It is a non-linked, non-participating, individual savings, whole life insurance plan. The company believes that the new insurance policy ‘Jeevan Utsav’ is ready to create a stir in the market.
Life Insurance Corporation of India i.e. LIC on Wednesday introduced a new insurance policy Jeevan Utsav. The company has introduced this policy with very attractive features. It promises assured returns for investors. According to language news, LIC said in the information given to the stock market that it is a non-linked, non-participating, individual savings, whole life insurance plan. The company believes that the new insurance policy ‘Jeevan Utsav’ is ready to create a stir in the market.
You will get 10 percent of the policy throughout your life
According to the news, LIC Chairman Siddharth Mohanty had recently said that the new policy will provide assured returns and after its completion, the policyholder will get 10 percent of the sum assured throughout his life. Everyone wants to know how much he is paying and how much he will be rewarded after 20-25 years. He said that apart from this, features like loan facility and premature withdrawal are also available in the new insurance policy ‘Jeevan Utsav’.
know the policy
The policyholder will have two options to choose from at the inception of the cover. Benefits will vary depending on the option chosen. There will be one option – regular income benefit and the other flexi income benefit. The minimum basic sum assured amount of the policy will be Rs 5 lakh. There is no limit on the maximum basic sum insured. The premium payment term in this policy is limited to 5 to 16 years with lifetime returns. Additional guarantee will be given during the premium payment period. The minimum age at the commencement of the policy year should be 18 years (completed) and the maximum age at the premium expiry should be 75 years (near birthday).
Payment of interest and pre-withdrawal
LIC will pay interest at the rate of 5.5% per annum on delayed and cumulative flexi income benefits. It is calculated annually for complete months from the due date to the date of withdrawal, surrender or death, whichever is earlier. On giving a written request a policyholder can withdraw up to 75% of the amount, including interest, if any, not already taken. The net amount will keep increasing after withdrawal.
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