LG, after months of speculation, has finally launched its first Windows Phone 8.1-based smartphone, the Lancet.

The smartphone has been launched exclusively on Verizon Wireless and will be available starting May 21 in US stores at $120 (approximately Rs. 7,650) without contract. The mobile carrier notes that the LG Lancet smartphone is now available to buy online. Verizon touts that the “LG Lancet offers premium smartphone features but at a better value to meet a tight budget.”

The LG Lancet features a 4.5-inch (480×854 pixels) LCD display and is powered by a quad-core Snapdragon 410 processor clocked at 1.2GHz. There is no word on RAM value of the handset.

It comes with 8GB inbuilt storage and supports expandable storage via microSD card (up to 128GB). The Windows Phone 8.1-based LG Lancet sports an 8-megapixel rear camera with LED flash while also houses a 0.3-megapixel front camera. Unfortunately, there is no word whether the LG Lancet will receive the anticipated Windows 10 update set to release later this year – though it seems likely with Microsoft’s previous assurances of a significant number of Windows Phone 8.1 handsets being eligible.

Connectivity options include Wi-Fi, Bluetooth, CDMA LTE (Verizon), GPS, and Micro-USB. The smartphone packs a 2100mAh battery and will be available in Blue colour.

The LG Lancet comes with features such as KnockOn, which allows awake the display with just two taps while QuickMemo feature lets jot down notes while on a phone call. The smartphone also features Microsoft’s personal digital assistant called Cortana.

Verizon notes, “The LG Lancet launches with Advanced Calling 1.0 capabilities, making it the first Windows smartphone on Verizon with HD Voice Calling.