Says Pawan Kumar Verma, senior divisional manager, LIC: ``In the new plan, the risk cover is three times the basic sum assured. In the case of accidents, the risk cover goes up to four times the sum assured.'' So, the new Jeevan Mitra is being billed as an attractive plan that provides a high risk cover for a comparatively lower cost.

Although targeted at the young generation, the plan is open to anybody in the age group of 18 to 50 years. The maximum age at maturity should however not exceed 70 years. The policy term stands at between 15 and 30 years. And the minimum sum assured is Rs 10,000.

From the basics to the benefits. If the policy holder survives the term, thesum assured will be paid with bonus, provided all premiums are paid. In cases where the policy holder dies before the term ends, three times the basic sum assured will be paid along with the bonus, provided the policy is still in full force. And in the case of accidental death of the policy holder, four times the sum assured will be paid. However, there's a catch here, for the accident benefit is restricted to an overall limit of Rs 500,000.

Giving an example of how the plan works for a sum of Rs 1 lakh assured by a 25-year-old, paying a yearly premium of Rs 4,216, Verma explains that the total premium will be Rs 1,05,400. At maturity, he will get Rs 1 lakh, plus a bonus of Rs 1.85 lakh, plus a final added bonus of Rs 0.24 lakh. So, the total sum paid to him at maturity will turn out to be Rs 3.09 lakh.

In the same example, if the policy holder dies during the term, his family will get Rs 3 lakh plus the bonus. If it's an accidental death, his family gets Rs 4 lakh plus the bonus.

Talking of the plan'sobjectives, Verma says that it is meant to meet the requirements of the younger generation. Second, this plan can be used as collateral security for a housing loan. Third, it fulfils the growing demand for risk-oriented policies. Fourth, it's a with-profit policy, and at the time of maturity, you get a substantial amount, with bonus, final added bonus, etc. Fifth, there's a provision for liquidity with a loan possible after three years from the commencement of the policy. And finally, this is aimed at those people who are not covered by their employers.

But why is LIC offering a triple cover plan in Jeevan Mitra, when a double cover already exists? Market demand, says Verma. He explains how LIC gets to know what the customers want. ``We have a feedback chain system,'' he says. The most dependable way of getting customer feedback is through the LIC agents' interaction with the customers, says Verma. In fact, at least twice a year, customer meets are arranged at several venues. Then, there are salespresentations in the LIC offices, where customer demands are conveyed upwards in the management hierarchy. The next step is to discuss the plans with the marketing people, who introduce innovations and modify the schemes. The whole process of getting an idea about a scheme, brainstorming sessions to make it a worthwhile plan, and introducing it in the market could take months, depending on the nature of a plan.

A number of constructive suggestions come by in the interaction meets that LIC customers have with the agents and sales people. For instance, says Verma, the metro area network, or MAN as it is better known, was the outcome of such meets.