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LIC Jeevan Utsav Plan : LIC Jeevan Utsav Plan offers insurance up to 100 years by paying premium for a limited period. After paying the premium for a fixed period, the repayment to the policyholder starts after some lock-in period. 10 percent of the policy amount is paid annually for life.

LIC Jeevan Utsav Plan : Life Insurance Corporation of India (LIC) offers a plan with personal savings and life insurance . The non-linked, non-participating 'LIC Jeevan Utsav' plan offers life-long insurance coverage. The premium is paid for a limited period, followed by a lock-in period. After that you will get return every year. This plan is available for people aged between 90 days to 65 years. It provides lifetime income and insurance coverage. Premium payment period must be minimum five years, maximum 16 years.

At the time of payment of premium Rs. 40 will be credited. After paying the premium for a few years, the repayment to the policyholder starts over a period of time. 10 percent of the policy amount is paid every year. Income benefits depend on policyholder options.

• Regular Income Benefit: It starts after three to six years after the deferment period. 10 percent of the amount paid by the policyholder is paid every year. This is the payment for the lifetime of the policyholder. For example, if a policyholder takes a Rs.5 lakh policy and pays premium for five years...after the lock-in period i.e. from the 11th year of the policy, he will pay Rs.50 thousand (10 percent of the policy) annually for the rest of his life (100 years).
• Flexi Income Benefit : Policyholders can opt for Flexi Income Benefit. In this, 10 percent is given annually to the policyholder as per the policy terms. If he thinks he doesn't need this 10 percent...he can keep it with LIC. These flexi income payments carry compound interest at the rate of 5.5 percent per annum.
• If the policy is active in the event of death of the policyholder, the death benefit will be paid to the nominee. The death benefit is paid not less than 105 percent of the total premium paid up to the date of death. 7 times the Basic Sum Assured or Annual Premium whichever is higher will be paid to the nominee.
• There are no maturity benefits under this plan. Regular/Flexi Income benefits are availed for life based on option. Lifetime is paid till a person attains 100 years of age.
• Additional liquidity can be obtained through a loan on this plan.
• If you want to pay in less time, the premium will be higher. Longer tenure means lower premium.
• Five optional riders are offered with this plan. The policyholder can opt for accidental death, disability benefit or accident benefit rider. New Term Assurance Rider, New Critical Illness Benefit Rider, Premium Exemption Benefit Rider can be selected. These can be availed by paying additional premium subject to conditions.
• This policy not only provides financial support to the family in case of unfortunate death of the policyholder but also provides additional benefits in the form of regular income benefit or flexi income benefit depending on the option chosen.

A 35-year-old man decides a premium payment period of 10 years and pays Rs. If he chooses a 10 lakh policy, he will pay an annual premium of Rs. 1,11,050 payable. From the 13th year of taking the policy under the regular income option, he gets Rs. 1 lakh will be paid.