Keeping in line with its tradition of regularly launching insurance policies hardly differing in features, Life Insurance Corporation of India launched Jeevan Sugam policy on Monday.

Jeevan Sugam is an endowment plan with term of 10 years. It is a single premium plan and is close-ended. Close-ended policies can be bought only during a short, fixed time window. Close ended products are more common in mutual funds but this is not the first single premium, close ended insurance policy from LIC. Jeevan Sugam can be bought during the 45 days starting 25 February 2013.

As an insurance product Jeevan Sugam is unattractive, much like any endowment policy. Basic sum assured offered is the bare minimum- 10 times the premium you pay. Premiums are also on the higher side for maturity sum assured offered. At maturity after 10 years policy holders would get a fixed maturity sum assured along with bonuses, if any. Find complete review of Jeevan Sugam in Product Analysis page.

Insurance policies often have catchy names. But if you ever tried to connect the name with what the policy offers you'd be amused. Maybe IRDA should issue some directives on nomenclature of insurance policies. Perhaps that would go a small way in stopping people from being mis-insured.