LIC Jeevan Utsav: New Life Insurance Plan Launched with Lifetime Guaranteed Returns

Current Context: The Life Insurance Corporation of India (LIC) has launched a new scheme called Jeevan Utsav.

• Here are some key details about the plan:
• Type of Plan: Jeevan Utsav is a non-linked, non-participating, individual, savings, whole life insurance plan.
• Premium Paying Term: This policy has a limited premium paying term of 5 to 16 years.
• Sum Assured: The minimum basic sum assured is Rs. 5,00,000. There is no limit on the maximum basic sum assured.
• Returns: The plan offers lifetime guaranteed returns. After maturity, the policyholder will get 10 percent of the sum assured life long.
• Benefits: Based on the selected Premium Paying Term (Regular Income to Flexi Income), 10% of the Sum Assured is paid back annually after the specified years.
• Availability: The plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms as well as online directly through the LIC website.

Question:

Q.1 What type of plan is LIC’s Jeevan Utsav?
a. Linked, Participating, Group, Investment, Term Insurance Plan
b. Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance Plan
c. Linked, Participating, Individual, Investment, Whole Life Insurance Plan
d. Non-Linked, Participating, Group, Savings, Term Insurance Plan