LIC Jeevan Utsav Plan 771

The policy also includes Guaranteed Additions during the premium-paying period.

What is LIC Jeevan Utsav Plan 771?

LIC Jeevan Utsav Plan 771 is a special type of plan that is available to people who are looking for a long-term source of guaranteed income and want insurance to cover their entire lives. The plan has a number of unique features: short premium-paying periods, Guaranteed Additions shared with policyholders throughout the premium payment period, and annual survival benefits after a policyholder has received the last premium payment under the plan. There are two different options to choose from depending upon the policyholder’s individual financial goals and income requirements; the two options are Regular Income or Flexi Income Beneficiary.

What are the Key Features of LIC Jeevan Utsav Plan?

Some of the most significant benefits of the Jeevan Utsav LIC Plan relate to its unique features and benefits; they include:

• LIC Jeevan Utsav plan ensures life-long insurance cover and the insurance coverage is extended till the policyholder reaches 100 years of age, subject to the terms of the policy.

• Policyholders get the benefit of choosing the premium payment period from 5 to 16 years with eligibility for long-term policy benefits.

• During the premium payment period, guaranteed additions are made to the existing sum assured which build up the total policy value gradually.

• Gives the freedom to choose between the two income options - Regular Income Benefit and Flexi Income Benefit.

• If the benefits are not received under the Flexi Income option, they get credited at a compound interest rate of 5. 5% per annum until withdrawal o

• r final settlement.

• Offers loan and surrender benefits subject to policy terms and conditions and eligibility criteria.

• Allows increasing the sum assured through several of supplementary rider options available with the base plan.

• Premium payment frequency can be opted for on a yearly, half-yearly, quarterly, or monthly basis.

Benefits of LIC Jeevan Utsav 771

LIC Jeevan Utsav aims at delivery of guaranteed income and the provision of financial security for a lifetime. Here are the principal benefits of the plan

Guaranteed Lifetime Income: After the expiry of the premium payment period, the policyholder receives grant yearly survival benefits for the whole lifetime of the policyholder as per the income option chosen.

Guaranteed Additions: Guaranteed additions are credited during the premium payment period at the rates mentioned in the policy, which over time increase the policy value.

Death Benefit Protection: Upon death of the insured, during the policy period, the nominee is entitled to the death benefit with the accumulated guaranteed additions, as per the terms of the policy.

Flexi Income Benefit: In the Flexi Income payout plan, the survival benefits which have not been paid out earn 5. 5% per annum compounded interest until withdrawal, surrender, or settlement of claim.

Optional Rider Benefits: With LIC Jeevan Utsav, the policyholder can upgrade their basic insurance plan to a higher level with the help of optional riders by paying a higher premium. These riders be protective measures against different risks and unforeseen situations.

The riders available under the Jeevan Utsav LIC plan are:

• LIC Accidental Death and Disability Benefit Rider

• LIC Accident Benefit Rider

• LIC New Term Assurance Rider

• LIC New Critical Illness Benefit Rider

• LIC Premium Waiver Benefit Rider

How Does LIC Jeevan Utsav Plan Work?

LIC Jeevan Utsav is a typical long-term investment. A policyholder is expected to pay premiums for a limited period, i.e., between 5 and 16 years. After the premium period is over, the plan starts issuing annual survival benefits based on the chosen income option.

• Regular Income Benefit: The policyholder is entitled to receive annual fixed payouts at the end of the deferment period.

• Flexi Income Benefit: The survival benefits accrued but not paid out are accumulated with 5. 5% per annum compound interest and may be withdrawn at a later date as per financial requirements.

Meanwhile, life cover continues up to age 100, ensuring long-term protection for the family. In case of the policyholder’s death during the policy term, the nominee receives the applicable death benefit along with accrued guaranteed additions as per policy conditions.

What Makes Jeevan Utsav LIC Plan Different?

One of the reasons why LIC Jeevan Utsav is loved by the people is that it offers limited premium payments combination with the guaranteed lifetime income and whole life insurance protection.

• Limited Premium Commitment: The policy enables individuals to make premium payments for a fixed time period only but they will be eligible for benefits of the policy for long term.

