Life Insurance Corporation of India (LIC) has launched a new insurance product- LIC’s Jeevan Utsav Single Premium. It is a non-par, non-linked, single premium plan with the accrual of guaranteed additions during the guaranteed additions period. LIC’s Jeevan Utsav Single Premium plan will be available for purchase from January 12, 2026.
LIC’s Jeevan Utsav Single Premium offers a guaranteed lifelong income and a lifelong risk cover.

The plan number for the policy is 883, while the Unique Identification Number (UIN) is 512N392V01.

LIC’s Jeevan Utsav Single Premium plan details

This plan is open to individuals aged 30 days to 65 years. The minimum basic sum assured is Rs 5,00,000, while there is no fixed upper limit, subject to the underwriting decision as per the board-approved underwriting policy. Guaranteed additions of Rs 40 per Rs 1,000 of basic sum assured will accrue at the end of each policy year during the guaranteed addition period.

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There are two survival benefit options-

Option I- Regular Income Benefit
Option II- Flexi Income Benefit.

Option I- Regular Income Benefit
This option is 10% of the basic sum assured, payable at the end of each policy year, starting after 7 to 17 years as opted by the policyholder.

Option II- Flexi Income Benefit
A policyholder can opt for flexi income benefit under which 10% of the basic sum assured payable can be accumulated and withdrawn later, subject to the terms and conditions of the policy.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% p.a., compounding yearly.

If the life assured dies after the risk cover has commenced and the policy is active at that time, the nominee will be entitled to receive the death benefit. This payout will consist of the sum assured on death, along with any guaranteed additions accrued till the date of death. The sum assured on death will be the higher of the basic sum assured or 1.25 times the tabular single premium, whichever amount is greater.

If the life assured survives till the full policy term, the policy will pay out the sum assured on maturity together with all guaranteed additions accumulated over the years. The “Sum Assured on Maturity” is defined as the higher of the basic sum assured or 1.25 times of a tabular single premium.

The option of additional liquidity is available through the loan.
Attractive high sum assured rebate is available.
Two optional riders, LIC’s Accidental Death and Disability Benefit Rider and LIC’s New
Term Assurance Rider are available under the plan by paying additional premium subject to the eligibility conditions.