Life Insurance Corporation of India (LIC) has launched Jeevan Utsav Single Premium policy, a non-par, non-linked plan with guaranteed returns and lifelong risk cover.
This single premium product will be available from January 12, 2026, and combines survival benefits, guaranteed additions, and death and maturity benefits.
It includes savings and insurance benefits under a one-time payment structure.
The plan is designed for individuals aged between 30 days and 65 years, with a minimum basic sum assured of ₹5,00,000. There is no upper limit, subject to underwriting approval.
The plan provides guaranteed additions of ₹40 for every ₹1,000 of basic sum assured, accrued at the end of each policy year during the guaranteed addition period.
The policy assures both guaranteed lifelong income and lifetime risk coverage after completion of the guaranteed addition period.
Policy number is 883 and UIN is 512N392V01. Being a single premium plan, policyholders make a one-time payment to avail all benefits.
LIC’s new offering, Jeevan Utsav Single Premium, is a non-participating, non-linked, individual life insurance plan that combines savings and whole life coverage.
It requires a single premium payment, making it distinct from regular premium-paying policies.
Additional product details, such as eligibility criteria, sum assured, and benefits, are yet to be disclosed by the corporation.
Last year, LIC launched products namely LIC Protection Plus (Plan 886), LIC Bima Kavach (Plan 887), LIC Jan Surakshan – Plan (880), LIC Bima Lakshmi - Plan (881) and LIC Smart Pension Plan (Plan No. 879).
2 Survival Benefit Options Available
LIC offers two options to receive survival benefits:
Option I – Regular Income Benefit: 10% of the basic sum assured is payable annually at the end of each policy year from the 7th to 17th year onward, based on the policyholder’s preference.
Option II – Flexi Income Benefit: Policyholders can defer annual payouts and accumulate them for later withdrawal. LIC will pay 5.5% annual interest on these accumulated amounts, compounded yearly.
Death and Maturity Benefits
In the event of the life assured’s death after commencement of risk cover, the nominee will receive the sum assured on death along with accrued guaranteed additions. The sum assured on death will be the higher of the basic sum assured or 1.25 times the tabular single premium.
If the life assured survives the full policy term, the maturity benefit will include the sum assured on maturity and all guaranteed additions. The sum assured on maturity will be equal to the higher of the basic sum assured or 1.25 times the tabular single premium.
The policy provides loan facility for liquidity and offers rebates for higher sum assured. Two optional riders are available; LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider, subject to additional premium and eligibility.
In addition to the new plan, LIC has introduced a campaign targeting existing policyholders whose policies have lapsed.
From January 1, 2026 to March 2, 2026, LIC is offering concessions on late fees to encourage policy revival. Policies eligible for this campaign include non-linked and micro insurance plans.
Concessions are structured as follows:
LIC states that only policies in a lapsed condition within the premium-paying term, and still within 5 years from the first unpaid premium, qualify for revival. Medical or health assessments required during revival will not receive any concessions.
LIC’s revival drive is aimed at assisting policyholders who were unable to continue their policy due to unforeseen circumstances. Active policies ensure that policyholders receive full life insurance coverage and related benefits.
This initiative is intended to help restore that crucial protection.
As of January 07, 2026, at 12:44 PM, Life Insurance of India share price on NSE was trading at ₹847.75 down by 0.27% from the previous closing price.
Read More: LIC Announces Special Drive to Restart Lapsed Life Insurance Policies!
LIC Jeevan Utsav Single Premium offers policyholders a combination of guaranteed income, flexibility and risk coverage. With guaranteed annual income, two benefit options and death/maturity coverage, this plan may appeal to individuals looking for one-time investment in insurance with assured returns. LIC's policy revival campaign provides an opportunity for policyholders to reinstate their lapsed plans with reduced late payment charges.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jan 7, 2026, 1:58 PM IST
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