STATE TIMES NEWS
MUMBAI: Life Insurance Corporation of India (LIC) has introduced a new insurance product, “LIC’s Jeevan Utsav Single Premium (Plan No. 883)”, aimed at providing guaranteed lifelong income along with whole life risk cover. The plan was launched on January 6, 2026, by LIC’s CEO & Managing Director R. Doraiswamy.
LIC’s Jeevan Utsav Single Premium is a Non-Participating, Non-Linked, Individual Savings and Whole Life Insurance plan. It is offered under a single premium structure and comes with the accrual of Guaranteed Additions during a specified period. The Unique Identification Number (UIN) of the plan is 512N392V01.
The plan is available for individuals aged 30 days to 65 years. The minimum Basic Sum Assured is set at Rs 5 lakh, with no upper limit, subject to underwriting decisions as per LIC’s Board-approved underwriting policy. Guaranteed Additions accrue at the rate of Rs 40 per thousand of Basic Sum Assured at the end of each policy year during the Guaranteed Addition period.
Policyholders can choose between two survival benefit options. Under Option I – Regular Income Benefit, 10% of the Basic Sum Assured is paid at the end of each policy year, starting after a deferment period of 7 to 17 years, as chosen by the policyholder. Under Option II – Flexi Income Benefit, the 10% income can be deferred, accumulated, and withdrawn later. LIC will pay interest on the deferred amount at 5.5% per annum, compounded yearly, subject to policy terms and conditions.
In the event of death after commencement of risk, the Death Benefit payable will be the Sum Assured on Death plus 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 the end of the policy term, the Maturity Benefit payable will be the Sum Assured on Maturity along with accrued Guaranteed Additions. The Sum Assured on Maturity is the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium.
The plan also offers additional liquidity through loan facility, along with attractive high sum assured rebates. Policyholders can further enhance coverage by opting for LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider, subject to eligibility conditions and payment of additional premium.