LIC Jeevan Utsav Plan – Complete Guide for 2025
Life is uncertain, and securing the financial future of yourself and your loved ones is essential. The LIC Jeevan Utsav Plan is a whole life insurance policy that provides financial protection for your entire lifetime. In this guide, we explain the policy features, benefits, and working in simple, easy-to-understand terms.
What is LIC Jeevan Utsav Plan?
The LIC Jeevan Utsav Plan is a non-linked, participating whole life insurance plan. Unlike term insurance, it provides coverage for your entire life, as long as premiums are paid regularly.
- Type: Whole life, non-linked, participating policy
- Coverage: Lifelong protection
- Eligibility: Indian citizens
Eligibility Criteria
| Criteria | Details |
|---|---|
| Age at entry | 8 years to 65 years |
| Policy term | Whole life (till age 100 or death) |
| Premium payment mode | Yearly, Half-Yearly, Quarterly, Monthly |
| Sum Assured | Minimum ₹1,00,000 (varies by age and premium) |
Key Features
- Whole Life Coverage: Protection until age 100 or death.
- Participating Policy: Earn bonuses declared by LIC.
- Flexible Premium Payment: Pay yearly, half-yearly, quarterly, or monthly.
- Sum Assured on Death: Nominee receives sum assured + bonuses.
- Maturity Benefits: Receive sum assured + bonuses at age 100.
- Loan Facility: Borrow against your policy if needed.
- Tax Benefits: Premiums under Section 80C, Death benefit tax-free under 10(10D).
Benefits of LIC Jeevan Utsav
- Lifelong security for family
- Savings and wealth accumulation
- Bonuses enhance policy value
- Flexible premium options
- Loan facility for emergencies
- Tax benefits on premiums and maturity
How It Works – Step by Step
- Choose sum assured according to family needs.
- Select premium payment mode.
- Decide policy term: limited or lifelong.
- Policy issued after first premium.
- Bonuses accumulate annually.
- Death or maturity: Nominee or policyholder receives sum assured + bonuses.
Premium Example
For a 30-year-old policyholder with a sum assured of ₹10,00,000, paying an annual premium of ₹50,000 for 20 years:
- Death: Nominee gets ₹10,00,000 + accrued bonuses
- Maturity (age 100): Policyholder gets ₹10,00,000 + bonuses
Who Should Buy?
- Individuals seeking whole life protection
- Parents securing children’s future
- Those looking for savings + insurance
- People seeking tax benefits
Advantages Over Other Plans
| Feature | LIC Jeevan Utsav | Term Insurance | Endowment Plans |
|---|---|---|---|
| Coverage Duration | Lifelong | Fixed Term | Fixed Term |
| Bonuses | Yes | No | Sometimes |
| Savings Component | Yes | No | Yes |
| Loan Facility | Yes | No | Limited |
| Tax Benefits | Yes | Yes | Yes |
Points to Remember
- Pay premiums regularly to avoid lapse.
- Keep nominee details updated.
- Check bonuses regularly.
- Review policy periodically.
Interested in LIC Jeevan Utsav Policy? WhatsApp me at 8790290922 for details.
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