LIC offers various plans that provide benefits depending on the specific needs of clients. One such product is the Jeevan Utsav pension plan, which is not subject to market fluctuations, economic downturns, or slowdowns.
This plan is available for both infants and the elderly. Investments can be started for a child under one year old, allowing them to receive an annual income of ten thousand rupees after retirement. The plan covers ages from 30 days old to 65 years.
For children under one year old under the Jeevan Utsav scheme, contributions must be made for 16 years, whereas an elderly person aged 65 must pay premiums for a maximum of 5–10 years. The minimum guaranteed coverage amount for this policy is 500,000 rupees, with no upper limit.
Even after the premium payment period ends, regular income continues under the plan. 10% of the guaranteed coverage amount is credited annually throughout life, starting from the second year. This plan provides payouts until age 100, after which the policy closes, and the remaining funds are transferred to the policyholder.
In the event of the policyholder's death under any circumstances, the heir receives the guaranteed coverage amount plus the annual guaranteed supplement. Additionally, extra options are available, such as 'Accidental Death and Disability Insurance.' This option provides an additional payout in case of death due to an accident and may also lead to exemption from premium payments in case of permanent disability due to an accident.
An example shows that if a 36-year-old takes out a policy for 10 million rupees for 15 years and makes an annual payment of 66,150 rupees, or a semi-annual payment of 33,653 rupees, or a quarterly payment of 16,950 rupees, or a monthly payment of 5,691 rupees, and maintains this continuously for 15 years, starting from the age of 53 (after two years), they will receive 10% of the guaranteed coverage amount, which amounts to 100,000 rupees annually.
