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Once this policy is taken.. you can get lifetime income after the premium payment period is over. 10 percent of sum assured is paid as income.

Life Insurance Corporation of India (LIC) offers different types of insurance policies for different categories. Special policies are offered for children, women, senior citizens. Some of the policies offered by LIC are popular. Most people show interest in taking those LIC policies as the returns are high in those plans.

LIC has launched such an incentive policy today. A new policy called Jeevan Utsav has been released today. It has been made available from November 29, an official statement said. What makes it special is that it offers the policyholder 10 percent annual return for life like no other policy before.

It is a non-linked, non-participating, individual, savings, whole life insurance policy. Once this policy is taken.. you can get lifetime income after the premium payment period is over. 10 percent of sum assured is paid as income. This is a limited project. Let's see the complete details of this project.

Minors, male and female can take this policy. The minimum age to take up the policy is 90 days. Maximum age is 65 years. Maximum age for policy payout is 75 years. Premium payable from 5 years to 16 years. Minimum Sum Assured is Rs.5 Lakhs. The waiting period depends on the period selected. If you choose five years premium payment period then you have to wait for 5 years.

4 years if the same 6 years are selected; 3 years if 7 years are selected; Wait for 2 years if opting for premium payment period of 8-16 years. After the waiting period, you can get lifetime income from LIC at the rate of 10 percent of sum assured annually. Life insurance is guaranteed for as long as you live.

The basic sum assured of this policy is Rs. 5,00,000. You can choose the premium tenure from 5 years to 16 years as per your choice. For example, suppose you choose a five-year term. Then about 1.16 lakhs should be paid as premium every year.

After completing the premium period, we have to wait for another five years. From the next year, i.e. from the 11th year of taking the policy, you will get 10 percent of the sum assured every year. You can spend Rs. 5 lakh policy so you will get 50 thousand every year out of it. This amount comes for as long as you live. It can be withdrawn every year at the end of the year.

If this amount is kept in LIC, compound interest will accrue at the rate of 5.5 percent. If this amount is left undrawn, it helps to accumulate a large amount of money under the effect of compound interest. If desired, 75 percent of the deposited amount can be withdrawn. Interest is earned on the remaining amount. In case of death of the policyholder, the accumulated amount and death benefits are paid to the nominee.