Here we are sharing a piece of big news with you Life Insurance Corporation of India (LIC) has presented a novel plan encompassing personal savings and whole life insurance. This plan is named LIC’s Jeevan Utsav with results from 29 November 2023. LIC is an Indian multinational public-sector life insurance firm. It’s headquartered in Mumbai. Since the news has come on the internet and it went viral on the social media platforms. Now many people are super curious to know about the whole information about it. Here we have more information about it and we will share it with you in this article.
This plan is non-connected and non-participating, offering extensive life insurance coverage throughout one’s lifetime. The plan permits the scope to pay limited premiums featuring certified additions throughout the premium-paying term. The main elements that make up this plan include.
This system is available for people aged between 90 days and 64 years, supplying secure lifelong income and lifelong coverage against risks.
The premium spending term must be a minimum of five years and a maximum of 16 years.
At the close of each policy year, the premium is paid, guaranteed of ₹40 per thousand basic sums secured will be collected throughout the premium paying term.
If the life guaranteed survives beyond the premium paying term, the policyholder has the choice to select from.
Option first: Regular Income Benefit: This entails 10% of the basic sum guaranteed, paid at the end of each policy year, starting three to six years after the deferment period.
Option II: Flexi Income Benefit: Policyholders may choose the Flexi Income withdrawn wherein 10% of the basic sum secured may be collected and withdrawn later, contingent upon the policy’s terms and conditions. LIC will provide interest on these Deferred Flexi Income payments at a rate of 5.5% per annum, compounded annually. Swipe up to the next page for more information.
In the event of the life assured’s death after the start of risk, the Death Benefit, equal to the Sum Assured on Death” along with accrued guaranteed additions will be paid, supplied the policy is active. This Death Benefit will not be less than 105% of the total premiums paid up to the date of death.
Maturity benefits have been not applicable under this plan, as standard/ flexi income honors continue for the lifetime based on the option chosen.
Extra liquidity can be obtained through a loan.
A pleasing high-sum secure rebate is offered.
This product lesson the longstanding demand for a lower and flexible premium paying term.