LIC Jeevan Utsav 871 Policy Details, Premium Calculation, Plan Benefits

LIC Jeevan Utsav 871 Policy Details and Plan Benefits

Life Insurance Corporation of India (LIC) is the largest insurance company operating in India. This Mumbai-based public sector life insurance firm is also the largest institutional investor. LIC’s total assets under management are more than 45 trillion rupees or 570 billion USD. 

Over 28 crore policyholders are LIC’s customers. They trust this firm and it always tries to provide beneficial policies and products to entertain the existing and new customers. LIC launched a traditional insurance plan on 29th November 2023. It is the Jeevan Utsav Plan 871. Continue reading reveal LIC Jeevan Utsav 871 details and policy benefits. 

What is LIC Jeevan Utsav Plan 871?

The new LIC Jeevan Utsav 871 Plan offers several benefits together. The policyholder gets insurance, pension benefits, and savings in a single plan. It seems targeted toward customers looking for a product offering a stable and secure financial future. The best feature of this plan is Guaranteed Returns.

It is not one of LIC’s market-linked plans. Policyholders are protected against the market’s ups and downs if they choose this plan. In other words, market fluctuations will not the amount of money policyholders will gain from Jeevan Utsav Plan 871. Therefore, it may attract thousands of Indians planning to invest in a tension-free investment plan. 

LIC Jeevan Utsav 871: A Comprehensive Insurance Plan!

Life Insurance Corporation of India is offering a comprehensive insurance plan with the Jeevan Utsav 871 Plan. It is offering long-term financial security. Being dubbed as a non-participating, non-lined, individual savings plan, it offers customers complete life insurance coverage. 

The LIC Jeevan Utsav 871 plan details reveal a limited premium structure. Users, who buy the LIC Jeevan Utsav 871 Policy, will pay premiums for a limited term. Their policy value will grow consistently during that term and users will get the fixed returns according to their plan. 

LIC Jeevan Utsav 871 Policy Parameters

The policy parameters are as follows:

• Minimum entry age: 90 days
• Maximum entry age: 65 years
• Premium paying terms: 5-year to 16 years
• Maximum age for premium ceasing: 75 years
• Minimum basic sum assured: 5 lakh rupees
• Maximum basic sum assured: There is no limit!

Key Features of the LIC Jeevan Utsav 871 Plan

The features shared below in this LIC Jeevan Utsav 871 review reveal key aspects of the new LIC policy:

• It assures guaranteed income from the age of 18 years to 100 years. 
• The user gets an option to pick between a flexible income benefit and a regular income benefit.
• This policy guarantees all the stated benefits at the inception time of the Jeevan Utsav 871 plan. 
• This policy assures additions at a rate of 40 rupees per thousand sum and it is guaranteed till the term of paying premiums.  
• This policy provides an impressive investment rate of rupees 5.5% per year and compounding annually.
• This policy allows policyholders to switch to another type of income benefit 6 months before the LIC provides the payment of policy benefits. 
• Only 5 to 16 years terms in the policy. 
• A 90-day-old child can also become a policy holder and this plan is also available for 65-year-old people. 

Key Benefits of LIC Jeevan Utsav 871 Policy

The following benefits make LIC Jeevan Utsav 871 Plan beneficial for policyholders:

• It has a limited payment option and experts believe that it is the main benefit of the policy. 
• This policy offers financial protection for the policyholder’s family if he or she passes away before the maturity of the policy. 
• 5 to 16-year premium paying term options. 
• The customer can choose between the Regular Income Benefit or the Flexi Income Benefit option at the inception of the policy. 
• Policyholders, who choose the regular income option, will get a fixed annual payout from the 11th policy year. 
• The payout year depends on the term of the policy and customers can plan payouts as per their needs. 
• This policy allows policyholders to switch to the regular income or flexi income benefit option 6 months before the payout begins. 

The above-mentioned LIC Jeevan Utsav 871 benefits make it a perfect choice for policyholders seeking regular income after retirement. It will provide financial protection, when there may not be another source of income.

