LIC has introduced the LIC Jeevan Utsav insurance plan, promising assured returns. Under this plan, policyholders will receive 10 percent of the sum assured for their entire life after maturity.
The insurance giant, Life Insurance Corporation (LIC), officially launched the LIC Jeevan Utsav insurance plan on November 29, 2023. The announcement was made through a filing on the Bombay Stock Exchange (BSE), in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
LIC Jeevan Utsav, categorized as a Non-Linked, Non-participating, Individual, Savings, Whole Life Insurance Plan, is exclusively designed for the domestic market. The plan offers flexibility with a limited premium paying term ranging from 5 to 16 years and ensures guaranteed additions during the premium paying term. Additionally, it provides regular income benefits/flexi income benefits, with a minimum basic sum assured set at Rs 5 lakh.
LIC Chairman Siddhartha Mohanty recently shared that the company has planned 3-4 product launches in the upcoming months to achieve double-digit growth in new business premiums for the current financial year. Expressing optimism, Mohanty mentioned a positive trend in individual retail business, reinforcing the commitment to launch attractive new products.
