If you are considering securing your financial future by investing in a LIC Jeevan Utsav Plan, you are on the right path towards financial stability. Life Insurance Corporation (LIC) of India is a well-known and trusted name in the insurance sector, and their Jeevan Utsav Plan is designed to provide individuals with a comprehensive and structured way to save and invest for the future. In this detailed review, we will delve into the various aspects of the LIC Jeevan Utsav Plan, including its features, benefits, eligibility criteria, premiums, maturity benefits, and more.
Features of LIC Jeevan Utsav Plan
The LIC Jeevan Utsav Plan is a single premium, non-linked, with-profit endowment assurance plan that offers a combination of protection and savings. Here are some key features of the plan:
- Single Premium: The plan requires a one-time lump sum payment as the premium amount.
- Policy Term: The policy term ranges from 10 to 25 years, providing flexibility to choose a term based on individual financial goals.
- Sum Assured: The minimum sum assured under the plan is Rs. 50,000, with no upper limit, subject to underwriting considerations.
- Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with bonuses, if any.
- Maturity Benefit: If the policyholder survives the policy term, they receive the sum assured along with bonuses declared by LIC.
- Loan Facility: The plan offers a loan facility against the policy after it attains a surrender value.
Benefits of LIC Jeevan Utsav Plan
Investing in the LIC Jeevan Utsav Plan offers several benefits that can help achieve financial security and long-term goals:
- Savings and Investment: The plan allows individuals to invest a lump sum amount and receive a lump sum payout at maturity, offering a disciplined way to save and invest.
- Life Cover: The plan provides life cover throughout the policy term, ensuring financial protection for the policyholder’s family.
- Bonuses: The plan participates in the profits of LIC, consequently earning bonuses that enhance the maturity amount.
- Tax Benefits: Premiums paid towards the plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity amount is tax-exempt under Section 10(10D).
Eligibility Criteria for LIC Jeevan Utsav Plan
To be eligible for the LIC Jeevan Utsav Plan, individuals must fulfill the following criteria:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 70 years
- Policy Term: 10 to 25 years
- Sum Assured: Minimum Rs. 50,000 (no upper limit, subject to underwriting)
Premiums for LIC Jeevan Utsav Plan
The premium amount for the LIC Jeevan Utsav Plan is a one-time payment. The premium depends on factors like the age of the policyholder, sum assured, policy term, etc. It is advisable to use the LIC premium calculator or consult an LIC agent to determine the exact premium amount.
Maturity Benefits of LIC Jeevan Utsav Plan
Upon survival of the policy term, the policyholder is eligible to receive the maturity benefit, which includes the sum assured along with bonuses declared by LIC. The exact maturity amount can be calculated using the LIC maturity calculator or obtained from LIC representatives.
FAQs about LIC Jeevan Utsav Plan
1. Can I surrender my LIC Jeevan Utsav Plan?
Yes, the policy can be surrendered after it acquires a surrender value, which is usually after the completion of a certain number of years.
2. Are loans available on LIC Jeevan Utsav Plan?
Yes, individuals can avail loans against the LIC Jeevan Utsav Plan after it attains a surrender value.
3. Is the LIC Jeevan Utsav Plan eligible for bonuses?
Yes, the plan participates in the profits of LIC, thereby earning bonuses that enhance the maturity amount.
4. What happens if I miss paying the premium for LIC Jeevan Utsav Plan?
A grace period is provided for premium payment, and if the premium is still not paid, the policy may lapse or become paid-up depending on the policy conditions.
5. Can I revive a lapsed LIC Jeevan Utsav Plan?
Lapsed policies can usually be revived within a specified period by paying the due premiums along with any penalties or interest as applicable.
In conclusion, the LIC Jeevan Utsav Plan is a lucrative investment option for individuals looking to combine savings with protection. It provides a secure way to save for the future while ensuring financial stability for loved ones in case of any unfortunate event. By understanding the features, benefits, eligibility criteria, and other details of the plan, individuals can make an informed decision about investing in the LIC Jeevan Utsav Plan. If you are considering this plan, consult with an LIC agent or financial advisor to assess its suitability based on your financial goals and risk tolerance.