Detailed description of LIC, New Jeevan Utsav Scheme, Life Insurance Corporation of India (LIC) has launched its new life insurance scheme “Jeevan Utsav” on November 29, 2023. The scheme offers 10% compulsory survival benefit and 100% permanent risk cover. LIC Chairman Siddharth Mohanty has launched a new scheme of LIC called “Jeevan Utsav”.
Key features of this program are as follows
People between 90 days to 65 years of age can benefit from this scheme. Minimum premium payment period is 5 years and maximum premium payment period is 16 years.
For every Rs 1,000 of basic deposit, Rs 40 will be credited as sum assured.
After the premium paying period the policyholder can choose one of the following optional benefits as the life benefit.
Option 1 : Fixed income
10% of the Basic Life Sum Assured after a grace period of 3 to 6 years at the end of each policy year
Option 2: Discretionary Income
There is a facility to collect 10% of the life insurance premium paid at the end of each policy year not immediately but later as per the policy conditions of LIC. It pays interest at 5.5% compounded annually.
10% survival benefit is paid every year while the policyholder is alive. In case of death of the policyholder, the permanent risk sum assured is paid to the nominees of the policyholder.
After the policyholder attains the age of 60, the premium payment period ends. Until the policyholder reaches the age of 100, he gets 10% survival benefit every year.
The Jeevan Utsav scheme is suitable for the following types of individuals
Individuals who want to ensure financial security for their family, Individuals who want to be financially independent after retirement, Individuals who are looking for a life insurance plan for the long term.
The premium rate of this plan varies depending on the policyholder’s age, policy tenure and health status.
The Jeevan Utsav scheme is considered a new pioneer in the Indian life insurance industry. This scheme provides additional financial security to the policyholders and helps them to be financially independent after retirement. If the policy is in force after commencement of insurance cover,
On the death of the policyholder, the sum assured is paid along with the “Death Sum Assured”. The death benefit is not less than 105% of the premium paid up to the date of death. “Basic Sum Assured” or “7 times the Annual Premium” whichever is higher is determined as the Death Sum Assured.
In lieu of Maturity Benefit, Regular/Discretionary Income Benefit is provided after deferment period. There are also benefits such as loan facility and discount on premium for higher sum assured. This scheme offers 5 optional benefits. Accidental Death and Disability, Accident Insurance, Term Assurance Option, Critical Illness Benefit, Exemption from Future Premiums – the 5 optional benefits.
The scheme can be availed through authorized agents, corporate agents, brokers, insurance brokers and online. For more details about this scheme visit www.licindia.in