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IndiaLIC introduces new plan ‘JEEVAN UTSAV’

LIC introduces new plan ‘JEEVAN UTSAV’

Date:

NL Corresspondent

Mumbai: In tune with our market talk, Corporation of launched

LIC's Jeevan Utsav is Individual, Savings, Whole Life Insurance plan. It is a Limited  Premium plan with Guaranteed Additions throughout Premium Paying Term  Identification Number (UIN) for LIC'

This plan is available for age starting from 90 days to 65 years.

It gives guaranteed Life Long income and Life Long Risk Cover.

The minimum premium paying term is 5 years and maximum premium paying term is  16 years  For each policy year for which premium is paid, t  per thousand Basic Sum Assured shall accrue at the end of each policy year during  the premium paying term.

On survival of the Life Assured after Premium Paying Term, the Policyholde  choose from :

Option I- Regular Income Benefit

payable at the end of each policy year, starting after 3 to 6 years of the deferment  period.

Option II- Flexi Income  under which 10% of the  withdrawn later, subject to the terms and conditions of the policy. LIC shall pay  interest on such Deferred Flexi Income payments @ 5.5% p.a., compounding yearly.  As the Policyholder is offered life cover for the whole life, the Death Benefit will be payable  as follows :

On death of the Life Assured after the date of commencement of risk, Death Benefit  equal to “Sum Assured on Death” along with accrued Guaranteed  payable, provided the policy is in  105% of total premiums paid up to the date of death. “Sum Assured on Death” is  ‘Basic Sum Assured' or ‘7 times of Annualized Premium

Maturity benefit is not available under this plan  continued for life as per option exercised  LIC of India introduced new plan “LIC's JEEVAN UTSAV (Plan No. 871)”  In tune with our market talk, Chairperson, Shri Siddhartha Mohanty,

launched a new plan, LIC's Jeevan Utsav with effect from 29.11.2023.  LIC's Jeevan Utsav is Individual, Savings, Whole Life Insurance plan. It is a Limited

Premium plan with Guaranteed Additions throughout Premium Paying Term  (UIN) for LIC's Jeevan Utsav Plan is 512N363V01.

This plan is available for age starting from 90 days to 65 years.  It gives guaranteed Life Long income and Life Long Risk Cover.  The minimum premium paying term is 5 years and maximum premium paying term is  policy year for which premium is paid, the Gua ranteed Addition  per thousand Basic Sum Assured shall accrue at the end of each policy year during  the premium paying term.

On survival of the Life Assured after Premium Paying Term, the Policyholde  Regular Income Benefit – which is 10% of the Basic Sum Assured,  payable at the end of each policy year, starting after 3 to 6 years of the deferment  Flexi Income Benefit – Policyholder can opt for Flexi  of the  Basic Sum Assured payable can be accumulated and  withdrawn later, subject to the terms and conditions of the policy. LIC shall pay  interest on such Deferred Flexi Income payments @ 5.5% p.a., compounding yearly.  the Policyholder is offered life cover for the whole life, the Death Benefit will be payable

On death of the Life Assured after the date of commencement of risk, Death Benefit  equal to “Sum Assured on Death” along with accrued Guaranteed  payable, provided the policy is in-force. This Death Benefit shall not be less than  105% of total premiums paid up to the date of death. “Sum Assured on Death” is  ‘Basic Sum Assured' or ‘7 times of Annualized Premium, whichever is highe  Maturity benefit is not available under this plan as Regular/Flexi Income  continued for life as per option exercised.  JEEVAN UTSAV (Plan No. 871)”

Chairperson, Shri Siddhartha Mohanty, Life Insurance  Jeevan Utsav with effect from 29.11.2023.  LIC's Jeevan Utsav is Individual, Savings, Whole Life Insurance plan. It is a Limited  Premium plan with Guaranteed Additions throughout Premium Paying Term. The Unique  The minimum premium paying term is 5 years and maximum premium paying term is  ranteed Addition s @ Rs. 40  per thousand Basic Sum Assured shall accrue at the end of each policy year during  On survival of the Life Assured after Premium Paying Term, the Policyholde r can  which is 10% of the Basic Sum Assured,  payable at the end of each policy year, starting after 3 to 6 years of the deferment  Policyholder can opt for Flexi Income Benefit  Basic Sum Assured payable can be accumulated and  withdrawn later, subject to the terms and conditions of the policy. LIC shall pay  interest on such Deferred Flexi Income payments @ 5.5% p.a., compounding yearly.  the Policyholder is offered life cover for the whole life, the Death Benefit will be payable  On death of the Life Assured after the date of commencement of risk, Death Benefit  equal to “Sum Assured on Death” along with accrued Guaranteed Additions shall be  force. This Death Benefit shall not be less than  105% of total premiums paid up to the date of death. “Sum Assured on Death” is, whichever is higher

Regular/Flexi Income Benefits are Additional Liquidity is available through loan  Attractive High Sum Assured Rebate is available.

This product satisfies the long pending demand of lower and flexible Premium Paying

Five optional riders are available under this plan. The policyholder can opt for either

LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider  and/or the remaining three riders, i.e. LIC's New Term Assurance Rider, LIC's New  Critical Illness Benefit Rider and LIC's Premium Waiver Benefit Rider are also  available by paying additional premium subject to the eligibility conditions.

The Plan is a Non-Linked, Non-Participating Plan.  Please refer to the full Product Prospectus and Sales Brochure for details or visit our website  www.licindia.in. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers,   Insurance Marketing Firms as well as Online directly through our website www.licindia.in

 

 

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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