April 17, 2024

Life Insurance coverage Company of India (LIC) introduced a brand new typical insurance coverage plan named Jeevan Utsav Plan 871 on November 29, 2023. This plan is meant to help these in search of a protected and predictable monetary future with a mix of insurance coverage, financial savings, and pension benefits. In distinction to market-linked plans, Jeevan Utsav Plan 871 gives assured returns, defending policyholders from market swings.

The Jeevan Utsav Plan from LIC is a complete insurance coverage plan that gives assured returns in addition to long-term monetary safety. It’s a non-linked, non-participating particular person financial savings plan that features total life insurance coverage.

The plan’s restricted premium construction lets policyholders pay premiums for a sure time frame, whereas assured additions be sure that the coverage worth grows persistently all through the premium-paying interval.

Advantages

The LIC Jeevan Utsav insurance coverage protects the household of a lifeless policyholder at any time earlier than maturity. The important thing benefit of this plan is that it permits for restricted premium funds. Entire life coverage premium fee lengths vary from 5 to 16 years.

At first of the coverage, the proposer should decide between the 2 prospects listed beneath. The benefits will differ relying on the selection chosen.

  • Common Earnings Profit: This requires paying 10% of the bottom sum insured after every coverage yr for 3 to 6 years following the deferral time period.
  • Flexi Earnings Benefit: Policyholders can choose the Flexi Earnings Profit, which permits 10% of the bottom sum insured to be accrued and withdrawn later, based on the phrases and circumstances of the coverage. The LIC can pay curiosity on these Deferred Flexi Earnings funds at a price of 5.5% per yr, compounded yearly.

Key Options

  • Assured lifetime earnings from the age of 18 till the age of 100.
  • You’ll be able to choose between a daily earnings profit and a flexi earnings profit.
  • All advantages will likely be assured from the beginning of the insurance coverage.
  • Assured additions on the price of Rs. 40 per thousand quantity assured during the premium-paying interval.
  • Choice to delay and accumulate earnings at a wonderful annual funding price of Rs 5.5% compounded yearly.
  • Six months earlier than the distribution of advantages, you’ll be able to modify the form of earnings profit.
  • Solely premium fee phrases starting from 5 to 16 years can be found.
  • A 90-day child to a 65-year-old particular person might be coated by this coverage.

How Do I Buy a LIC Jeevan Utsav Plan?

The LIC Jeevan Utsav Plan is accessible for buy each offline by way of licensed brokers, company brokers, brokers, and insurance coverage advertising and marketing companies, and on-line straight by way of the LIC web site www.licindia.in.


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