LIC launches guaranteed return plan Jeevan Utsav

New Delhi: Insurance behemoth 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.

LIC Chairman Siddhartha Mohanty, in an interview to PTI had recently said policyholders can expect a lifelong benefit of 10 per cent of the sum assured after the policy matures.

Mohanty had said the new product is poised to disrupt the market and that there is a widespread interest among insurance buyers in understanding the transparent cost structure and returns over a period of 20-25 years.

Furthermore, he had mentioned that the new product would include features such as a loan facility and the option for premature withdrawal.