LIC Introduces Jeevan Utsav ; All you Need to Know About LIC’s Jeevan Utsav

LIC has unveiled Jeevan Utsav, a novel plan aimed at providing both savings and whole life insurance. This non-linked, non-participating plan assures insurance coverage throughout an individual’s lifetime. Effective from November 29, 2023, Jeevan Utsav is tailored to meet the financial needs of a diverse age group.

Eligibility: This plan is accessible for individuals aged 90 days to 65 years, ensuring a wide range of policyholders. Whether you’re starting your financial journey or planning for retirement, Jeevan Utsav has something to offer.

Premium Paying Term: The premium paying term ranges from 5 to 16 years, providing flexibility to policyholders. One of the standout features is the guaranteed additions accumulating annually, enhancing the overall value of the policy.

Survivor Benefits: For policyholders who survive beyond the premium paying term, Jeevan Utsav offers two enticing options – regular income or flexi income benefits. This flexibility caters to diverse financial needs, ensuring a steady stream of income post the premium payment period.

Death Benefit: In case of an unfortunate event, the Death Benefit includes the ‘Sum Assured on Death’ along with accrued guaranteed additions. This guarantees a minimum of 105% of the total premium paid, providing financial security to the policyholder’s family.

No Maturity Benefits: Unlike traditional plans, Jeevan Utsav does not offer maturity benefits. Instead, it continues to provide regular or flexi income benefits based on the selected option. This unique approach aligns with the changing financial dynamics and long-term financial planning.

Additional Features: Jeevan Utsav comes with added advantages such as loan availability, high sum assured rebate, and flexible premium payment options. These features are designed to cater to the evolving needs and preferences of policyholders.

In conclusion, LIC’s Jeevan Utsav is a well-rounded plan that addresses the dual requirements of savings and whole life insurance. With its flexible premium payment terms, survivor benefits, and added features, it stands out as a comprehensive financial solution.