Page 51 - The Insurance Times February 2026

New Product Launches

LIC introduces Jeevan Utsav – Single Pre- SBI Life launches savings plan with long-

mium Whole Life Plan term guaranteed benefits
Life Insurance Corporation of India (Life Insurance Corpora- SBI Life Insurance has launched a new non-linked, non-par-
tion of India) has introduced LIC’s Jeevan Utsav, a single ticipating savings insurance plan offering long-term guaran-
premium, non-linked, non-participating whole life insurance teed benefits, aimed at customers seeking certainty, disci-
plan, aimed at customers seeking long-term income cer-
plined savings, and financial stability over extended horizons.
tainty combined with life cover.
The newly introduced plan is designed to provide assured
Jeevan Utsav is designed as a whole life plan with survival returns along with life cover, making it suitable for individu-
benefits, where the policyholder pays a one-time premium als looking to balance protection with predictable savings
and becomes eligible for regular income benefits after a
outcomes. As a non-linked product, the benefits are not
deferred period. The policy offers guaranteed annual dependent on market performance, ensuring insulation from
payouts for a specified period, followed by lifelong income volatility and clarity on future payouts.
benefits, making it suitable for individuals planning stable
post-retirement cash flows.
The plan offers guaranteed additions over the policy term,
enhancing the maturity value and enabling policyholders to
The plan provides financial protection for the entire lifetime accumulate wealth systematically. Depending on the cho-
of the policyholder. In the event of death, the nominee re- sen policy structure, customers can opt for regular or lim-
ceives a death benefit comprising the sum assured along
with accrued guaranteed additions, ensuring family security ited premium payment options, allowing flexibility based on
alongside income continuity during the insured’s lifetime. income patterns and financial planning goals.

In the event of the policyholder’s demise during the policy
A key feature of Jeevan Utsav is its flexibility in income com-
mencement. Policyholders can choose the deferment period term, the nominee is entitled to receive the death benefit,
based on their financial planning needs, allowing income to providing financial security to the family. On survival till
start at a later stage when regular cash flows are most maturity, the policy delivers a guaranteed maturity benefit,
supporting long-term goals such as retirement planning,
required. The plan also offers options to enhance coverage
through riders, subject to eligibility and policy terms. children’s education, or wealth preservation.

Being a non-linked and non-participating product, returns The product is particularly relevant in the current environ-
under Jeevan Utsav are not linked to market performance, ment of interest rate uncertainty and market fluctuations,
where customers increasingly prefer guaranteed outcome-
offering predictability and insulation from market volatility.
This makes the product particularly relevant for conserva- based solutions. It also caters to risk-averse investors who
tive investors seeking assured income with life cover. prioritise capital protection and stable returns over market-
linked growth.
With this launch, LIC continues to expand its portfolio of
guaranteed income and whole life products, addressing the With this launch, SBI Life continues to strengthen its port-
growing demand for certainty, longevity protection, and folio of guaranteed savings products, aligning with evolving
disciplined long-term financial planning among Indian house- customer preferences for certainty, transparency, and long-
holds. term financial planning. T

The Insurance Times February 2026 45