The minimum basic sum insured is Rs 5 lakh. At the same time, there is no fixed amount of maximum basic sum insured. The minimum age at the beginning of the policy year should be 18 years and the maximum age at expiry is 75 years..
LIC Jeevan Utsav: Insurance giant Life Insurance Corporation of India (LIC) has started a special scheme. The name of this scheme is Jeevan Utsav. This scheme promises assured returns. LIC told the stock market that it is a non-linked, non-participating, individual savings, whole life insurance plan.
Highlights of LIC Jeevan Utsav: LIC Chairman Siddharth Mohanty, while recently sharing some features of the new scheme, had said that it will give assured returns and after its completion, the policyholder will get 10 percent of the sum assured throughout his life. Mohanty had said that the new product is ready to create a stir in the market. Everyone wants to know how much he is paying and how much returns he will get after 20-25 years. He said that apart from this, loan facility and premature withdrawal are also included in the features of this new scheme.
Introducing LIC’s Jeevan Utsav – with Lifetime Guaranteed Returns offering Whole Life Insurance with flexibility to choose benefits. #LIC #LICJeevanUtsav #JeevanUtsav #WholeLifePlan pic.twitter.com/P2ldh7wh7o
— LIC India Forever (@LICIndiaForever) November 29, 2023
You will get 2 options
In this scheme, the policyholder will get 2 options – regular income benefit and flexi income benefit. Whereas, the minimum basic sum insured is Rs 5 lakh. At the same time, there is no fixed amount of maximum basic sum insured. The premium payment term in this policy is limited to 5 to 16 years with lifetime returns. Additional guarantee will be given during the premium payment period. The minimum age at the commencement of the policy year should be 18 years and the maximum age at premium expiry should be 75 years.
Let us tell you that LIC will pay interest at the rate of 5.5% per year under this scheme. The policyholder will not get maturity benefit.
