Insurance Schemes: LIC Introduces Jeevan Utsav Plan For Customers With Guaranteed Returns

02 Dec, 2023 Author: Ayushee Joshi

LIC New Scheme: The Life Insurance Corporation of India (LIC) has recently launched a new scheme, the LIC Jeevan Utsav Plan. The LIC Jeevan Utsav Plan is a non-linked, non-participating, money-back life insurance policy that provides income benefits of up to 10% of the insurance amount. The minimum insurance amount is Rs 5 lakh, and there is no limit on the maximum amount. The insurer receives lifetime returns, and the time for premium payment is limited to five to sixteen years.

LIC Jeevan Utsav Plan Benefits

The minimum age for this new LIC scheme is 18 years, and the maximum age is 75 years. A premium of at least five years will be required for this. The maximum payment period for premiums is 16 years. After the policy is activated, the policyholder must select one of two options: regular income benefit or flexi income benefit. Investors will receive 5.5% annual interest in this case. After the policy matures, the policyholder will be able to receive a lifelong benefit of 10% of the sum insured. Other advantages include the accumulated benefit, the maturity benefit, the death benefit, and the survival benefit.