NEW DELHI: Insurance behemoth Life Insurance Company of India (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.
According to the insurer, policyholders can expect a lifelong benefit of 10% of the sum assured after the policy matures. LIC Chairperson Siddhartha 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.
The new product would include features such as a loan facility and the option for premature withdrawal. This plan is available for ages starting from 90 days to 65 years, LIC said in a statement.