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news details
LIC introduces "Jeevan Utsav" - a limited premium whole Life Insurance Plan
11/29/2023 11:45:08 PM
Early Times Report
JAMMU, Nov 29: In line with market expectations, the Life Insurance Corporation of India (LIC) has unveiled its new plan, "LIC's Jeevan Utsav (Plan No. 871)," effective from November 29, 2023. This Individual, Savings, Whole Life Insurance plan is a Limited Premium offering, marked by Guaranteed Additions throughout the Premium Paying Term.
Eligibility: Available for individuals aged 90 days to 65 years.
Guaranteed Life Long Income and Risk Cover: Offers assured life-long income and life-long risk cover.
Premium Paying Term: Minimum of 5 years and a maximum of 16 years.
Guaranteed Additions: Rs. 40 per thousand Basic Sum Assured accrue at the end of each policy year during the premium paying term.
Survival Benefits: On survival after the Premium Paying Term, Policyholders can choose from:
Option I: Regular Income Benefit - 10% of Basic Sum Assured payable at the end of each policy year.
Option II: Flexi Income Benefit - 10% of Basic Sum Assured payable, accumulable and withdrawable later with an interest of 5.5% p.a.
Death Benefit: Payable after the commencement of risk, equal to "Sum Assured on Death" along with accrued Guaranteed Additions. The Death Benefit is not less than 105% of total premiums paid up to the date of death. "Sum Assured on Death" is the higher of 'Basic Sum Assured' or '7 times Annualized Premium.'
Maturity Benefit: Not available under this plan, as Regular/Flexi Income benefits continue for life as per the chosen option.
Additional Benefits:
Additional Liquidity through a loan.
High Sum Assured Rebate.
Five optional riders available for enhanced coverage, including Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance Benefit, New Critical Illness Benefit, and Premium Waiver Benefit.
Non-Linked, Non-Participating Plan: The plan is non-linked and non-participating, providing stability and transparency.
Flexible Premium Paying Term: Satisfies the demand for lower and flexible Premium Paying Terms.
Interested individuals can refer to the Product Prospectus and Sales Brochure on LIC's official website (www.licindia.in) for detailed information or contact licensed agents, corporate agents, brokers, and insurance marketing firms for offline purchase.
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