Life Insurance Corporation announced a new “LIC Jeevan Utsav” policy on 29 November 2023.
Now, ‘Utsav’ means celebration, which means this policy provides too many reasons to celebrate, and here are the top 11.
This Jeevan Utsav policy is A Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance Plan.
This policy gives financial support to families in case of unfortunate death of life assured and survival benefits in the form of regular income or flexible income benefits.
Due to its non- participating, benefits payable on death or survival are guaranteed and fixed irrespective of experience.
This LIC Jeevan Utsav policy will give you a whole life insurance with limited premium payment.
As per your interest, you can choose any of the two options under the plan, like regular income benefits or flexi income benefits.
Not only this but also you have the flexibility to choose a Premium Paying Term from 5 Years to 16 Years.
This Jeevan Utsav will also give a compulsory survival benefit of 10%, which is quite interesting.
Now, the biggest plus of this plan is people aged between 90 days to 65 years can avail of this policy.
A grace period of 30 days for yearly, half yearly, or quarterly and 15 days for a monthly premium.
The minimum sum assured for the Jeevan Utsav policy is five lakhs, and their is no upper limit.
As per the Corporation's periodic specifications, loans under the Policy are available subject to the terms and restrictions.