LIC Jeevan Utsav: Life Insurance Corporation of India (LIC) keeps offering many types of insurance policies for its customers. One of these is Jeevan Utsav Plan. This policy is designed in such a way that it provides lifetime income and risk coverage. This special insurance plan was launched by LIC on 29 November 2023.
These are the benefits of LIC Jeevan Utsav
LIC Jeevan Utsav has guaranteed returns, lifetime continuous income and flexi premium option. This product is considered ideal for long term financial planning.
This plan of LIC is for people aged between 90 days to 65 years. In this, premium has to be paid for at least 5 years, but there is no maximum limit. In this policy, the sum assured starts from Rs 5 lakh and there is no limit on the maximum amount. In this, the policyholder gets the option of choosing the premium payment period from 5 to 16 years along with getting lifetime returns.
Guaranteed addition available every year
Individual policyholders get a guaranteed additional amount of Rs 1,000 over the basic sum assured at the end of every policy year during the entire premium paying term. This additional amount increases the value of the policy over time.
After the completion of the premium paying term, policyholders can choose either a fixed income or a flexi income option. In case of the death of the policyholder, the nominee receives the sum assured on his death. This amount includes the basic sum assured and the accrued guaranteed additions.
Moreover, this amount is not less than 105% of the total premiums paid. This policy also has several additional features to enhance the convenience of policyholders, including loan facility and taxation benefits.