The LIC Jeevan Utsav plan, offered by the Life Insurance Corporation of India, is a retirement plan designed to provide lifelong income after a limited premium-paying term. This innovative policy allows individuals to choose a premium payment period of 5 to 16 years, after which they will receive an annual income of 10% of their sum assured for life, until they turn 100. The annual income is capped at ₹2.5 lakh per year, or approximately ₹20,000 per month.
Key highlights of the LIC Jeevan Utsav plan include flexible premium term options, lifetime income, and a minimum sum assured of ₹5 lakh. The plan is available to individuals between 90 days and 65 years old. In the event of the policyholder’s death, the full sum assured is paid to the nominee. Policyholders can also choose to receive their income regularly or through a flexi option.
The waiting period for the plan varies depending on the chosen premium term. For example, a 5-year premium term has a 5-year waiting period, while an 8-16 year term has a 2-year waiting period. The plan also offers additional perks, including tax savings and a loan facility.
The LIC Jeevan Utsav plan combines lifelong income, tax benefits, and financial protection for loved ones, making it an attractive option for those seeking a financially secure and peaceful retirement. Interested individuals can visit the official LIC website or contact a registered LIC agent for more information. However, it is essential to verify the details with official LIC sources before making any financial decisions.
Overall, the LIC Jeevan Utsav plan provides a unique opportunity for individuals to secure their retirement with a guaranteed income stream. With its flexible premium terms, lifetime income, and additional benefits, this plan can help individuals achieve their retirement goals and enjoy a financially secure future. It is crucial to carefully review the plan’s terms and conditions to ensure it aligns with your individual needs and financial objectives.