By Karmrath News Desk
Mumbai: The Life Insurance Corporation of India (LIC) on Tuesday launched a new insurance product, LIC’s Jeevan Utsav Single Premium, a non-participating, non-linked, individual savings plan that provides guaranteed lifelong income along with life cover. The plan was launched on January 6, 2026, by LIC’s Chief Executive Officer and Managing Director R. Doraiswamy and will be available for purchase from January 12, 2026.
Jeevan Utsav Single Premium is a whole life insurance plan that requires a single premium payment and offers guaranteed additions during a defined period. The plan carries the Unique Identification Number (UIN) 512N392V01.
The policy is open to individuals aged 30 days to 65 years. The minimum basic sum assured is ₹5 lakh, while the maximum sum assured will be decided as per LIC’s board-approved underwriting policy, with no absolute upper cap specified.
Guaranteed additions will 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.
As a survival benefit, policyholders can choose between two options. Under Option I (Regular Income Benefit), 10% of the basic sum assured is paid annually at the end of each policy year after a deferment period chosen by the policyholder, ranging from 7 to 17 years.
Under Option II (Flexi Income Benefit), the same 10% annual benefit can be accumulated and withdrawn at a later date. LIC will pay interest at 5.5% per annum, compounded yearly, on deferred flexi income amounts, subject to policy terms and conditions.
In case of death after commencement of risk, the nominee will receive 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 to maturity, the policy pays the sum assured on maturity along with accrued guaranteed additions. The sum assured on maturity is similarly defined as the higher of the basic sum assured or 1.25 times the tabular single premium.
The plan also offers loan facilities for additional liquidity and provides high sum assured rebates. Policyholders can opt for additional coverage through two riders—LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider—by paying an additional premium, subject to eligibility.
LIC said the plan can be purchased offline through licensed agents, corporate agents, brokers and insurance marketing firms, as well as online directly through its official website.
