Introduction

Life Insurance Corporation of India (LIC) offers a wide range of savings and insurance plans to cater to the diverse needs of individuals. LIC Jeevan Utsav is one such plan that combines the elements of savings and insurance in an attractive package. In this article, we will delve into the details of LIC Jeevan Utsav, its unique features, and the benefits it offers.

Guaranteed Returns with LIC Jeevan Utsav

LIC Jeevan Utsav is a non-linked, limited premium savings cum insurance plan. The plan provides the policyholder with the benefit of maturity as well as death coverage during the policy term. Let’s explore the key features and benefits of this plan:

1. Limited Premium Payment Term

With LIC Jeevan Utsav, policyholders enjoy a limited premium payment term, usually ranging from 3 to 10 years. This means that you only need to pay premiums for a specific period while enjoying the benefits throughout the policy term.

2. Attractive Maturity Benefit

Upon survival till the end of the policy term, the policyholder receives a lump sum maturity benefit. The maturity benefit includes the basic sum assured along with loyalty additions, if any, which are added as a percentage of the sum assured at the end of each policy year. This ensures a substantial corpus at maturity, making it an excellent savings option.

3. Death Coverage

In the unfortunate event of the policyholder’s demise during the policy term, LIC Jeevan Utsav provides the nominee with a death benefit. The death benefit comprises the sum assured along with the loyalty additions accrued until the date of death. This financial protection ensures that your loved ones are taken care of even in your absence.

4. Flexible Policy Term

LIC Jeevan Utsav offers a flexible policy term, allowing policyholders to choose a term that suits their financial goals. The policy term generally varies from 10 to 24 years, giving individuals the freedom to align the plan with their long-term objectives.

5. Additional Riders for Enhanced Protection

LIC offers various riders that can be added to the base plan for enhanced coverage. These riders include accidental death benefit rider, term assurance rider, and critical illness rider. By opting for these riders, policyholders can customize their insurance plan according to their specific needs.

“LIC Jeevan Utsav offers the twin benefits of guaranteed returns and financial protection, making it an ideal choice for individuals looking to secure their future.”

How to Calculate Premium and Maturity Benefits?

Calculating the premium and maturity benefits of LIC Jeevan Utsav is a fairly straightforward process. The premium payable is based on factors such as the policyholder’s age, chosen sum assured, premium payment term, and policy term. LIC provides a premium calculator on their website, which assists individuals in determining the premium amount.

The maturity benefit, on the other hand, is calculated based on the sum assured and loyalty additions accrued over the policy term. The sum assured is the minimum guaranteed amount payable at maturity, whereas the loyalty additions represent the additional amount added to the sum assured. The final maturity benefit is the sum of the sum assured and the accumulated loyalty additions.

“LIC Jeevan Utsav provides a transparent and efficient premium and maturity benefit calculation process, ensuring policyholders know exactly what to expect.”

Who Should Opt for LIC Jeevan Utsav?

LIC Jeevan Utsav is designed to cater to individuals from various walks of life. Here are a few scenarios in which this plan can be beneficial:

1. Individuals seeking a savings plan with insurance coverage.
2. Those who want to accumulate funds for long-term financial goals such as buying a house, children’s education, or retirement planning.
3. Individuals who prefer a limited premium payment term.
4. Young professionals looking for a plan that offers both long-term savings and insurance protection.

“LIC Jeevan Utsav is a versatile plan that can help individuals realize their financial aspirations while providing vital life coverage.”

Conclusion

LIC Jeevan Utsav is an attractive savings and insurance plan offered by LIC. Its unique combination of limited premium payment term, attractive maturity benefits, and death coverage makes it a compelling option for individuals looking to secure their future financial needs. By choosing LIC Jeevan Utsav, individuals can enjoy the benefits of both savings and insurance while remaining financially well-prepared. Make a wise choice today and embark on a secure financial journey with LIC Jeevan Utsav.

“Secure your financial future with the dual benefits of savings and insurance provided by LIC Jeevan Utsav.”