LIC's Jeevan Utsav (Plan No. 871, UIN No. 512N363V01) is an individual, savings, whole life insurance plan with some unique features. Here's a summary of the plan:
Key features:
- Limited premium payment option: Pay premiums for a limited period (5 to 16 years) and enjoy lifelong coverage.
- Guaranteed additions: Receive guaranteed additions throughout the premium paying term, boosting your maturity benefit.
- 10% guaranteed lifetime income: Choose to receive 10% of the sum assured as regular income starting after a deferment period (3 to 6 years) upon policy maturity.
- Death benefit: In case of unfortunate death of the policyholder before maturity, the nominee receives the sum assured along with any accrued bonuses.
- Tax benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act, and the maturity benefit is also tax-free under certain conditions.
Additional details:
- Minimum sum assured is Rs. 5 lakhs, with no maximum limit.
- Policy term: Whole life
- Premium paying term: 5 to 16 years
- Deferment period for income option: 3 to 6 years
Resources:
- Official LIC website page for Jeevan Utsav: https://licindia.in/lic-s-jeevan-utsav-plan-no.-871-uin-no.-512n363v01-
- Information brochure: https://licindia.in/lic-s-jeevan-utsav-plan-no.-871-uin-no.-512n363v01-
If you have any specific questions about the plan or need help understanding its suitability for your needs, I recommend reaching out to a licensed LIC agent or financial advisor.
I hope this helps! Let me know if you have any other questions about LIC's Jeevan Utsav plan.
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