LIC launches Jeevan Utsav single premium plan offering lifelong income, risk cover; details here
Mumbai: LIC of India has launched the new Jeevan Utsav Single Premium plan offering lifelong income and risk cover. The new plan was launched by the CEO & MD of LIC of India, R. Doraiswamy, on Tuesday, January 6.
LIC’s Jeevan Utsav Single Premium is a Non-Participating, Non-Linked, Individual Savings Whole Life Insurance plan, designed as a single premium product with the accrual of Guaranteed Additions during a specified Guaranteed Addition period.
The plan carries the Unique Identification Number (UIN) 512N392V01 and aims to provide policyholders with assured lifelong financial security.
The plan is available for individuals aged from 30 days to 65 years. The minimum Basic Sum Assured is ₹5 lakh, while there is no upper limit, subject to underwriting decisions as per LIC’s Board Approved Underwriting Policy. Under the plan, Guaranteed Additions accrue at the rate of ₹40 per thousand of the Basic Sum Assured at the end of each policy year during the Guaranteed Addition period.
For survival benefits, policyholders can choose between two options.
Under Option I – Regular Income Benefit, the policyholder receives 10% of the Basic Sum Assured as income at the end of each policy year, commencing after a deferment period ranging from 7 to 17 years, as chosen at inception.
Under Option II – Flexi Income Benefit, the same 10% income can be deferred and accumulated for withdrawal at a later stage, subject to policy conditions. LIC will pay interest at 5.5% per annum, compounded yearly, on such deferred Flexi Income amounts.
In the event of death after the commencement of risk, the policy provides a Death Benefit equal to the Sum Assured on Death along with accrued Guaranteed Additions, provided the policy is in force. The Sum Assured on Death is defined as the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium.
On survival till maturity, the Maturity Benefit payable will be the Sum Assured on Maturity along with accrued Guaranteed Additions. The Sum Assured on Maturity is also defined as the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium.
The plan offers additional liquidity through loan facilities and includes attractive High Sum Assured Rebates. Policyholders may also opt for two additional riders by paying an an extra premium, subject to eligibility conditions: LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider.
LIC has advised customers to refer to the Product Prospectus and Sales Brochure for detailed terms and conditions or visit the official website.
The Jeevan Utsav Single Premium plan can be purchased offline through licensed agents, corporate agents, brokers and Insurance Marketing Firms, as well as online directly through LIC’s website.
LIC’s Jeevan Utsav Single Premium plan will be available for purchase from January 12, 2026.
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Rajasthan Royals captain Riyan Parag votes in Assam polls
Guwahati (PTI): IPL franchise Rajasthan Royals’ captain Riyan Parag on Thursday cast his vote in his hometown Guwahati in the Assam Assembly elections.
The cricketer is here for the team’s matches in the ongoing Indian Premier League (IPL) season at the Assam Cricket Association Stadium, which is the ‘second home ground’ for the Royals.
Riyan was accompanied by his parents, former first-class cricketer Parag Das and ex-national record holder swimmer Mithoo Barooah.
They cast their votes at the Lal Singh Academy polling station in Kharghuli area of the city, under New Guwahati constituency.
Riyan later shared a photograph with his parents with their inked fingers on Facebook
