Mumbai, Sep 6 () LIC has formally launched a new single premium plan, Jeevan Utkarsh, which offers a combination of protection and savings wherein the risk cover is ten times of tabular single premium from date of commencement of risk.

The single premium payable shall depend on the chosen basic sum assured and age at entry of the life assured, the chairman VK Sharma said.

Minimum age at entry is 6 years and maximum age is 47 years and minimum sum assured is Rs 75,000 with no maximum limit and term of policy is 12 years.

In addition, the plan also takes care of liquidity need via loan facility. Jeevan Utkarsh is a close ended plan which shall be open for sale from September 6 up to March 31.