Page 49 - Insurance Times December 2023

NEW PRODUCTS

New Product Launches

LIC introduces new whole life insurance commencement of risk, Death Benefit equal to “Sum
Assured on Death” along with accrued Guaranteed
policy Jeevan Utsav Additions shall be payable, provided the policy is in-
Life Insurance Corporation of India, or LIC, has launched a force. This Death Benefit shall not be less than 105 per
new individual, savings, and Whole Life Insurance plan. The cent of total premiums paid up to the date of death.
Plan is a Non-Linked, Non-Participating Plan. This is a “Sum Assured on Death” is ‘Basic Sum Assured’ or ‘7
comprehensive form of life insurance providing lifetime times of Annualized Premium, whichever is higher
coverage. Unlike term insurance plans that cover a person Maturity benefit is not available under this plan as
for a specified term, whole life insurance, as the name Regular/Flexi Income Benefits are continued for life as
implies, provides coverage for the entire lifetime of the peer option exercised
insured individual. This insurance plan not only grants death Additional liquidity is available through loan
benefits to the beneficiaries after the policyholder’s demise
but also has a savings component where cash values An Attractive High Sum Assured rebate is available.
accumulate over time. This product satisfies the long pending demand for a
LIC’s Jeevan Utsav is effective from November 29, 2023. lower, flexible Premium Paying Term.
According to the LIC press release, consider the following Five optional riders are available under this plan. The
points before opting for the policy. policyholder can opt for either LIC’s Accidental Death
This plan is available for age starting from 90 days to and
65 years. It gives guaranteed lifelong income and Disability Benefit Rider or LIC’s Accident Benefit Rider and
lifelong risk cover.
the remaining three riders, i.e. LIC’s New Term Assurance
The minimum premium paying term is 5 years and the Rider, LIC’s New Critical Illness Benefit Rider and LIC’s
maximum premium paying term is 16 years Premium Waiver Benefit Rider are also available by paying
For each policy year for which premium is paid, the additional premium subject to the eligibility conditions, per
Guaranteed Additions @ Rs 40 per thousand Basic Sum the release.
Assured shall accrue at the end of each policy year You can purchase this plan offline through licensed agents,
during the premium paying term. corporate agents, brokers, and insurance marketing firms.
On survival of the life assured after the Premium Paying You can also buy it online by visiting the LIC website.
Term, the Policyholder can choose from: In conclusion, whole life insurance is a comprehensive
Option I -- Regular Income Benefit - 10 per cent of the insurance-cum-investment plan that assists estate planning
Basic Sum Assured, payable at the end of each policy and provides a financial safety net for the policyholder's
year, starting after 3 to 6 years of the deferment period. family. Its key highlights are consistent premiums, lifetime

Option II- Flexi Income Benefit – Policyholders can opt coverage, cash value accumulation, and possible dividends.
for a Flexi Income Benefit under which 10 per cent of Individuals considering life insurance should weigh the cost
the Basic Sum Assured payable can be accumulated and benefits of whole life insurance to ascertain if it aligns
and withdrawn later, subject to the terms and with their financial goals.
conditions of the policy. LIC shall pay interest on such
Deferred Flexi Income payments @ 5.5 per cent p.a., Pramerica Life Insurance introduces
compounding yearly.
Pramerica Life RockSolid Future with
As the Policyholder is offered life cover for the whole life, assured returns
the Death Benefit will be payable as follows:
On death of the Life Assured after the date of Pramerica Life Insurance recently launched its newest product,

44 December 2023 The Insurance Times