Introducing LIC's Jeevan Utsav - with Lifetime Guaranteed Returns offering Whole Life Insurance with flexibility to choose benefits. #LIC #LICJeevanUtsav #JeevanUtsav #WholeLifePlan pic.twitter.com/P2ldh7wh7o

— LIC India Forever (@LICIndiaForever) November 29, 2023

LIC Jeevan Utsav 871 Premium Calculation

• Regular Income Benefit

• Flexible Income Benefit

LIC Jeevan Utsav 871 Premium Calculation

LIC’s latest Jeevan Utsav 871 policy is drawing a lot of attention from people across the country. This feature-rich policy has been dubbed as a Non-Linked, Non-Participating, and individual; Savings, Whole Life Insurance plan. It not only protects the policy holder but also his family, even if the person passes away.

Thousands of Indians are planning to buy the Jeevan Utsav 871 plan. The minimum term for this policy is 5 years. Many users are searching for the LIC Jeevan Utsav 871 premium calculation. Users, who choose 5–8-year term plan, will get benefits of the LIC Jeevan Utsav 871 plan from the 11th policy year. Users choosing a 9, 10, 11, 12, 13, 14, 15, or 16 year term plan will get financial benefits from the 12th, 13th, 14th, 15th, 16th, 17th, 18th, and 19th year.

Top 3 LIC Policies in India

The top 3 LIC policy you should consider are:

• LIC Jeevan Labh

Users looking to improve savings and financial protection, are choosing LIC’s Jeevan Labh plan. This policy provides a lump sum amount on maturity. However, if the policyholder passes away before the maturity of the plan, family members will only receive death benefits of the policy according to its plans.

• LIC Jeevan Anand

LIC provides several offers and benefits with the Jeevan Anand Plan. Just like the Jeevan Utsav Plan, LIC Jeevan Anand offers financial protection and a lump sum amount at the maturity of the policy. This policy mainly benefits policyholders, looking for the financial security of the family in case of his/her unfortunate death. There are several other benefits making this policy beneficial for policyholders.

• LIC Jeevan Lakshya

It is another traditional savings+protection plan from LIC. This plan offers annual payouts after the death of the insured person. Family members of the policyholder get benefits of the policy and gain 110% of the cover.

10 Interesting Points About LIC

• Life Insurance Corporation of India was founded in 1956 when the Indian Parliament passed the Life Insurance of India Act.
• LIC is India’s largest insurance provider with more than 290 million policyholders. 
• It is also the most profitable insurance company in India. 
• LIC could have the 5th largest population in the world if it was a country!
• This company has issued more than 21 million individual policies in 2022!
• The Life Insurance Corporation of India has paid 10.84 lakh claims in 2022. 
• The latest LIC Jeevan Utsav 871 policy can be surrendered if the policyholder has paid all premiums of the initial 2 years. 
• LIC Jeevan Utsav 871 Plan allows the policyholder to return the policy if he or she is not happy with the terms and conditions. 
• The nominee in the policy will receive 80% of the total premium according to the suicide clause of the new Jeevan Utsav policy. 
• The policyholder will start receiving payments after the 11th year of policy inception. 

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Frequently Asked Questions

Q: What is the minimum amount of money the LIC Jeevan Utsav 871 promises?

A: The policyholder will receive the minimum basic sum assured of 5 lakh rupees. 

Q: What is the age limit to buy the LIC Jeevan Utsav 871 plan?

A: A customer can buy this policy if he/she is 90 days to 65 years old. 

Q: Where to buy the LIC Jeevan Utsav 871 plan?

A: You can buy this new LIC policy online through the official LIC website or also through the licensed LIC agents. 

Q: Who should buy the LIC Jeevan Utsav 871 Policy?

A: This policy is perfect for customers seeking lifelong coverage against financial risks. 

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Conclusion

You have checked all the essential LIC Jeevan Utsav 871 details. Life Insurance Corporation of India has issued a detailed policy document, explaining all the terms and conditions of the policy. Buyers should check those details before they pick any life insurance policy from LIC or any other insurance company in India.