The Life Insurance Corporation of India (LIC), the country’s foremost insurance provider, continues to cater to the diverse needs of its citizens with the introduction of the ‘LIC Jeevan Utsav Plan.’ This latest scheme, launched on November 29, 2023, promises policyholders a unique blend of lifetime returns and various additional benefits. Let’s delve into the key features, eligibility criteria, and the myriad advantages that come with this non-linked, non-participating, money-back life plan.
Understanding LIC Jeevan Utsav Plan:
The LIC Jeevan Utsav Plan stands out as a distinctive offering, providing income benefits equivalent to 10% of the insurance amount. This means that upon policy maturity, policyholders can enjoy a lifelong benefit amounting to 10% of the sum insured. The minimum insurance amount for this plan has been set at Rs 5 lakh, offering flexibility to a wide range of investors. Moreover, there is no upper limit on the investment amount.
Eligibility Criteria:
To participate in the LIC Jeevan Utsav Plan, individuals must meet specific eligibility criteria. The scheme is open to citizens with a minimum age of 18 years and a maximum age of 75 years. Policyholders are required to pay premiums for a minimum of five years, with the premium payment period capped at a maximum of 16 years.
Interest Rate and Benefits:
Investors opting for the LIC Jeevan Utsav Plan can expect an annual interest rate of 5.5%. This interest is applicable to both delayed and cumulative flexi income benefits. The plan offers a spectrum of benefits, including accumulated benefits, maturity benefits, death benefits, and survival benefits.
Two Options for Policyholders:
Upon policy coverage, policyholders will need to choose between two options. The first option entails regular income benefits, while the second option provides flexi income benefits. This flexibility allows individuals to tailor the plan to their financial preferences and requirements.
Last Words:
The LIC Jeevan Utsav Plan positions itself as a compelling option for those seeking lifetime returns with added financial security. With a focus on flexibility, attractive interest rates, and a range of benefits, LIC continues to reinforce its commitment to meeting the diverse needs of its policyholders.
