LIC rolls out Jeevan Utsav Single Premium plan with lifelong income cover: Check details

LIC Jeevan Utsav Single Premium plan

• LIC launches Jeevan Utsav Single Premium plan for lifelong income and life cover
• Plan offers guaranteed additions, regular or flexi income, and loan facility
• LIC offers revival of lapsed policies with up to 30% late-fee discount.

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Life Insurance Corporation of India (LIC) has launched a new insurance product, Jeevan Utsav Single Premium, designed for individuals looking for lifelong income backed by life cover. The plan was unveiled on January 6 and will be open for purchase from January 12.

Details about LIC’s Jeevan Utsav Single Premium

The policy follows a single-premium structure and falls under the non-linked, non-participating category. It combines long-term savings with protection and offers guaranteed additions for a defined period, making returns predictable over the policy’s life.

Key benefits of LIC’s Jeevan Utsav Single Premium plan

• Eligibility: Available for individuals aged between 30 days and 65 years

• Premium structure: One-time premium payment

• Minimum sum assured: Rs 5 lakh; higher cover subject to underwriting norms

• Guaranteed additions: Rs 40 per Rs 1,000 of basic sum assured added at the end of each policy year during the guaranteed addition period

• Income options:

* Regular income: It is 10 percent of the Basic Sum Assured, payable at the end of each policy year, starting after 7 to 17 years as opted by the policyholder.

* Flexi income: Policyholder can opt for Flexi Income Benefit under which 10 percent of the Basic Sum Assured payable can be accumulated and withdrawn later, subject to the terms and conditions of the policy. LIC will pay interest on such Deferred Flexi Income payments at 5.5 percent per annum, compounding yearly.

• Death benefit: Higher of basic sum assured or 1.25 times the tabular single premium, along with accrued guaranteed additions

• Maturity benefit: Higher of basic sum assured or 1.25 times the tabular single premium, plus guaranteed additions

• Liquidity: Loan facility available during the policy term

• Additional features: High sum assured rebates and optional riders, including accidental death and disability benefit rider and term assurance rider

LIC said the plan can be purchased through its agents, intermediaries, and directly via its official website.

In a separate communication, LIC also announced a limited-period revival drive aimed at policyholders whose individual life insurance policies have lapsed. Under the initiative, eligible customers can revive certain non-linked and micro insurance policies by availing specified financial relaxations. The campaign will run from January 1, 2026, to March 2, 2026, and will apply exclusively to individual lapsed policies.

LIC is also offering a late-fee concession on all non-linked insurance policies. The concession is up to 30 per cent on the applicable late fee, subject to a maximum benefit of Rs 5,000, for policies that qualify for revival under the scheme.

“Policies can be revived within 5 years from the date of the first unpaid premium, subject to satisfying the policy’s terms and conditions. Policies which are in a lapsed condition during the premium paying term and not completed the policy term are eligible to be revived in this campaign,” LIC said in a statement.