The Life Insurance Corporation of India has diversified insurance products. Under this scheme, Asha Deep with some novel features was introduced in 1993-94.

This plan besides providing death and maturity payment provides tienefits in case the life assured suffering from any of four major ailments, viz., cancer, and paralytic stroke leading to permanent disability, renal failure of both kidneys and coronary artery diseases, where bypass surgery has been done.

1. Asha Deep-I:

Asha Deep-I increased from 7th September 1993 to 30th November, 1993. The total business under Asha Deep-I was Rs. 4,573 70 crore under 6.42 lakh policies in 1993-94. Asha Deep-I did not continue later on.

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2. Asha Deep-II:

The Asha Deep Plan was first introduced in September 1993 on an experimental basis for a period of 3 months. In response to public demand the plan was reintroduced as Asha Deep-II in the month of November, 1995.

This plan besides death and maturity payment provides for benefits in case the life assured is affiliated by any of four major ailments viz., cancer, and paralytic stroke leading to permanent disability, renal failure of both kidneys and coronary artery diseases where bypass surgery has been done.

The amount of sum assured under this scheme was Rs. 1,362.34 crore in 1995-96 and Rs. 886.11 crore in 1996-97.

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3. Jeevan Aadhar:

Jeeven Aadhar introduced in January 1996 is specially designed for the benefit of handicapped dependents. Contributions under this Plan are eligible for income tax relief under Section 88 DDA of the Income Tax Act.

This plan is basically a limited payment whole life assurance on the life of the proposer with provision for Guaranteed Additions and Terminal Addition to the basic sum assured.

The claim amount will be payable partly in lumpsum and partly in the form of annuity to the handicapped dependents. The sum assured under Jeevan Aadhar was Rs. 21.12 crore in 1995-96 and Rs. 19.52 crore in 1996-97.

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4. Jeevan Suraksha:

Jeeven Suraksha was introduced on 15th August, 1996. It enables individuals to provide for retirement income from a selected date. The policy is with life cover but can be taken without life cover under certain conditions.

The policyholder taking policy with life cover provides minimum of 50% of the target pension to spouse on death during the deferment period. Spouse’s pension is not provided under without life cover plan.

On vesting the policyholder has the option to receive 25 per cent of the notional case plan in lump sum and balance in annuity. The amount of Jeevan Suraksha was Rs. 102.65 crore in 1997-98.

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5. Jeevan Sneha:

Jeevan Sneha was introduced on 16th January, 1997 for women. It is a without profit money back type plan with the added features of guaranteed additions viz., encasement of survival benefit as and when required.

Flexibility to pay premium in advance, inbuilt accident cover, for insurance cover for a period of 3 years from the date of first unpaid premium provided at least 2 full years premium have been paid and option to receive pension in lieu of maturity benefits. The sum assured under this scheme was Rs. 251.07 crore in 1996-97.

6. Jeevan Sanchaya:

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Similar to Jeevan Sneha, this plan was introduced on 16th January, 1997. It is without profits money back type of plan with provision of loyalty addition and guaranteed addition.

Accident benefit is also granted under this plan with an upper limit of Rs. 5 lakhs in addition to existing limit of Rs. 5 lakhs under other plan.

7. Children’s Money Back:

Children’s Money Back has assured Rs. 935.31 crore in 1994-95, Rs. 1,583.50 crore in 1995-96 and Rs. 1,253.88 crore in 1996-97. It is becoming popular because of inherent advantages to children. People want insurance for their children.