By News18,Parishmita Saikia

Copyright news18

Everyone dreams of having an income that continues, even after we stop working. To help make this dream a reality, the Life Insurance Corporation of India (LIC) has launched a remarkable new policy called ‘Jeevan Utsav’. Designed to offer financial security, this plan truly brings a festive spirit to your life.
Jeevan Utsav is a distinctive insurance policy that provides a guaranteed fixed income for life, without any exposure to stock market risks. It is a comprehensive life insurance plan with a built-in savings component, ensuring both safety and consistent returns on your investment.
This policy is available to individuals from as early as 90 days after birth up to the age of 65. You can select a premium payment term that suits your needs, ranging from 5 to 16 years. The minimum sum assured is Rs 5 lakh.
For example, if you opt for a policy with a Rs 5 lakh sum assured and a 5-year premium term, your annual premium would be approximately Rs 1.16 lakh for the five-year term. After this, there is a 5-year waiting period, meaning the benefits begin 10 years from the start of the policy. From the 11th year onwards, you will begin receiving an annual payout of 10% of the sum assured — that is, Rs 50,000 every year. The key highlight of this scheme is that this amount is paid every year for life, essentially serving as a lifelong guaranteed pension.
Moreover, if you choose not to withdraw the annual payout and instead allow it to accumulate with LIC, it will earn compound interest at a rate of 5.5% per annum, further increasing your wealth over time. In the unfortunate event of the policyholder’s demise, the nominee will receive the sum assured along with other applicable benefits.
In summary, Jeevan Utsav is an excellent policy that offers lifelong guaranteed income with a relatively low annual premium. Speak to your LIC advisor today to secure your future and enjoy peace of mind in retirement.