LIC Jeevan Utsav Plan: Know Features, Eligibility And Other Benefits

LIC Life Utsav:  India's biggest Insurance provider 'Life Insurance Corporation of India launches many schemes according to the needs of citizens. The government-owned company has a special scheme of life insurance for every category of person. Now, LIC has launched a new scheme, in which, policyholders will get lifetime returns. The plan which comes with many other benefits too is the 'LIC Jeevan Utsav Plan'.

LIC Jeevan Utsav Plan?

LIC launched Jeevan Utsav on 29 November 2023. It is a non-linked, non-participating, money-back life plan. The policyholder gets income benefits up to 10 per cent of the insurance amount. That is, after the policy matures, the policyholder can avail the benefit of 10 percent of the sum insured as life lifelong benefit.

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The minimum insurance amount has been fixed at Rs 5 lakh. However, LIC has not set any upper investment limit. With the plan, the insurer gets lifetime returns and the time for payment of premium is limited to five years to sixteen years.

After having the policy covered, the policyholder will have to choose one of two options. The first option is regular income benefit and the second option is flexi income benefit.

Who is eligible for the LIC Utsav Plan

To have this scheme of LIC, citizens with a minimum age of 18 years and a maximum of 75 years can invest in the LIC Utsav Plan. A premium will have to be paid for at least five years. The maximum premium payment period is 16 years.

Interest Rate and Benefits

In this, investors will be given annual interest at 5.5%. This interest will be given to delayed and cumulative flexi income benefits. The policyholder would get accumulated benefits, maturity benefits, death benefits and survival benefits will be given.

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