LIC Launches Jeevan Utsav Single Premium Plan

The Life Insurance Corporation of India (LIC) has come out with a new single premium insurance plan called Jeevan Utsav. The auspicious occasion of the public sector insurer's selling of this plan will be on January 12. This development was communicated to the stock exchanges by LIC on Tuesday.

Jeevan Utsav Plan Major Characteristics

• Jeevan Utsav is a non-participating, non-linked, and individual savings plan. The plan provides death benefit throughout the life of the insured. The customer need to pay only one premium. The policyholder can get life income after the policy is taken.
• So far, LIC has not disclosed anything about premium amounts or other conditions of the policy. Two years ago, the firm launched another insurance product with the same name. It is assumed that the present version is a modified one of that policy made to accommodate a single premium plan.

Policy Revival Campaign Announcement by LIC

LIC while unveiling the new product has also announced a special policy revival campaign to renew lapsed policies. The policyholders whose premiums were not paid but whose policy term is still valid can take advantage of the revival facility under the new campaign.The revival facility will be available from January 1 to March 2.

Campaign Late Fee Concessions

• LIC has been quite liberal in granting late fee waivers as part of its revival scheme:
• Non-participating insurance plans will have a concession of up to 30 percent, to a maximum of ₹5,000
• Micro-insurance policies will enjoy a complete waiver of late fees up to ₹1,000
• According to LIC, only those policies are eligible for revival where premium payments have been interrupted for five years or less.