LIC Launches Guaranteed Return Plan 'Jeevan Utsav'; Policyholders To Get Life-Long Benefits

Insurance behemoth LIC on Wednesday launched its guaranteed return plan, Jeevan Utsav.
It is a non-linked, non-participating, individual savings, whole life insurance plan, LIC said in a regulatory filing.

LIC Chairman Siddhartha Mohanty, in an interview with PTI, had recently said policyholders can expect a lifelong benefit of 10 percent of the sum assured after the policy matures.

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Mohanty had said the new product is poised to disrupt the market and that there is widespread interest among insurance buyers in understanding the transparent cost structure and returns over a period of 20-25 years.

Furthermore, he mentioned that the new product would include features such as a loan facility and the option for premature withdrawal.

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