LIC Jeevan Utsav Plan: The massive insurance company LIC has introduced a guaranteed return programme today. This programme is known as the “Jeevan Utsav” Policy. According to LIC’s regulatory filing, the policy is a whole life insurance policy that is non-linked, non-participating, and saves.
Lifelong Benefit of 10% Post-Maturity
Policyholders can receive a lifelong benefit of 10% of the total insured amount after the policy matures, according to LIC Chairman Siddharth Mohanty, who made this announcement in a recent interview with news agency PTI. According to him, Utsav is going to cause a stir in the market for policy. For investors seeking returns over a 20–25 year period and a transparent cost structure, it is ideal. At the beginning of the coverage, the policyholder will have two options. Benefits will change based on the selection made. Regular Income Benefit is the first option, and Flexi Income Benefit is the second.
Minimum Basic Insurance Amount
The policyholder’s minimum basic insurance amount under this LIC insurance is Rs 5 lakh. The maximum amount of basic insurance has no upper limit. With lifetime returns, the policy’s premium payment term is restricted to 5 to 16 years.
Eligibility Criteria
You must be between the ages of ninety-nine days and sixty-five years old to purchase this policy. Five years is the minimum premium payment term, and sixteen years is the maximum premium payment term.
Interest Payments
Under this policy, investors will receive interest payments from LIC at a rate of 5.5% annually on the deferred and cumulative flexi income benefits. Policyholders receive death, accumulated, maturity, and survival benefits.
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