The Life Insurance Corporation of India (LIC) launched the Jeevan Utsav Single Premium Plan on January 12th. This policy is specifically designed for investors who want long-term, guaranteed benefits with a single investment. The single premium payment option sets it apart from other traditional plans.
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One-Time Payment, Lifelong Relief
The biggest advantage of this policy is that it requires only a one-time premium payment. After paying the premium, the policyholder not only receives life cover but also opens the door to a regular income stream after a specified period. This feature is considered extremely useful for salaried individuals, business owners, and those planning for retirement.
Completely Protected from Market Risks
The LIC Jeevan Utsav Single Premium Plan falls under the non-linked and non-participating category. This means that the returns from this plan are not affected by the stock market or any investment risks. All policy benefits are predetermined, eliminating any uncertainty about future income. This plan is available under Plan Number 883 and UIN 512N392V01.
Who Can Buy This Policy?
This scheme can be purchased by anyone from a 30-day-old newborn to a 65-year-old individual. The minimum basic sum assured is Rs. 5 lakh, while there is no upper limit on the maximum investment. The policy also offers the benefit of guaranteed additions, under which a fixed amount is added per Rs. 1,000 of sum assured at the end of each policy year.
Two Income Options, Choose According to Your Needs
This policy offers two different income options under the survival benefit. In the first option, 10 percent of the basic sum assured is received as regular income every year after a fixed period. This income starts after 7 to 17 years, depending on the policy terms. The second option is Flexi Income, where the income received can be accumulated instead of being withdrawn immediately. LIC pays annual compound interest on this accumulated amount, which can be withdrawn partially or fully when needed.
What the family receives in case of death
If the insured person passes away during the policy term, the nominee receives the Sum Assured on Death along with all the guaranteed additions accrued till then. The Sum Assured on Death is the higher of the Basic Sum Assured or a fixed multiple of the Tabular Single Premium.
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Why is the LIC Jeevan Utsav Single Premium Plan special?
This plan is considered special for investors who want a secure investment, a fixed income, and lifelong insurance coverage. For those who prefer to invest once and remain worry-free for a long time, this policy can prove to be a valuable tool for robust financial planning.
Note: This information is for general purposes only. It is advisable to consult a financial advisor before making any investment.