Life Insurance Corporation of India (LIC), the country's leading insurance provider, is gearing up to launch a special scheme, named Jeevan Utsav, on Wednesday, November 29. According to sources, the scheme is crafted to offer a mandatory survival benefit of 10%, ensuring added financial security for policyholders.

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The Jeevan Utsav insurance plan is expected to provide a comprehensive solution, addressing the diverse needs of individuals seeking financial protection. Alongside the survival benefit, the scheme offers policyholders the flexibility of availing loans and an early exit option, allowing them to withdraw funds before the maturity period.

#LIC to launch new insurance plan ‘Jeevan Utsav’ on November 29. The new insurance plan will give compulsory survival benefit of 10%, sources to @YashJain88 pic.twitter.com/NCSHWAQqgL

— CNBC-TV18 (@CNBCTV18Live) November 28, 2023

Over the last week, LIC's shares witnessed a significant surge of nearly 10%, marking the most substantial increase since its listing, driven by expectations of robust growth in new business premiums.

Despite a marginal dip in LIC's stock price on November 28, the overall market sentiment remains positive. The stock closed at ₹677.65 per share, with trading volumes reaching 1,653,076 shares on the BSE. The market capitalisation currently stands at ₹428,613.47 crore.

(Edited by : Shoma Bhattacharjee)