LIC Announces 'Jeevan Utsav' Single Premium Plan — All You Need To Know About How It Works
Under this new policy, the policyholder will need to pay the premium only once and receive lifelong coverage.
Life Insurance Corporation of India (LIC) will soon launch ‘Jeevan Utsav’, a single premium life insurance product. It is a non-participating, non-linked, individual savings and whole life insurance plan.
“The Life Insurance Corporation of India is launching the following new product which will be available for sale with effect from Jan. 12,” LIC informed the exchanges on Monday.
The product is designed for the domestic market and offers lifelong financial protection along with guaranteed benefits. While the company has not shared the details of the scheme, it is anticipated to broadly mirror an earlier ‘Jeevan Utsav’ plan by LIC that comes with multiple premiums.
Under this new policy, the policyholder will need to pay the premium only once and receive lifelong coverage. It is a non-linked plan, so returns are not linked to the stock market. This means that the returns in this scheme are guaranteed and fixed.
LIC also informed that the plan is non-participating in nature, which means no bonus is added. Beneficiaries of this policy will only get the sum assured (the main coverage amount) and any other guaranteed benefits stated in the policy.
LIC also offers a Jeevan Utsav plan with multiple premiums. According to its website, this policy focuses on: “LIC’s Jeevan Utsav is a Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance plan. This plan provides financial support to families in case of unfortunate death of Life Assured and survival benefits in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen for surviving policyholders.”
The new 'Jeevan Utsav' Single Premium Plan may mirror similar features, offering financial support to families in case of an unfortunate death of the policyholder.
The exact premium range for this LIC scheme has not been disclosed by the LIC as of now. However, it may be priced at the higher end as it requires only a single premium payment for lifelong coverage.
