LIC Jeevan Utsav (Plan 771) is a single premium, non-linked, with-profit, whole life insurance plan offered by the Life Insurance Corporation of India (LIC). Here are the key features and benefits of LIC Jeevan Utsav: Age: 0(30days)-65
Single Premium Payment: Jeevan Utsav requires a one-time single premium payment. This makes it convenient for individuals who prefer to make a lump sum investment for long-term financial security.
Whole Life Coverage: The plan provides coverage for the entire lifetime of the insured individual, ensuring financial protection for their loved ones even after the policyholder's demise.
Maturity Benefit: On survival of the life assured till the end of the policy term, a lump sum amount is paid out as the maturity benefit. The maturity benefit includes the sum assured along with any bonuses accrued during the policy term.
Death Benefit: In the unfortunate event of the demise of the life assured during the policy term, the nominee receives the death benefit, which includes the sum assured along with any bonuses accrued till the time of death.
Guaranteed Additions: The policy provides guaranteed additions at the rate of Rs. 75 per thousand basic sum assured at the end of each policy year for the first five years. These additions enhance the policy's corpus over time.
Participation in Profits: The policy participates in the profits of the Corporation and is eligible for bonuses declared by LIC. These bonuses, if any, are added to the policy and paid out at maturity or death.
Loan Facility: Policyholders can avail of loan facilities against the policy, subject to the terms and conditions specified by LIC.
Tax Benefits: Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the proceeds received under the policy are also eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the conditions specified therein.
LIC Jeevan Utsav is designed to provide financial security and long-term savings, ensuring that policyholders and their families are protected against life's uncertainties while building a corpus for the future. It's essential to carefully review the policy documents and consult with an LIC agent or financial advisor to understand the plan's features, benefits, and suitability to your financial goals and requirements.
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