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LIC's Life Ujjwal Policy Offers Lifetime Income After 5 Years of Premiums
Sentiment: NeutralMedium Priority
What Happened?
LIC's Life Ujjwal Policy allows individuals to secure a lifetime income after paying premiums for five years. The plan offers various options and guaranteed benefits.
Key points
- The policy is a non-linked, non-participating individual life insurance plan.
- Premium payment options range from 5 to 16 years, with a minimum sum assured of ₹5 lakh.
- Annual premiums vary based on the payment duration, with ₹1,10,150 for 5 years.
- Policyholders can earn a guaranteed income of 10% of the sum assured annually.
- Guaranteed additions are provided during the premium payment period, amounting to ₹20,000 per eligible year for a ₹5 lakh sum assured.
- The policy allows for flexible income options and loans against the policy.
Key insights
- The policy's guaranteed income may appeal to retirees seeking stable earnings.
- Flexibility in premium payment and income options could attract a wider customer base.
- The guaranteed additions enhance the policy's attractiveness for long-term investors.
Why it matters
This policy could provide financial security for individuals post-retirement.
Source
India Today
