On November 29, 2023, LIC introduced a new insurance plan called Jeevan Utsav LIC Plan, designed for all segments of society. This plan has become highly popular since its launch because most LIC plans typically have a 20-year term, securing the customer’s entire life. However, acknowledging that not everyone prefers such long durations, LIC has significantly reduced the term for this plan to just 5 to 16 years. This change has excited people as it means they no longer have to wait for extended periods.
The Life Insurance Corporation (LIC) of India is the only insurance company in India that consistently offers excellent Life Insurance plans for its customers. If your child is under 5 years old, you should definitely consider this plan, as it will provide significant benefits by the time they reach 18 to 21 years of age, ensuring their future and resolving any financial issues related to education.
Now, you only need to invest for 5 years and start receiving guaranteed returns from the 11th year onward.
Jeevan Utsav LIC Plan Premium Calculator for 5 Years
This plan is not linked to the market. To understand what the market is, it refers to when a company invests your money in stock market schemes, where you bear the risks of profit and loss. This plan does not operate that way, meaning you will receive the guaranteed returns promised initially.
You are required to pay premiums for a minimum of 5 years and a maximum of 16 years. For the 5-year term, there is a 5-year waiting period. For other terms, the waiting period is 3 years. Jeevan Utsav is a superb plan from LIC, offering an 8% guaranteed return. However, this plan provides a 10% income, which is quite beneficial.
Who Can Avail Jeevan Utsav LIC Plan?
- Fathers can definitely take this plan for their children.
- Husbands and wives can also opt for this plan to avoid future financial difficulties.
If a father takes this policy, their child will not face a shortage of ₹50,000 throughout their life. One of the most significant advantages of this plan is that it provides lifelong financial security.