According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan.
In November, LIC had launched a new non-linked, non-participating individual savings whole life insurance product – JeevanUtsav.
The minimum entry age for the product is 20 years. The annuity is guaranteed from inception, offering 11 annuity options to the policyholders, and they have the flexibility to choose between regular and single premiums.
It offers a higher annuity rate at higher ages and life cover is available during the deferment period. The available deferment period is from 5 years to 15 years in the case of regular premium and from 1 year to 15 years for single premium.
