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As we told you in our earlier article anything can happen in life at any time, so we should be prepared for the future, especially those people who do jobs, if you want to invest part of your earnings in a good place, then LIC's LIC Jeevan Utsav Yojana is very right for you, this scheme is highly praised by LIC for giving guaranteed compensation to its policyholders. Let's know the complete details of this scheme

Who can take advantage?

LIC Jeevan Utsav Yojana is designed keeping in mind the wide age range. Here are the main eligibility points:

Age limit for investment: If you are between 8 to 65 years of age then you can invest in this scheme.

Premium payment period: The premium has to be paid only between the ages of 5 to 16 years.

Key Features of the Policy

Sum Assured: Investors are guaranteed a minimum sum assured of Rs 5 lakh.

Investment Options: The policy offers two investment options:

Regular Income Option: For those who want a steady, regular income.

Flexi Income Option: For those who prefer flexible income based on their investments.

Insurance Coverage: This policy offers both term and life insurance benefits, ensuring lifetime coverage instead of a fixed term.

How does the policy work?

Premium Calculation: From the 11th year onwards, a premium of 10% of the basic sum assured is charged on a fixed-term basis.

Example:

Suppose a policyholder chooses a sum assured of Rs 16 lakh with a premium term of 16 years, but pays premiums for only 5 years. The policyholder will still receive all the risk and survival benefits as if they had paid premiums for the entire term. This is based on the total premiums calculated, which ensures reasonable benefits irrespective of the actual premium payment term.

Payout Options:

If premiums are paid for 5 to 8 years, benefits start from the 11th policy year.

If premiums are paid for 10 years, benefits start from the 13th policy year.

Interest Rates and Benefits

The LIC Jeevan Utsav plan offers an interest rate of 5.5% per annum.

For those who opt for the Flexi Income option, interest rates can be as high as 10% per annum.

Income Benefits:

This policy works similarly to a money-back plan, offering periodic payouts instead of a lump sum on maturity.

Under the Flexi Income option, investors get the benefit of strong interest rates.