Life Insurance Corporation is the largest life insurer in the country with a market share of about 77 per cent.