The Life Insurance coverage Company of India (LIC) has launched Jeevan Utsav, a non-linked, non-participating, particular person, financial savings, complete life insurance coverage plan.

A restricted premium plan with assured additions all through the premium paying time period, the product is accessible for age beginning 90 days to 65 years. It offers assured life lengthy revenue and threat cowl. The minimal premium paying time period is 5 years and the utmost 16 years, LIC stated after Chairperson Siddhartha Mohanty unveiled Jeevan Utsav.

In a launch, LIC stated the product glad the long-pending demand for decrease and versatile premium paying time period. Every coverage 12 months for which the premium is paid, beneath the plan, assured additions at ₹40 per thousand primary sum assured would accrue on the finish of every coverage 12 months through the premium paying time period. Common revenue profit and flexi revenue profit are the choices accessible to the policyholder, on survival of the life assured, after premium paying time period.

The policyholder can be supplied life cowl for the entire life. On demise of the life assured after the date of graduation of threat, demise profit equal to sum assured on demise together with accrued assured additions can be payable, supplied the coverage is in-force. The demise profit is not going to be lower than 105% of complete premiums paid as much as the date of demise. The sum assured on demise is primary sum assured or seven occasions of annualized premium, whichever is increased, LIC stated.

Nonetheless, maturity profit is just not accessible beneath the plan as common/flexi revenue advantages are continued for all times as peer possibility exercised. 5 optionally available riders can be found beneath this plan.

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