The country’s largest insurance company LIC has recently launched an attractive pension plan ‘LIC Jeevan Utsav’. The special thing about this plan of LIC is that after paying the premium for a limited period, you get guaranteed returns. In this, 10 percent income benefit is also given by LIC.
Specialties of LIC Jeevan Utsav
The specialty of LIC Jeevan Utsav is that its premium pay term is between 5 to 16 years. That means you will have to pay the premium of the policy for a limited time. You will start getting the benefits of the policy after waiting for a few years depending on the premium pay term.
Read More: Paytm great Offers! You will get a discount of up to ₹ 3000 on flight tickets – Details Here |
If death benefit is also given in this policy. If an individual dies during the policy term, Basic Sum Assured or 7 times the annual premium whichever is higher. That will be given. The death benefit can never be less than 105 percent of the total premium paid.
At the same time, if the person survives after the completion of the policy term, an income benefit of 10 percent of the basic sum assured will be given every year on regular and flexi basis. The minimum sum assured in LIC Jeevan Utsav will be Rs 5 lakh.
How to get pension of one lakh
For example, if you are a 25 year old person and select LIC Jeevan Utsav Plan with Rs 10 lakh sum assured and premium pay term of 12 years. In this you will have to pay premium for a period of up to 36 years (premium pay term 12 years). A premium of Rs 92,535 (GST 4.5 per cent) will have to be paid in the first year of the policy and a premium of Rs 90,542 per annum (2.25 per cent) from the second year to year 12.
You will have to wait for the 37th and 38th years after completing the premium pay term. After this, you will be given an income benefit of Rs 1 lakh (10 percent of the sum assured) from LIC from 39th year to 100th year.
