The Benefits of The LIC Jeevan Utsav Plan

What is the LIC Jeevan Utsav Plan?

LIC’s Jeevan Utsav is a whole life insurance plan that is non-linked and non-participating, meant for individual savings. It offers financial protection to your family in case of the policyholder’s unfortunate death. If the policyholder survives, they receive regular returns through either the Regular Income Benefit or the Flexi Income Benefit, depending on the option selected at the start of the policy.

LIC Jeevan Utsav Plan Details

1. Eligibility Criteria

Here is the age eligibility criteria for LIC Jeevan Utsav Plan:

• Minimum Age: 30 Days to 65 Years
• Maturity Age: 75 Years

2. Sum Insured

LIC Jeevan Utsav offers a minimum sum assured of ?5 lakhs, and there is no limit on the maximum amount. You can choose to pay the premium for a period between 5 to 16 years, depending on what suits you best. After finishing the premium payments, you start getting regular income benefits from the plan.

Key Features LIC Jeevan Utsav Plan

Here are the key features based on the provided data:

• Whole life insurance plan with limited premium payment.
• Choice between two benefit options at the start: Regular Income Benefit or Flexi Income Benefit.
• Guaranteed Additions are provided throughout the premium-paying term.
• Flexible premium paying term ranging from 5 to 16 years.
• Option to enhance coverage with riders by paying an additional premium.
• A loan facility is available to meet liquidity needs.

LIC Jeevan Utsav Plan Benefits

Here’s a detailed explanation of each benefit of the LIC Jeevan Utsav Plan:

1. Choose Your Premium Payment Term

You can decide how many years you want to pay premiums, from 5 to 16 years. This helps you plan based on your income and financial goals. People between 90 days and 65 years of age can buy this plan. The minimum sum assured is ?5 lakh, and there is no maximum limit.

2. Guaranteed Additions Every Year

LIC adds ?40 for every ?1,000 of the basic sum assured at the end of each year during the premium-paying term. These additions increase your policy’s value over time and boost your total benefits.

3. Lifetime Income Options

After you finish paying premiums, you can choose how to receive money. You can get 10 percent of the basic sum assured every year as steady income. Or you can wait and withdraw later, and the amount will grow with 5.5 percent yearly interest.

This gives you flexibility depending on your needs.

4. Strong Financial Protection for Family

If the policyholder dies, the nominee gets the basic sum assured plus the guaranteed additions. LIC ensures this payout is at least 105 percent of the total premiums paid. This provides your family with strong financial support.

5. Loan Facility Available

You can take a loan against the policy after paying two years' premiums. This gives you access to money during emergencies without losing insurance benefits.

6. Extra Riders and Tax Benefits

You can add extra cover like accidental death, disability benefit, critical illness, or premium waiver by choosing optional riders. Under Sections 80C and 10(10D) of the Income Tax Act, you also get tax benefits on premiums paid and payouts.

7. Optional Riders for Extra Protection

You can enhance your coverage by adding up to four out of five optional riders:

• Accidental Death and Disability Benefit: Pays a lump sum for accidental death and monthly income in case of disability.
• Accident Benefit: Gives a lump sum for accidental death during the premium-paying term.
• New Term Assurance: Adds extra coverage for up to 35 years or until you turn 75.
• New Critical Illness: Pays a benefit on the first diagnosis of any of 15 covered illnesses.
• Premium Waiver: Waives future premiums if the proposer passes away, keeping the policy active.

Conclusion

LIC Jeevan Utsav is a whole life insurance plan that offers both protection and regular income. With the flexibility to choose between Regular Income or Flexi Income options, it caters to different financial needs. The plan provides guaranteed additions during the premium paying term and attractive rebates for higher sum assured amounts.

You can choose a premium term between 5 to 16 years, making it easier to manage payments. It also offers the option to add riders for extra protection and allows loans to meet urgent financial needs. Overall, it is a smart plan for long-term financial security and stability.

If you have any queries related to the Jeevan Utsav LIC plan, feel free to contact our customer care number.