Latest news with #JeevanUtsav
Time of India
07-05-2025
- Health
- Time of India
A tax expert's journey to saving lives
Ahmedabad: The presidential honour for Mukesh Patel recognises his role in establishing the Ahmedabad Red Cross Shatabdi Bhavan , acknowledged as India's largest blood centre with state-of-the art facilities. He has spearheaded the Thalassemia Care, Awareness & Prevention (CAP) Mission since 1983, providing free life-saving transfusions to over 1,200 children suffering from blood about his inspiration behind championing voluntary blood donation and thalassemia care, Patel told TOI, "Blood donation is the only gift that costs nothing to the donor but means a whole world to someone in need. You do not have to be a doctor to save a life, just donate blood."Ahmedabad has earned recognition as the blood donation capital of India and global hub of centurion blood donors under Patel's leadership. The city boasts 138 centurion blood donors, including all five of India's women centurions, three double centurions, India's first centurion couple and first differently abled an international tax expert by profession, Patel has donated blood in 25 countries worldwide. "My globetrotting gave me ample opportunities to visit leading blood banks around the world, donate blood, study their blood donation promotion, interact with experts and in the process nurture innovative ideas and strategies for fruitful implementation," he innovative approaches include "instilling the feeling of pride and participation through blood donor recognition, setting up of diverse activity hubs and clubs, launch of our imaginative mascots Sherdil and Caredil, motivational songs on Raktdaan and showcasing the creative Blood-o-pedia, Thalas-e-media and Jeevan Utsav".
Mint
06-05-2025
- Business
- Mint
LIC Jeevan Utsav Plan Explained: 5 key benefits you shouldn't miss in 2025
The Jeevan Utsav plan provided by Life Insurance Corporation of India (LIC) is a non-linked, non-participating whole life insurance policy. This policy is designed to provide lifetime income and risk coverage. This particular insurance plan is developed with an objective to assist individuals seeking long term financial security with the option of flexibility in premium payment options. Before thinking about investing in this scheme it is important to know about five important facts: The Jeevan Utsav scheme allows all policyholders to opt for premium payment terms ranging from 5 to 16 years. This takes into account various financial planning needs and goals. Further, this plan is available to individuals aged 90 days to 65 years, with a minimum sum assured of ₹ 5 lakh and no upper limit. Individual policy holders are provided assured additions of ₹ 40 per ₹ 1,000 of the basic sum assured at the end of every policy year during the entire premium paying term. These additions enhance the policy's value over time, thus contributing to the holistic benefits for the policyholder. Once the premium paying term is complete, policyholders can opt between: Steady income benefit: 10% of the basic sum assured is paid annually. This starts from the end of the deferment period. 10% of the basic sum assured is paid annually. This starts from the end of the deferment period. Benefit of flexi income: All policyholders can defer income withdrawals, that accrue interest at 5.5% per annum. This compounds yearly until withdrawal or policy termination. Now, in the unfortunate event of the policyholder's demise the nominee receives the sum assured on death. This sum includes the basic sum assured and accrued guaranteed additions. Further, this amount is not less than 105% of the total premiums paid ensuring substantial financial support and protection to the beneficiary. The Jeevan Utsav scheme offers several additional features to enhance policyholder convenience, including: Facility of loan: Upon the payment of premiums for two years, policyholders are allowed to take loans providing liquidity in times of need. Upon the payment of premiums for two years, policyholders are allowed to take loans providing liquidity in times of need. Optional riders: Policyholders can avail up to four to five available riders, this includes accidental death, disability benefit, accident benefit along with new term assurance, new critical illness benefit and premium waiver benefit. Policyholders can avail up to four to five available riders, this includes accidental death, disability benefit, accident benefit along with new term assurance, new critical illness benefit and premium waiver benefit. Benefits in taxation: Premiums paid and benefits received are all eligible for tax exemptions under Sections 80C and 10 (10D) of the Income Tax Act. The benefits are also subject to prevailing tax laws. LIC Jeevan Utsav provides a blend of guaranteed returns, lifetime consistent income and flexible premium options. This makes the product ideal for long-term financial planning. Further, with added loan facilities, death benefits and tax advantages, it ensures both liquidity and protection. Therefore, on your part as an investor, you should consult a certified financial advisor, understand its key features thoroughly to make well informed investment decisions. Disclaimer :This article is for informational purposes only and does not constitute investment advice. Please consult a certified financial advisor or LIC representative before making any investment decisions. First Published: 6 May 2025, 03:39 PM IST
