LIC’s Jeevan Utsav scheme to benefit general public

Sunday, 10 December 2023 | PNS | DEHRADUN

In view of the persistent demand of the general public, the Life Insurance Corporation of India (LIC) has recently introduced a new plan called Jeevan Utsav. Senior divisional manager of LIC Alok Gupta said this while addressing the media here on Saturday. He said that the Jeevan Utsav scheme was launched on November 29 to meet the demand of the public for life-term benefits. The scheme offers individuals a savings and whole life insurance plan with guaranteed additions throughout the premium paying term, he said.

He further added that it covers individuals from 90-day-old infants to 65-year-old adults. The minimum premium paying term is five years, while the maximum is 16 years. Gupta emphasised that the plan provides two options to the public – regular income benefit and flexi income benefit. In the regular income benefit, 10 per cent of the basic sum assured will be paid at the end of each policy year, starting after a deferment period of three to six years. On the other hand, the flexi income benefit allows the accumulation and later withdrawal of 10 per cent of the basic sum assured, subject to the terms and conditions of the policy. Additionally, LIC will be paying interest on flexi income payments at a rate of 5.5 per cent, compounded yearly, he stated.

He further informed that a total of 400 individuals have currently purchased the policy in the Garhwal region, while 50,000 people have purchased it nationwide. 

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