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India's most trusted insurance company, Life Insurance Corporation of India (LIC), has recently given a big gift to its customers. LIC has launched the Jeevan Utsav Single Premium Plan, which came into effect on January 12th.  This plan is ideal for those who want to avoid the hassle of paying premiums repeatedly and want lifetime income and insurance protection in exchange for a one-time investment.

The biggest specialty of this plan is that only one premium payment is required.  After a single payment, the policyholder receives the benefits of regular income along with life insurance coverage for their entire life. This is why this scheme is considered very attractive for salaried individuals, business class people, and those planning for retirement.

Not linked to the market, a completely safe plan

The LIC Jeevan Utsav Single Premium Plan is a non-linked and non-participating policy.
This means that the returns of this scheme will not depend on the fluctuations of the stock market.
It offers pre-determined benefits, so the investor has no confusion regarding future income.
This plan has been launched under plan number 883 and UIN 512N392V01.

Who can buy this LIC policy?
This LIC plan can be purchased by anyone from a 30-day-old newborn to a 65-year-old person. The minimum basic sum assured is Rs. 5 lakh, while there is no limit set for the maximum sum assured. This means that a large investment can be made according to one's needs and capacity. This policy also provides the benefit of guaranteed additions, under which Rs. 40 is added per Rs. 1,000 of sum assured at the end of each policy year.

What are the two income options available?
In this policy, the customer gets two income options as survival benefits. The first option is the Regular Income Benefit, where 10 percent of the basic sum assured is received as income every year after a fixed tenure. This income actually starts after 7 to 17 years.

The second option is the Flexi Income Benefit.  In this option, the 10 percent income can be accumulated instead of being received immediately. The deposited amount earns a 5.5 percent annual compound interest from LIC. This amount can then be withdrawn partially or fully when needed.

Strong Safety for the Family in Case of Death
If the insured person dies during the policy tenure, the nominee receives the Sum Assured on Death along with all guaranteed additions accrued until the time of death.
The Sum Assured on Death is the higher of the basic sum assured or approximately 1.25 times the tabular single premium.

Why is the LIC Jeevan Utsav Single Premium Plan special?
The LIC Jeevan Utsav Single Premium Plan is a great option for those who want a safe investment, a fixed income, and lifelong insurance protection.  For those who want to invest once and receive long-term benefits, this scheme can help in creating a strong financial plan for the future. (Note: This news is based on general information; for more details, please consult a financial advisor.)

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