Have you ever imagined a financial plan that not only secures your future but also offers unique benefits that go beyond the ordinary? Life Insurance Corporation of India (LIC) has unveiled a new whole life insurance scheme known as Jeevan Utsav Plan (871). This plan aims to deliver a blend of insurance and savings to individuals seeking a secure and stable financial future. Unlike market-dependent plans, the Jeevan Utsav Plan assures policyholders of guaranteed returns, safeguarding them against the uncertainties of market fluctuations.
In this article, we will explore the key features, benefits, and unique aspects that make LIC's Jeevan Utsav Plan a standout choice in the realm of financial well-being. Compare quotes online at PolicyBachat to discover how a lic guaranteed return plan can pave the way for a secure and prosperous future, providing not only peace of mind but also a pathway to achieving your long-term financial aspirations.
What is LIC Jeevan Utsav Plan – Overview
LIC's Jeevan Utsav Plan stands out as a comprehensive insurance solution, ensuring not only guaranteed returns but also regular income over the long term, after the premium payment period. This plan is characterized as non-linked, non-participating, designed for individual savings, and providing extensive whole life insurance coverage.
This plan provides financial support to the family in the event of the unfortunate death of the policyholder and survival benefits in the form of a regular income benefit or flexi income benefit, depending on the option chosen by the policyholder.
The structured limited premium payment feature allows policyholders to pay premiums over a defined term, while the incorporation of guaranteed additions ensures a steady growth in the policy value throughout the premium payment period. It promises 10% of the basic sum assured as annual income after the premium paying term through two options. But the Internal rate of return depends on age, sum assured, and premium-paying term. Since the payouts are made periodically, there is no lump-sum maturity benefit that will be paid.
Key Features of LIC Jeevan Utsav Plan
Here are the key features of LIC Jeevan Utsav’s plan:
- Whole Life Coverage with Limited Premiums:
Jeevan Utsav offers whole-life coverage with a limited premium payment term. This innovative approach ensures that you secure your loved one’s future without a changing financial commitment.
- Choose Your Survival Benefit Option at Inception:
Jeevan Utsav’s plan offers two survival benefit options such as
- Regular Income Benefit: Enjoy a steady stream of income at regular intervals.
- Flexi Income Benefit: Tailor the plan to your needs with the flexibility to receive income as per your requirements.
- Guaranteed Additions Throughout Premium Term:
This plan offers guaranteed additions throughout the premium paying term, enhancing the overall value of your investment over time.
- Flexible Premium Paying Term:
Policyholders can choose a Premium Paying Term from 5 Years to 16 Year. This adaptability ensures that the plan aligns seamlessly with the unique financial situation.
- High Sum Assured Rebate:
Benefit from an attractive high sum assured rebate, adding an extra layer of value to policyholder’s insurance coverage.
- Enhance Coverage with Riders:
This plan provides an option to enhance coverage by opting for riders on payment of additional premiums. This option allows to tailor the plan to address specific needs, ensuring comprehensive coverage.
- Liquidity through Loan Facility:
Jeevan Utsav doesn’t just secure your future; it also provides immediate liquidity needs through a convenient loan facility.
Benefits of LIC Jeevan Utsav Plan
- Death Benefits: In the event of the policyholder’s demise, the Sum Assured (7 times of Annualized Premium) along with accrued Guaranteed Additions as a death benefit will be disbursed to the nominee, ensuring the policy remains in force. The minimum Death Benefit payable shall not be less than 105% of the total premiums paid up to the date of death.
- Survival Benefits: On survival of Life Assured, Regular Income Benefit and Flexible Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year.
- Maturity Benefits: There is no maturity Benefit available under this plan.
