Life Insurance Corporation of India (LIC) has unveiled a new non-linked, non-participating money-back life insurance product named LIC Jeevan Utsav.
This policy promises policyholders a guaranteed income of 10 percent of the insurance amount.
With a minimum sum insured set at Rs 5 lakh, LIC Jeevan Utsav opens up a host of benefits for investors.
Key Features of LIC Jeevan Utsav
Minimum and Maximum Age Criteria: Investors can participate in LIC Jeevan Utsav from the age of eight, up to a maximum of 65 years.
Income and Survival Benefits: The plan offers income and survival benefits as outlined in the policy, ensuring a reliable financial stream for policyholders.
Payment Options: Policyholders have the flexibility to choose between two payment options – regular income and flexi income benefit.
Premium payment terms range from five to 16 years, providing a tailored approach to individual financial preferences.
Income Benefit Details
Regular Income: Policyholders can opt to receive 10 percent of the basic sum assured within the specified period.
Payments commence from the 11th policy year, depending on the chosen premium payment term.
Flexi Income Benefit: In this option, policyholders receive 10 percent of the basic insurance amount annually based on the premium payment.
LIC guarantees an average rate of 5.5 percent annually, with the added flexibility to withdraw 75 percent of profits after one year, including interest at a rate of 5.5 percent.
Death Benefits and Policy Guarantees
In the unfortunate event of death, the policyholder’s dependents receive a death benefit equal to the sum assured specified in the policy document.
Additionally, a guaranteed credit of Rs 40 per thousand of the basic sum assured is made at the end of every policy year during the LIC premium payment period.
The sum assured on death is at least seven times the annual premium, ensuring financial security for the policyholder’s beneficiaries.
The minimum death benefit is guaranteed to be 105 percent of the total premiums paid until death.
LIC Jeevan Utsav stands as a testament to LIC’s commitment to providing robust financial solutions with guaranteed returns.
This innovative product offers a unique combination of flexibility and security, making it an attractive option for investors seeking reliable income sources.