• Flexible Income Options: Policyholders can choose between regular annual payouts and Flexi Income accumulation, depending on their liquidity preferences.

• Guaranteed Benefits: Since LIC Jeevan Utsav benefits are well guaranteed, you shall not worry about their performance as they are not market-linked plans.

• Long-Term Financial Protection: By providing survival benefits with whole life coverage, the plan ensures both income continuity and family protection.

• Built-In Liquidity Features: Loan/cash against policy and surrender options can provide further flexibility for the policyholder during the policy.

Important Considerations of LIC Jeevan Utsav 771

Some important considerations of LIC Jeevan Utsav that policyholders should evaluate before investing include:

• The plan offers guaranteed yearly income benefits after the deferment period, making it suitable for individuals seeking stable and predictable payouts.

• Premiums are payable only for a fixed duration between 5 and 16 years, while policy benefits continue for the long term.

• LIC Jeevan Utsav provides life cover up to age 100, ensuring extended financial protection for beneficiaries.

• Since the plan is non-linked and non-participating, benefits remain unaffected by market fluctuations.

• Policyholders can choose between Regular Income Benefit and Flexi Income Benefit depending on their liquidity preferences.

• The plan is designed for long-term financial planning and may be more suitable for individuals comfortable with extended holding periods.

• Early surrender values and liquidity options may be limited during the initial policy years.

• As a guaranteed benefit plan, the overall returns may be lower compared to equity-oriented investment products.

• Fixed long-term payouts may be affected by inflation over time, which can influence future purchasing value.

What is Not Covered in LIC Jeevan Utsav 771 Plan?

Suicide exclusion. The LIC Jeevan Utsav policy does not cover claims arising from circumstances specifically excluded under the policy contract, including situations involving non-disclosure of material facts, incorrect information provided during policy issuance, or events occurring outside the policy terms and conditions.

Policyholders are advised to read the official LIC policy brochure carefully to understand all exclusions, limitations, and conditions applicable under the plan.

How to Buy LIC Jeevan Utsav Plan 771 in India?

Customers can purchase LIC Jeevan Utsav plan from India through Policybazaar. The steps are as follows:

Step 1: Go to LIC on Policybazaar

Step 2: Enter your name and contact then click on “View Plans”

Step 3: Go to LIC Jeevan Utsav Plan 771 and click on “View Details”

Step 4: You can check plan benefits, see the calculation, and compare it with FD.

Step 5: After checking all the details, proceed to pay the first premium to purchase the policy.

LIC Jeevan Utsav Download

Once the LIC Jeevan Utsav plan is bought, policyholders will be able to easily get access to their key documents and receipts online. Downloading these will guarantee that you have all the necessary files for your reference, evidence of your purchase, and effective financial planning.

LIC Jeevan Utsav Policy Bond Download

• LIC policy download can be done after the policy is purchased so that you will have an official confirmation of your coverage.

• It can be retrieved from either the official website of LIC or LIC's mobile application and through Policybazaar.

LIC Jeevan Utsav Premium Receipt Download

• LIC Jeevan Utsav Premium Receipt will be provided once the premium is paid each time. You can choose to do it via offline or online methods of LIC receipt download

• You can use LIC's official website, mobile apps, or PolicyBazaar account to get the premium receipt.

• You will be able to prove that the payment was successfully made, you can maintain a record of all the premiums paid, and it will also come handy when you are preparing financial records and filing the tax returns.

Who Should Consider LIC Jeevan Utsav?

LIC Jeevan Utsav is a good fit for those who expect financial security and steady benefits more than market-linked returns.

Here is a list of people who may benefit from this plan as per their financial planning:

• Risk-averse investors who want the safety of fixed returns without the risks connected to market investments.

• Youngsters at the start of their careers who want to create financial stability over the years with a mix of regular savings and insurance coverage.

• Parents and guardians who want future financial support and wealth creation for their children and loved ones.

• Seniors who aim for a regular, annual income plan to cover their retirement needs.

• Individuals looking for insurance-based savings products giving guaranteed additions and flexible income options.

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