Life Insurance Corporation of India on Tuesday launched ‘Jeevan Umang’, a plan which, among others, offers cover up to the age of 100, annual survival benefits from the end of the premium-paying term till the age of 99, and a lumpsum payment at the time of maturity or on death of the policyholder.

India’s largest life insurer said guaranteed survival benefit is payable on the life assured surviving to the end of the premium-paying term, provided all due premiums have been paid or the paid up value is ₹2 lakh or more.

“The survival benefit will be equal to 8 per cent of basic sum assured and paid up sum assured, respectively. The first survival benefit payment is payable at the end of the premium-paying term and thereafter on completion of each subsequent year till the life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier,” said the insurer in a statement.

Jeevan Umang is available from age 90 days to 55 years. There is no upper limit to the basic sum assured but it has to be in multiples of ₹25,000, with premium paying term options of 15, 20, 25 and 30 years.

The policyholder has an option for utilising riders — accidental death and disability benefit, term assurance, and critical illness benefit. Loan facility is available to policyholders.

VK Sharma, Chairman, LIC, underscored that the new policy combines the features of endowment, whole-life and annuities.

The LIC chief said he expects the insurance industry to clock double-digit growth in the next few years, with his Corporation expected to record above industry-average growth.

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