LIC Jeevan Utsav: A Blend of Guaranteed Returns and Lifelong Insurances

LIC Jeevan Utsav
LIC Jeevan Utsav

LIC Jeevan Utsav: A Blend of Guaranteed Returns and Lifelong Insurances – Life Insurance Corporation of India (LIC) has introduced a groundbreaking plan, LIC Jeevan Utsav, promising not only assured lifetime returns but also comprehensive life insurance coverage.

What is Jeevan Utsav policy?

LIC’s ‘Jeevan Utsav’ is a life guaranteed income plan, open to individuals aged 90 days to 65 years. As of November 30, 2023, the Employees’ Deposit-Linked Insurance Scheme provides free coverage of up to Rs 7 lakh. Explore the differences between PPF and NPS to determine the better retirement savings option for you.

Here are the LIC Jeevan Utsav key features:

1. Lifetime Guaranteed Returns and Insurance Cover:

  • Non-linked, non-participating, individual savings, and whole life insurance scheme.
  • Policyholders receive 10% of the sum assured every year after a specified period, based on the chosen premium payment term.

2. Flexible Options:

  • Policyholders choose between two options at the start:
    • Option I – Regular Income Benefit
    • Option II – Flexi Income Benefit

3. There is no cap on the maximum basic sum assured.:

  • Minimum basic sum assured is Rs 5 lakh.
  • No cap on the maximum basic sum assured.
  • Limited premium payment term ranging from 5 to 16 years.

4. Interest and Withdrawals:

  • LIC pays 5.5% annual interest on delayed and cumulative flexi income benefits.
  • Policyholders can withdraw up to 75% of the amount, including interest, upon written request.
  • Withdrawal calculated annually for complete months until surrender or death, whichever is earlier.

5. Loan Facility and Premature Withdrawal:

  • The plan includes a loan facility and allows premature withdrawal, adding flexibility for policyholders.

6. Age Criteria:

  • Minimum entry age: 18 years.
  • Maximum premium expiry age: 75 years.

7. Limited Maturity Benefit:

  • No maturity benefit under this scheme, emphasizing its focus on lifelong coverage and returns.

8. LIC Chairman’s Perspective:

  • LIC Chairman Siddharth Mohanty expresses confidence in the scheme, highlighting its potential to revolutionize the market.
  • Emphasis on assured returns, with a unique feature of receiving 10% of the sum assured throughout the policyholder’s life.

9. Social Media Announcement:

  • LIC announces the scheme on social media, reaffirming the offering of lifetime guaranteed returns and complete life insurance coverage.

In essence, LIC Jeevan Utsav emerges as a comprehensive plan, offering a delicate balance between guaranteed returns and lifelong insurance, with flexible options catering to diverse financial needs.

MORE DETAIL CLICK HERE

Leave a Comment