LIC New Plan Jeevan Utsav: Guaranteed Return Scheme Launched; Check Details Here

LIC New Plan Jeevan Utsav: On November 29, 2023, Life Insurance Corporation of India (LIC) introduced a new traditional insurance plan called Jeevan Utsav Plan 871. This plan is designed to provide a combination of insurance, savings, and pension benefits, catering to individuals seeking a secure and stable financial future. Unlike market-linked plans, Jeevan Utsav Plan 871 offers guaranteed returns, shielding policyholders from market fluctuations

LIC’s Jeevan Utsav Plan is a comprehensive insurance plan that offers guaranteed returns and long-term financial security. It is a non-linked, non-participating, individual savings plan that provides whole life insurance coverage. The plan’s limited premium structure allows policyholders to pay premiums for a fixed term, while guaranteed additions ensure consistent growth in the policy value throughout the premium paying period.

Benefits

LIC Jeevan Utsav provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of this plan is it has the limited premium payment option. Premium paying term is 5 years to 16 years for whole life policy terms.

The proposer shall have the following two options to choose at inception of the policy. The benefits shall vary as per the option chosen.

• Regular Income Benefit
• Flexi Income Benefit

Policyholders who opt for the regular income option will receive annual payouts starting from the 11th policy year. The exact year in which payouts begin depends on the chosen premium payment term. For instance, those who pay premiums for five to eight years will start receiving payouts from the 11th year onward, while those who choose a longer premium payment term, such as 10 years, will begin receiving payouts from the 13th policy year.

However, the policyholder can change the option exercised by them at the inception of the policy at any time up to six months before the beginning of the policy year in which the first, regular or flexi income benefit becomes due.

Key Features

• Guaranteed Income for lifetime starting from age 18 till 100 years.
• Option to choose regular income benefit or flexi income benefit.
• All the benefits will be guaranteed at the time of inception of the policy.
• Guaranteed additions at the rate of Rs. 40 per thousand sum assured till the premium paying term.
• Option to defer and accumulate the income at an attractive investment rate of Rs 5.5% per yearly and compounding annually.
• You can change the type of income benefit six months before the payment of benefits.
• Option of premium payment term from 5 years to 16 years only.
• Policy can be taken for 90 days child to a 65 years older person.

How To Buy LIC Jeevan Utsav Plan?

LIC Jeevan Utsav Plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms as well as online directly through LIC website www.licindia.in.