LIC Policy: This policy can be taken by anyone from the 90th day of the birth of a child to the age of 65. You can choose the premium payment period from 5 years to 16 years as per your convenience.
It is everyone’s dream that even if our work stops in our life, our income does not stop. To make this dream come true, Life Insurance Corporation of India (LIC) has introduced a wonderful new policy. Its name is “Jeevan Utsav”. Its aim is to provide financial security to your life and bring a real festival.
‘Jeevan Utsav’ is a unique insurance policy in which you can get a fixed income for life without any risk of stock market. It is a complete life insurance plan with savings, which ensures both protection and income for your money.
This policy can be taken by anyone from the 90th day of the birth of a child to the age of 65. You can choose the premium payment period from 5 years to 16 years as per your convenience. Its minimum sum assured is Rs 5 lakh.
For example, if you take an insurance policy of Rs 5 lakh for a premium term of 5 years, you will have to pay approximately Rs 1.16 lakh annually for 5 years. Then, there is a waiting period of 5 years. That is, 10 years have to be completed from the commencement of the policy.
After 10 years, i.e. from the 11th year, your luck will change. 10% (5 lakhs) of the sum assured you have chosen, i.e. Rs 50,000, will be given to you every year.
The biggest attraction of this scheme is that this Rs 50,000 will not be given to you for one or two years, but will continue to be given every year for the rest of your life. It is like a guaranteed pension for your old age.
If you save this money coming in every year in LIC without withdrawing it, it will earn 5.5% compound interest per year. This will further grow your money and turn it into a large sum. Apart from this, if any trouble happens to the policyholder, the nominee will get the sum assured and other benefits.
Overall, ‘Jeevan Utsav’ is a great plan to get guaranteed income for life with low annual premiums. Contact your LIC agent today to secure your retirement life.
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