India’s most trusted life insurer, Life Insurance Corporation of India (LIC), continues to introduce innovative and need-based plans for the Indian market. One such standout scheme is the LIC Jeevan Utsav Plan, which promises guaranteed lifelong income along with risk coverage. Whether you are looking for long-term financial security or flexibility in premium payments, this policy could be a perfect fit.
Let’s explore the major features and benefits of this unique plan.
The Jeevan Utsav policy is a non-linked, non-participating life insurance plan that offers both protection and lifetime income. It is not affected by market fluctuations and offers guaranteed additions, making it a secure choice for policyholders who prioritize stability and long-term benefits.
You can choose to pay premiums for a limited duration of 5 to 16 years, depending on your financial capacity. Once the premium-paying period is over, you receive lifelong income benefits.
Entry Age: From as young as 90 days up to 65 years
Minimum Sum Assured: ₹5 lakh
No maximum limit on the sum assured
This wide eligibility range makes it ideal for both young earners and senior citizens seeking stable post-retirement income.
During the premium-paying term, the policy accrues a guaranteed addition of ₹40 per ₹1,000 sum assured annually. This means your policy's value keeps growing every year.
After the deferment period ends and you’ve completed the premium payments, you can choose between two types of income benefits:
You receive 10% of the basic sum assured every year for life — a stable and predictable source of income.
If you choose to defer receiving income, your amount earns 5.5% annual interest, and you can withdraw it later as needed. This option offers better returns if you don't need immediate cash flow.
In case of the policyholder’s demise, the nominee receives:
The basic sum assured
Plus guaranteed additions
And not less than 105% of the total premiums paid
This ensures financial protection for your loved ones even in your absence.
After completing 2 years of premium payments, you can take a loan against your policy to manage any financial emergencies.
You can enhance your policy by adding optional riders such as:
Accidental Death Benefit
Disability Rider
New Term Assurance Rider
Critical Illness Benefit
Premium Waiver Rider
Premiums qualify for deduction under Section 80C (up to ₹1.5 lakh).
Payouts like maturity or death benefits are tax-free under Section 10(10D).
