LIC Launches Jeevan Utsav Plan 871 with Lifetime Benefits and Guaranteed Returns

LIC of India has unveiled its latest investment solution, Jeevan Utsav Plan 871 (LIC Table no. 871), offering policyholders a distinctive blend of insurance, savings, and pension components.

Jeevan Utsav Plan 871: A Traditional Offering:

LIC's Jeevan Utsav Plan 871 is positioned as a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan. Distinguished from market-related options, it operates as a Limited Premium plan, ensuring Guaranteed Additions throughout the Premium Paying Term.

Insights from LIC Chairman Siddhartha Mohanty:

During an interview, LIC Chairman Siddhartha Mohanty emphasized the plan's unique features, highlighting the lifelong benefit of 10% of the sum assured for policyholders post-maturity. He underlined its potential to disrupt the market, catering to insurance buyers seeking transparency in cost structures and long-term returns.

Key Features of LIC Jeevan Utsav Plan 871:

Key Highlights

LIC Chairman Siddhartha Mohanty emphasized the plan's unique features, including:

• Lifetime Benefit: Policyholders receive a lifetime benefit of 10% of the sum assured after the policy matures.

• Market Disruptor: The plan is expected to disrupt the market due to its transparency in cost structures and guaranteed returns over 20-25 years.

LIC Jeevan Utsav Plan 871 offers a range of attractive features, including:

• Guaranteed Income: Policyholders receive guaranteed income from age 18 until age 100.

• Income Benefit Options: Policyholders can choose between regular income benefit or flexi income benefit.

• Guaranteed Benefits: All plan benefits are assured at the policy's inception.

• Guaranteed Additions: Guaranteed Additions of Rs. 40 per thousand sum assured are provided throughout the premium paying term.

• Income Deferral Option: Policyholders can defer and accumulate income at an attractive annual investment rate of Rs. 5.5%, compounding annually.

• Flexibility in Income Benefit: Policyholders can change the type of income benefit six months before the payment of benefits.

• Premium Payment Terms: Policyholders can opt for premium payment terms ranging from 5 to 16 years.

• Wide Age Range: The policy is available for individuals ranging from 90 days old children to 65-year-old adults.

Target Audience

LIC Jeevan Utsav Plan 871 is designed to cater to the diverse financial needs of policyholders across various life stages. It is particularly suitable for individuals seeking:

• Guaranteed returns over a long-term horizon

• Transparency in cost structures

• Flexibility in income options

• Lifetime financial security

Commitment to Customer Needs

The launch of LIC Jeevan Utsav Plan 871 demonstrates LIC's commitment to providing comprehensive and flexible solutions that address the evolving financial needs of its customers.

This plan offers a compelling combination of guaranteed returns, lifetime benefits, and income flexibility, making it an attractive option for individuals seeking long-term financial security.