The Life Insurance coverage Company of India (LIC) has introduced the launch of a brand new non-linked, non-participating particular person financial savings complete life insurance coverage product – Jeevan Utsav.

The product is anticipated to cater to the home market.

The minimal sum assured underneath the coverage is Rs 5 lakh. The premium paying phrases vary from 5 to 16 years. The minimal age at entry is eight years, whereas the utmost restrict is 65 years. The revenue profit, that’s, the survival profit, will begin flowing in after the intervals specified within the coverage which can be, in flip, linked to the premium paying time period.

The plan gives the selection to decide on between two payout choices – common revenue and flexi revenue advantages.

Within the case of the primary one, 10 % of the essential sum assured chosen by the policyholder shall be paid on the finish of every coverage 12 months, beginning after 3 to six years from the deferment interval.

Within the case of the second, policyholders can go for flexi revenue profit underneath which 10 per cent of the essential sum assured payable will be accrued and withdrawn later, topic to phrases and situations. LIC shall pay curiosity on such Deferred Flexi Earnings funds at 5.5% each year, compounding yearly.

Lately, throughout an interplay with Enterprise Normal, LIC Chairman Siddhartha Mohanty mentioned new merchandise are a part of the insurer’s key methods to achieve market share within the present monetary 12 months. LIC’s market share declined to beneath 60% in 2023-24, which the insurer is seeking to regain.