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LIC Jeevan Utsav Yojana: Ensuring financial security after retirement is the main concern of today’s youth. Government employees have no concern due to facilities like pension. But how to meet this deficiency private employees? Keeping this in mind, Life Insurance Corporation of India (LIC) has brought a great ‘Jeevan Utsav’ scheme. This life insurance policy provides only 5 to 16 years of premium filling and guarantees income throughout his life. Who can take it and what are its benefits? Let’s know
eligibility criteria:
The scheme is suitable for private employees, self-employed people and all those who want to live a life free from financial concerns after retirement. This is especially a good option for young adults (30–40 years) that can benefit in long periods by investing in a short time.
eligibility criteria:
Entry Age: 90 days to 65 years.
Policy period: lifetime (up to 100 years).
Premium Payment Period: 5 to 16 years (optional).
Minimum original insurance amount: 5 lakh rupees.
Maximum amount: No limit.
The scheme has no relation with the stock market, so it provides risk-free guaranteed returns.
‘Jeevan Utsav’ scheme is a combination of savings, security and income, which will definitely give you a return on your investment.
Main Benefits:
Survival benefits: After the policy starts, after a certain period (premium payment + 5 years waiting period), 10% of the original insured can be obtained as income per year. This continues throughout the life of the policyholder.
Regular Income Options: Each year a specific income comes directly.
Flexi Income Options: If you withdraw your income, you will get 5.5% compound interest.
Guaranteed Edition: A guaranteed edition of Rs 40 is received for every Rs 1,000 paid every year during the premium payment period. It is involved in death benefits.
Death benefits: On the death of the policyholder, the nominee receives the original insured as well as all the guaranteed additional amount. If death occurs before the age of 8, then the paid premiums (except taxes) are returned.
loan facility: Up to 75% loan (on accumulated funds) can be obtained after paying premium up to 2 years.
Riders: A maximum of 5 riders (additional premiums) can be added, such as accidental death, disability, serious illnesses, term assurance and premium discounts.
tax benefits: A discount on premium (up to Rs 1.5 lakh) is available under Section 80C of the Income Tax Act. Benefits under Section 10 (10D) are tax-free.
There is no maturity benefit in this, because income continues throughout life.
Example of premium and income:
The premium depends on the age, duration and base amount. For example, if a 30 -year -old man selects a 5 -year premium period for an Aadhaar amount of Rs 5 lakh:
Ambulance Premium: About 1.16 lakh rupees (more in the first year, later low).
total investment: About 5.8 lakh rupees in 5 years.
Income start: At the end of the 10th year (age 41 years), ₹ 50,000 per year (10%of the sum insured). It will continue for 100 years.
In Flexi Options: If you withdraw your income, you will get 5.5% interest, and your money will increase even more.
If the base amount is increased (eg 10 lakh rupees), then the premium increases, but the income also doubles (1 lakh rupees every year). In a period of 16 years, the premium decreases, but the income starts late.
Why is this a good option?
The scheme makes the later life after retirement like a lifetime pension. Private employees can achieve long -term financial freedom from a few years of investment. It also has a surprise surrender value (after 2 years), which is 100% risk-free. Make your personal plan using LIC’s official website (licindia.in) or an online calculator in the nearest branch.
Secure your future with this scheme, because retirement should be a celebration, not worried, isn’t it?!