LIC’s JEEVAN UTSAV Buy LIC policy

LIC’s JEEVAN UTSAV Buy LIC policy 9886568000

LIC’s Jeevan Utsav is a non-linked, non-participating, individual savings whole life insurance plan introduced by the LIC of India (Life Insurance Corporation of India), owned by the Government of India, on November 29, 2023. This plan is designed to help all classes of people with guaranteed regular pensions for a lifetime. LIC’s Jeevan Utsav offers financial support to the policyholder’s family in case of the unfortunate demise of the life assured and provides survival benefits in the form of regular income benefits or flexi income benefits, depending on the option chosen by the policyholder.

 

Key Features of LIC’s Jeevan Utsav:

• Lifetime Coverage with Limited Premium Payments: The plan offers whole life coverage with the convenience of limited premium payments, with premium-paying terms ranging from 5 to 16 years.
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• Guaranteed Additions: Guaranteed additions accrue at ₹40 per ₹1,000 of the Basic Sum Assured at the end of each policy year during the premium-paying term, providing a consistent growth component. No further accrual of guaranteed additions occurs after the premium-paying term.
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• Survival Benefit Options:
  • Regular Income Benefit: Upon survival, a Regular Income Benefit equal to 10% of the Basic Sum Assured is payable at the end of each policy year.
  • Flexi Income Benefit: Policyholders opting for the Flexi Income Benefit receive 10% of the Basic Sum Assured at the end of each policy year, with the option to defer and accumulate with 5.5% interest and flexible withdrawal options.
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• Death Benefit: In the event of the policyholder’s demise, the nominee receives the sum assured on death along with accrued guaranteed additions. The minimum death benefit is 105% of the total premiums paid up to the date of death.
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• Loan Facility: Policyholders can avail themselves of loans against the policy to meet liquidity needs.
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• Optional Riders: The plan offers optional riders such as the Accidental Death and Disability Rider, Accidental Benefit Rider, New Term Assurance Rider, New Critical Illness Rider, and Premium Waiver Benefit to enhance coverage.
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Eligibility Criteria:

• Minimum Age at Entry: 90 days
• Maximum Age at Entry: 65 years
• Premium Paying Term: 5 to 16 years
• Maximum Premium Ceasing Age: 75 years (nearer birthday)
• Minimum Basic Sum Assured: ₹5,00,000
• Maximum Basic Sum Assured: No limit (subject to underwriting decisions)
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Comparison with LIC’s Jeevan Umang:

LIC’s Jeevan Umang is another whole life insurance plan that combines insurance and savings benefits. It offers annual survival benefits equivalent to 8% of the Basic Sum Assured after the premium payment term, providing a regular source of income along with comprehensive insurance coverage up to the age of 100 years.

Key Differences:

• Survival Benefits: Jeevan Utsav offers 10% of the Basic Sum Assured annually, while Jeevan Umang offers 8% after the premium payment term.
• Premium Payment Term: Jeevan Utsav offers flexible premium payment terms ranging from 5 to 16 years, whereas Jeevan Umang offers premium payment terms of 15, 20, 25, or 30 years.
• Coverage Duration: Jeevan Utsav provides whole life coverage with limited premium payments, while Jeevan Umang provides life coverage up to the age of 100 years.

How to Purchase LIC’s Jeevan Utsav:

LIC’s Jeevan Utsav can be purchased both online and offline. To buy the policy online, visit the official LIC website and follow the application process. For offline purchases, you can contact an authorized LIC agent or visit the nearest LIC branch.

LIC’s Jeevan Utsav is a comprehensive whole life insurance plan that offers financial protection and flexibility through its survival benefit options and limited premium payment terms. When compared to LIC’s Jeevan Umang, it provides higher annual survival benefits and more flexible premium payment options, making it a suitable choice for individuals seeking a combination of savings and protection with adaptable financial solutions.