India’s big insurance company, Life Insurance Corporation of India (LIC), has introduced a special plan called Jeevan Utsav.
This plan ensures fixed returns. LIC informed the stock market that it is a type of insurance plan that is not connected to any investments, and it is designed for individual savings, covering the entire life.
Key Features of LIC Jeevan Utsav: LIC Chairman Siddharth Mohanty shared some important details about the new plan, highlighting that it guarantees returns.
After completing the plan, the policyholder will receive 10 percent of the assured sum throughout their life.
Mohanty mentioned that this new product is expected to make a significant impact in the market.
People are curious about the amount they need to pay and the returns they will receive after 20-25 years.
Additionally, the plan includes features like the option to take a loan and withdraw prematurely.
Two Options Available
This plan offers policyholders two options – Regular Income Benefit and Flexi Income Benefit. The minimum assured sum is Rs 5 lakh, and there is no fixed maximum limit.
The premium payment period ranges from 5 to 16 years, providing returns for a lifetime. An additional guarantee is given during the premium payment period.
The policy can be initiated at the age of 18, and the premium must be paid until the policyholder turns 75.
Interest Rate and Maturity Benefit
Under this scheme, LIC will pay an annual interest rate of 5.5%. However, it’s important to note that the policyholder will not receive maturity benefits.