The country’s largest insurance company, Life Insurance Corporation of India (LIC), gives many types of policies. The company makes policies for different people. In the same way, LIC has started the Jeevan Utsav plan. This is a normal plan, not linked to the share market. It gives sure returns. This plan gives a pension of ₹15,000 every month after retirement.
You can put money in LIC’s Jeevan Utsav plan for 5 to 16 years. The plan matures when you retire. The return depends only on how long you invest. In this plan, the minimum sum assured is ₹5 lakh. People between 8 and 65 years can invest in this LIC Jeevan Utsav plan.
Term Insurance Benefits
By investing in the LIC Jeevan Utsav Plan, people get the benefit of both term insurance and life insurance. Unlike term insurance, this plan gives cover not only for a fixed time but for the whole life. That is why it is a lifetime return plan.
Interest Rates in Jeevan Utsav Policy
After the cover starts, policyholders can choose one of two options. The first option is Regular Income Benefit and the second is Flexi Income Benefit. Investors will get 5.5% interest per year. This interest will be given on the delayed and added Flexi Income Benefit. If the policyholder dies before the plan ends, the nominee will get 105% of the total premium paid till that time.