LIC's Jeevan Utsav offers protection and flexibility via whole-life coverage, flexible premiums, and assured additions.It provides financial protection, development, and customization to modern investors seeking complete insurance options.
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When it comes to financial planning, people want insurance options that not only give protection but also fit into their busy lifestyles. LIC's recently launched Jeevan Utsav stands out in this space, providing a non-linked, non-participating, individual, savings, whole life insurance plan tailored to the different demands of modern investors.
Key features of LIC’s Jeevan Utsav:
In addition to being non-linked and non-participating, the Jeevan Utsav plan offered by LIC is distinguished by the fact that it places an emphasis on stability and predictability in terms of returns. The choices of investors who are looking for a dependable and uncomplicated insurance solution are aligned with this quality.
Savings and whole-life coverage: Jeevan Utsav is a product that, at its heart, combines the components of financial savings and comprehensive life insurance. This one-of-a-kind combination not only provides financial assistance to the family in the tragic event that the policyholder passes away, but it also provides survival benefits in the form of a regular income benefit or a flexi income benefit, depending on the option that is selected.
This plan recognizes the need for flexibility in financial planning and provides a restricted premium payment term that ranges from five to sixteen years. The duration of this plan is flexible. Investors can earn lifelong profits, contributing to a solid financial plan that adjusts to their developing demands.
Guaranteed additions: During the premium payment period, Jeevan Utsav accrues guaranteed additions at the conclusion of each policy year. This feature boosts the total value of the plan, assuring a constant accumulation of advantages over time.
It is critical for prospective buyers to understand that guaranteed additions will cease if premiums are not paid on time. Additionally, in the case of policy surrender within the premium paying period, Guaranteed Additions for the policy year of surrender will be applied.
For this insurance, the minimum basic amount insured is Rs. 5,00,000. There is no restriction on the maximum basic sum promised, as per the LIC website. At the commencement of the policy, individuals are provided with two separate options:
Option I - Regular income benefit: This option provides a regular income benefit in which, if the life insured survives, a portion of the basic sum promised is paid yearly, if all due premiums have been paid. This option is ideal for people looking for a consistent income stream throughout the policy's lifetime.
Option II - Flexi income benefit: Option II provides a flexible income benefit for individuals who want it. LIC provides interest on delayed and cumulative flexi income benefits, enabling financial development for policyholders.
LIC Jeevan Utsav offers a variety of benefits, including:
Withdrawal options: Policy holders can submit written requests to withdraw up to 75% of their entire flexi income benefits, giving liquidity as needed.
accumulative benefit: The cumulative flexi income benefit, plus interest, is received upon death or surrender, offering a safety net for unforeseen circumstances.
Death benefit: In the terrible event that the life guaranteed dies, a death benefit is paid. However, if the life guaranteed is a minor with an age at entrance of less than 8 years and dies before the risk period begins, the death benefit will be a refund of the premiums paid. This refund excludes taxes, any additional premiums, and rider premiums, where applicable, and does not include interest.
Optional riders: The insurance policy contains five optional riders, which allow for customization based on individual needs.These include: accident benefit rider, accidental death and disability benefit rider,new critical illness benefit rider, new term assurance rider, and premium waiver benefit rider.
LIC's Jeevan Utsav is a comprehensive solution that combines the steadiness of whole life insurance with the flexibility of savings. As investors navigate the complexity of financial planning, Jeevan Utsav provides a dependable partner that ensures both security and development.
Prospective purchasers are advised to research product characteristics, sales material, and policy conditions in order to make educated judgments that are tailored to their specific financial goals.
