LIC: The most important question is how we will survive in the future once our prime years are gone and our work obligations are fulfilled. Old age can be both secure and comfortable if a stable income continues to be deposited into your account each month. The largest insurance provider in the nation, Life Insurance Corporation of India, created the LIC Jeevan Utsav Policy in response to this demand, guaranteeing a steady income even after retirement.

Guarantee of ₹ 15,000 every month

The main benefit of this plan is that you can receive a lifetime pension of ₹15,000 per month after you retire. To do this, you must invest ₹10,000 per month for the duration of the policy. Since this is a traditional plan, the returns are entirely guaranteed because it is not correlated with the stock market.

Investment from 5 to 16 years, age from 8 to 65 years

The LIC Jeevan Utsav Yojana investment period ranges from five to sixteen years. Your retirement age is taken into consideration while choosing this investment period. This policy is considerably more secure because it offers a sum assured of at least ₹ 5 lakh. The good news is that anyone from the age of 8 to 65 can invest in it, so this plan is appropriate for both young people and elderly people.

Benefit of both lifetime insurance and pension

You are covered by this Policy for the whole of your life, not just a predetermined amount of time. This indicates that it is a good choice for life insurance as well as a retirement plan. The nominee receives a bonus of 105% of the total premiums paid thus far if the policyholder passes away before the policy’s maturity, substantially bolstering the financial security.

Two special options, Regular Income or Flexi Income

The investor has two choices once the policy begins: Regular Income Benefit and Flexi Income Benefit. Flexi Income Benefit allows you to take out the money whenever it’s convenient for you, whereas Regular Income Benefit keeps you receiving a set amount at a certain time. Additionally, Flexi Income offers interest at a rate of 5.5% annually, which raises your income even more.

LIC For people who wish to maintain their financial security after retirement, the Jeevan Utsav Policy is a great choice. It guarantees life insurance in addition to providing a steady pension. This plan may prove to be a genuine help to you if you do not want to worry about money in your final years.

Disclaimer: This article is written for information purposes only. Before investing, fully understand the terms, rules and risks of the scheme and consult a financial advisor.

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