LIC Jeevan Utsav: Life Insurance Corporation of India’s Jeevan Utsav policy is a reliable option for investors who want a secure and fixed income after retirement. This policy falls under the traditional category and is completely protected from market fluctuations. Therefore, investments made in it provide a fully guaranteed return.
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Scheme with Non-Linked and Guaranteed Returns
Jeevan Utsav is a non-linked and non-participating plan. This means that the policy money is not invested in the market, nor does it accrue bonus-based benefits. The investor knows from the outset the expected return at the end of the term. This is why this plan is very popular among those who prefer risk-free investments.
Premium Payment Period and Maturity
Investors can pay premiums in this scheme for 5 to 16 years, depending on their capacity and needs. The policy’s maturity period is designed to be around the investor’s retirement, providing regular pension income. A long-term deposit generates a monthly income of approximately ₹15,000 upon maturity.
Minimum Investment Requirements and Age Limit
The Jeevan Utsav plan requires a minimum sum assured of ₹5 lakh. Investors must be between 8 and 65 years of age. This limit allows everyone, from children to senior citizens, to join the plan.
Benefits of Both Term and Life Insurance
The most important feature of this plan is that it includes the same protection as term insurance. In the event of the policyholder’s death during the policy term, up to 105 per cent of the premium is paid to the nominee. This protects not only the investor but also his or her family.
Two Income Options Available
Once the policy is active, the investor can choose from two options. The first option is the regular income benefit, which provides a fixed monthly payment. The second option is the Flexi Income Benefit, which allows withdrawals as needed. Both options offer investors a 5.5% annual interest rate.
Interest Rate and Bonus Benefits
The policy’s interest is completely fixed. The Flexi Income option offers both delayed and cumulative interest rates. The 105% payout in case of death during the policy term provides additional security to investors.
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Ideal Scheme for Retirement Planning
The Jeevan Utsav Plan is an ideal option for those seeking a stable income source for their retirement. It is structured to provide a secure and stable income without any market risk. This policy offers a balance between investment and protection.