LIC Launches 'Jeevan Utsav' Plan, Offers Revival Concessions

INSURANCE

Overview

Life Insurance Corporation of India (LIC) is set to launch its new 'Jeevan Utsav' single-premium, whole-life insurance plan on January 12. This non-linked, non-participating product targets retail customers seeking long-term savings and protection. In parallel, LIC introduced a special revival campaign for lapsed policies, offering late fee waivers and concessions until March 2.

LIC Introduces 'Jeevan Utsav' Whole Life Plan, Offers Revival Benefits

Life Insurance Corporation of India (LIC) will roll out its new insurance product, LIC’s Jeevan Utsav Single Premium, on January 12. This move signals the state-owned insurer's strategy to bolster its product offerings for individual savings and long-term retail growth in the domestic market.

The Jeevan Utsav plan is designed as a non-participating, non-linked, individual savings and whole life insurance policy. Policyholders paying a single premium upfront will receive insurance protection combined with a savings component. As a non-participating product, benefits are not tied to LIC's surplus distribution, and the non-linked structure means payouts are insulated from market volatility.

Policy Revival Campaign Launched

In a separate initiative, LIC has initiated a special campaign aimed at reviving lapsed individual insurance policies. This pan-India drive, running until March 2, provides financial concessions to eligible policyholders of certain non-linked and micro insurance plans.

Under the revival scheme, policies lapsed during the premium-paying term can be reactivated within five years from the first unpaid premium. LIC is offering up to a 30% concession on late fees for non-linked policies, capped at ₹5,000, contingent on the total premium receivable. For micro insurance plans, a complete waiver on late fees is available. No concessions are provided for medical or health-related requirements.

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