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The country's largest insurer, Life Insurance Corporation (LIC) of India, has launched two new schemes on Tuesday (October 14). The products are available for sale now. The schemes named LIC Jan Suraksha and LIC Bima Lakshmi will cater to lower lower-income group people and females, respectively.

These are the first two products that LIC has introduced in the new next-gen GST regime, according to an official statement.

Let's take a look at the features and other details of these newly launched LIC schemes.

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LIC Jan Suraksha Plan

This is a non-participating and non-linked insurance scheme specially made for low-income groups. Since it is a microinsurance plan, it is likely tailored to the needs of the economically weaker sections of society. Such plans are offered at low premiums with convenient payment options.

The plan will benefit the family in case of the unfortunate death of the policyholder during the policy term, and a lump sum amount at the time of maturity for the surviving policyholder.

This is an endowment plan with guaranteed additions, which will accrue at the rate of 4 per cent of the annualised premium at the end of the policy year throughout the policy term.

Minimum and maximum age to buy this plan: A minimum age is 18 years old and the maximum is 55.

Minimum and maximum basic sum assured: The minimum basic sum assured is Rs 1,00,000, whereas the maximum basic sum assured per life is Rs 2,00,000 (Basic sum assured multiples shall be Rs 5,000).

Policy term: 12 to 20 years 
The premium paying term will be calculated as the policy term minus 5 years.

LIC Bima Lakshmi Plan

This plan is also a non-participating and non-linked scheme. The plan likely provides both life cover and a maturity or savings payout and is aimed at catering to individuals. This plan is developed for women, especially. 

Minimum and maximum age to buy this plan: a minimum age is 18 years old and a maximum is 50.

Minimum and maximum basic sum assured: The minimum basic sum assured is Rs 2,00,000. There is no maximum basic sum assured per life (subject to the underwriting policy). The basic sum assured multiples are allowed for Rs 10,000.

Policy term: The policy term is 25 years, while the premium paying term is 7 years to 15 years.