Regular Income Option:
Under the Regular Income Option, policyholders receive a guaranteed 10% of their sum assured as regular income every year, commencing between the 11th and 19th policy years, depending on the chosen premium paying term. This option provides a steady stream of income for policyholders during their retirement years or whenever they choose to start receiving income payments.
Flexi Income Option:
The Flexi Income Option offers policyholders greater flexibility in managing their income payouts. The frequency of income payments can also be customized, allowing policyholders to align their income with their specific needs and expenses.
Both the Regular Income Option and the Flexi Income Option provide policyholders with the assurance of a lifetime income stream, ensuring financial stability and peace of mind throughout their lives. The choice of income payout option depends on individual preferences and financial requirements.
LIC Introduces Jeevan Utsav: A Non-Linked, Non-Participating Money-Back Life Insurance Plan
Jeevan Utsav is designed to cater to individuals seeking financial security and a steady stream of income during their retirement years or whenever they choose to start receiving income payments.
Key Features of LIC Jeevan Utsav:
Guaranteed Income Benefits: Policyholders receive a guaranteed 10% of their sum assured as regular income every year, commencing between the 11th and 19th policy years, depending on the chosen premium paying term.
Flexible Income Options: Policyholders can choose between two income payout options: Regular Income Option and Flexi Income Option. The Regular Income Option provides a steady stream of income, while the Flexi Income Option offers greater flexibility in managing income payouts.
Non-Linked, Non-Participating Plan: Jeevan Utsav is a non-linked, non-participating plan, meaning that the returns are guaranteed and not linked to the market. This provides policyholders with peace of mind and assurance of their future income.
Maturity Benefit:Upon maturity, policyholders receive the sum assured along with any accumulated bonuses, if applicable.
Eligibility:
Age: 18 to 55 years
Sum Assured: Minimum ₹2 lakh, Maximum ₹5 crore
Premium Payment Terms:
Regular Income Option: Premium payment terms ranging from 5 years to 19 years
Flexi Income Option: Premium payment terms ranging from 5 years to 15 years
Benefits of LIC Jeevan Utsav:
Guaranteed Income: Provides a steady stream of income during retirement or whenever needed
Financial Security: Offers financial stability and peace of mind
Flexibility: Choice of two-income payout options to suit individual needs
Maturity Benefit: Receives the sum assured along with any accumulated bonuses
Overall, LIC Jeevan Utsav is a comprehensive life insurance plan that offers guaranteed income benefits, flexibility, and financial security. It is an ideal choice for individuals seeking a reliable source of income for their future.
LIC Jeevan Utsav: A Secure Future with Guaranteed Lifetime Income
LIC's Jeevan Utsav, a non-linked, non-participating life insurance plan, provides guaranteed lifetime income benefits and financial security. With a minimum sum assured of ₹5 lacks, flexible premium paying terms ranging from 5 to 16 years, and a wide age range for entry (8 to 65 years), Jeevan Utsav caters to a diverse range of individuals seeking financial stability and a steady stream of income.
Key Features of LIC Jeevan Utsav:
Guaranteed Income Benefits: Policyholders receive a guaranteed 10% of their sum assured as regular income every year, commencing between the 11th and 19th policy years, depending on the chosen premium paying term.
Flexible Income Options: Choose between two payout options:
Regular Income Option: Receive a steady stream of income throughout your retirement years.
Flexi Income Option:Enjoy greater flexibility in managing income payouts, tailoring them to your specific needs.
Maturity Benefit: Upon maturity, receive the sum assured along with any accumulated bonuses, if applicable.
Eligibility:
Age: 8 to 65 years
Sum Assured: Minimum ₹5 lakh, Maximum ₹5 crore
Premium Payment Terms:
Regular Income Option: 5 to 19 years
Flexi Income Option: 5 to 15 years
Income Benefit:
Survival benefit starts flowing after the periods specified in the policy, linked to the premium paying term.
LIC Jeevan Utsav offers a secure future with guaranteed lifetime income, flexibility to choose the payout option that suits your needs, and a maturity benefit. Embark on a journey of financial security with LIC Jeevan Utsav today!
LIC Jeevan Utsav: Income Benefits Tailored to Your Premium Payment Term
The Regular Income Option under LIC Jeevan Utsav provides policyholders with a guaranteed income stream of 10% of their chosen sum assured, starting from the 11th policy year. However, the exact commencement of income payments depends on the selected premium paying term.
Premium Payment Term: 5 to 8 years
Income Payments Begin: 11th policy year
Premium Payment Term: 9 to 12 years
Income Payments Begin: 13th policy year
Premium Payment Term: 13 to 16 years
Income Payments Begin: 15th policy year
The longer the premium paying term, the later the income payments begin, allowing for a more substantial accumulation of the sum assured before income payments commence.
LIC Jeevan Utsav: Enhanced Flexibility with Deferred Income Benefits and Interest Accumulation
The Flexi Income Option under LIC Jeevan Utsav offers an additional layer of flexibility by allowing policyholders to defer their income payouts and earn interest on the accumulated balance. This provides policyholders with the option to delay receiving their income payments if they prefer, allowing the accumulated balance to grow further due to the attractive interest rate offered by LIC.
LIC will pay interest on these deferred benefits at the rate of 5.5 per cent per annum, compounding yearly until the date of withdrawal, surrender, or death, whichever occurs first. This means that the accumulated balance will continue to grow at a steady rate, potentially resulting in a larger sum when the policyholder decides to withdraw the funds.
LIC Jeevan Utsav: Convenient Withdrawal Option for Access to Accumulated Benefits
The Flexi Income Option under LIC Jeevan Utsav offers policyholders the convenience of accessing their accumulated benefits through a written withdrawal request. Policyholders can withdraw up to 75% of the accumulated benefits, including interest, once in a policy year. This provides policyholders with the flexibility to meet unexpected financial needs or fund specific goals without compromising the overall growth of their accumulated balance.
In the event of the policyholder's unfortunate demise, their dependents will receive a death benefit comprising the 'Sum Assured on death' as specified in the policy documents, along with the accumulated guaranteed additions earned until that point. According to the product brochure, LIC will credit guaranteed additions at the rate of Rs 40 per thousand of the basic sum assured at the end of each policy year during the premium paying term.