8 Things To Know About Jeevan Utsav

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What Is Jeevan Utsav?

Life Insurance Corporation of India (LIC) introduced a guaranteed income policy for life called the ‘Jeevan Utsav’ on November 29, 2023.

Life Insurance Corporation of India

Age

Individual aged between 90 days and 65 years can open the policy; the maximum premium-paying age is 75 or the nearest birthday.

Premium-Paying Age

Fixed Benefits

The policy offers lifetime coverage and fixed returns without additional benefits like bonuses.

Long term benefits

Guaranteed Income

This policy provides guaranteed income for senior citizens for life.

Premium Paying Period

Death Benefit

The death benefit is the total premium paid until death, minus rider, extra premiums, and taxes, and the sum assured, which is higher than the basic or seven times the annualised premium

Benefits payed on Death

Payment Plan

Beneficiaries can receive the death benefits in monthly, quarterly, half-yearly, and yearly instalments instead of a lump sum.

Payment Plan

Survival Benefit

The policyholder receives 10% of the basic sum assured annually, starting from the 19th policy year.

Regular Income

Flexible Income

The flexible option offers 10% of the basic sum assured annually, with deferment and interest compounding annually. It also allows withdrawals up to 75% of the accumulated balance once a policy year.

Compiled By Himani Verma

Flexibility of Income

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