- Guaranteed Additions: Guaranteed Additions accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There will be no further accrual of Guaranteed Additions after the Premium Paying Term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
Eligibility Criteria for LIC Jeevan Utsav Plan
| Factor |
Eligibility |
| Minimum Entry Age |
90 Days |
| Maximum Entry Age |
65 Years |
| Maximum Premium ceasing age |
75 Years |
| Premium Payment Term |
5 to 16 Years |
| Minimum Sum Assured |
Rs. 5 Lakhs |
| Minimum Sum Assured |
No Limit |
| Premium Payment Frequency |
Yearly, Half-yearly, Quarterly, Monthly |
Rider Options in LIC Jeevan Utsav Plan
There are 5 riders (add-ons) available under this plan:
- Accidental Death and Disability Benefit Rider: Provides an additional sum assured in case of death or disability due to an accident.
- Accident Benefit Rider: In case of accidental death, the Accident Benefit Sum Assured will be payable in lump sum along with the death benefit under the base plan.
- New Term Assurance Rider: This rider enhances the overall life coverage by providing an additional sum assured. Ensures that the policyholder’s loved ones receive an increased benefit in the event of the insured's demise.
- New Critical Illness Benefit Rider: This rider pays a lump sum amount upon diagnosis of specified 15 critical illnesses, such as cancer, heart attack, etc.
- Premium Waiver Benefit Rider: This rider waives future premium payments in case of total and permanent disability of the policyholder. Ensures that the policy remains in force, and the benefits continue, even if the insured faces a severe disability.
LIC Jeevan Utsav Policy Details and Exclusions
- Grace Period: A grace period of 30 days shall be allowed for payment of yearly, half-yearly and quarterly premiums and 15 days for monthly premiums from the date of the first unpaid premium.
- Revival Period: If the premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived, within 5 consecutive years from the date of the first unpaid premium.
- Free Look Period: Policyholders have a 30-day free-look period from the policy purchasing date, during which they can cancel the policy if dissatisfied with its terms and conditions.
- Suicidal Exclusion:
- In the event of the policyholder committing suicide within 12 months, the nominee will receive 80% of the total premiums paid (excluding taxes, extra premiums, and rider premiums) provided the policy is in force.
- In the event of the policyholder committing suicide within 12 months from the date of revival, the payable amount will be higher than 80% of the total premiums paid till the date of death (excluding taxes, extra premiums, and rider premiums), or the surrender value as of the date of death.
This exception does not apply in cases where the life assured is under 8 years of age during the revival process or for a lapsed policy without acquisition.
How to Buy the Best Guaranteed Return Investment Plan Online
The most effective way to buy a guaranteed return investment plan online is through PolicyBachat, because it offers several advantages, making it a convenient and efficient choice for many individuals. At PolicyBachat, you can compare multiple investment plans from various insurers in one place. This simplifies the process of finding the plan that best suits your needs. Below are the steps to compare and purchase the best investment plan online:
Here’s a step-by-step guide on how to buy a guaranteed return investment plan online:
- Visit the official website of the PolicyBachat.
- Click on the Investment Plan tab.
- Fill in the requested details such as name, mobile number, and email address.
- Enter your age and city.
- Select the plan which you want to buy. Click on the Proceed button.
- Use the online premium calculator to compare the premium amounts.
- Compare benefits, features, returns, and additional riders or bonuses.
- After comparing the products, select a plan which suits your requirements.
- Then pay for your policy by using an online payment method.
Buy Guaranteed Return Plan
Wrapping Up
LIC Jeevan Utsav Plan is a pathway to securing a prosperous future. From its unique features, such as whole life coverage with limited premiums, to the flexibility of choosing income benefits and premium payment terms, this plan caters to the diverse needs of individuals. The guaranteed additions throughout the premium paying term, coupled with the option to enhance coverage through riders, make Jeevan Utsav a comprehensive solution. But similar to any financial product, LIC’s Jeevan Utsav Plan also has a range of benefits and considerations. So, before choosing LIC’s Jeevan Utsav Plan, compare quotes online at PolicyBachat to determine the best guaranteed return plan in India based on your long-term financial objectives.