Jeevan Utsav Single Premium Plan (883)

Jeevan Utsav Single Premium Plan (883)

LIC’s Jeevan Utsav is a non-participating, non-linked, whole life insurance plan that provides a unique combination of guaranteed income and life-long protection. This single premium plan offers Guaranteed Additions during the chosen Guaranteed Addition (GA) Period, followed by regular income benefits, ensuring financial security for the family in case of an unfortunate death and steady income for the policyholder during survival.

Under this plan, the policyholder earns Guaranteed Additions during the selected GA Period and receives regular income benefits thereafter, as per the chosen option. In the event of an unfortunate death, the plan provides a guaranteed death benefit to support the family, and on survival to the end of the policy term, a maturity benefit is also payable.

Key Features – LIC Jeevan Utsav

• Single premium whole life insurance plan.
• Choice of Regular Income or Flexi Income benefit options.
• Guaranteed Additions of ₹40 per ₹1,000 Basic Sum Assured during the GA Period.
• Lump sum benefit payable on maturity or on death of the Life Assured.
• Premium rebates available for higher Basic Sum Assured and eligible existing policyholders.
• Optional riders available to enhance protection.
• Loan facility available to meet liquidity needs.

Eligibility – LIC Jeevan Utsav

• Guaranteed Addition (GA) Period: 7 to 17 years
• Minimum Age at Entry: 0 (30 days Completed)
• Maximum Age at Entry: 65 years (nearer birthday)
• Minimum Age for Income Benefit: 18 years (completed)
• Premium Paying Term: Single Premium
• Policy Term: (100 − Age at Entry) years
• Maximum Age at Maturity: 100 years (nearer birthday)
• Minimum Basic Sum Assured: ₹5,00,000
• Maximum Basic Sum Assured: No limit (subject to underwriting)
• Basic Sum Assured Multiples: ₹25,000 up to ₹24.50 lakh and ₹50,000 above ₹24.50 lakh

Maturity Benefit

If the Life Assured survives till the end of the policy term, the Maturity Benefit is payable as a lump sum, consisting of Sum Assured on Maturity along with accrued Guaranteed Additions. (if any)

Sum Assured on Maturity is defined as the higher of Basic Sum Assured or 1.25 times of Tabular Single Premium. Under Flexi Income Benefit option, any accumulated value of Flexi Income Benefits due and not withdrawn shall also be payable.

Death Benefit

In the event of death of the Life Assured after commencement of risk, the Death Benefit shall be payable as a lump sum, consisting of Sum Assured on Death along with accrued Guaranteed Additions.

Sum Assured on Death is defined as the higher of Basic Sum Assured or 1.25 times of Tabular Single Premium. Under Flexi Income Benefit option, any accumulated and unwithdrawn Flexi Income Benefits shall also be payable.

In case of a minor Life Assured below 8 years of age, if death occurs before commencement of risk, the death benefit payable shall be return of Single Premium paid (excluding taxes and rider premiums, if any), without interest.

Optional Benefit Riders

A Rider is an optional add-on benefit that provides additional protection over and above the base policy benefits, in return for an extra premium. Riders enhance the scope of coverage but cannot be purchased separately; they are available only along with the main policy.

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial support in case of accidental death or permanent disability during the rider term.
• New Term Assurance Rider: Provides an additional term insurance cover, increasing the overall life cover during the rider term.

Surrender Value

The policy may be surrendered by the policyholder at any time during the policy term. On surrender, the Corporation shall pay the higher of the Guaranteed Surrender Value (GSV) (including surrender value of accrued Guaranteed Additions, if any) or the Special Surrender Value (SSV), as applicable on the date of surrender.

The Guaranteed Surrender Value is calculated as a percentage of the Single Premium paid (excluding taxes, extra premium and rider premiums, if any). During the first three policy years, the GSV is 75% of the Single Premium paid. Thereafter, it is 90% of the Single Premium paid, reduced by income benefits already paid or due till the date of surrender. Accrued Guaranteed Additions are also considered for surrender value as per applicable factors. Under the Flexi Income Benefit option, any accumulated and unwithdrawn Flexi Income Benefits are additionally payable. No surrender value is available on rider benefits, and on payment of surrender value, the policy shall terminate.

Loan Facility

Loan facility is available under the policy within the Surrender Value, after completion of three months from the date of issuance of the policy or after expiry of the free-look period, whichever is later. The maximum loan amount depends on the Guaranteed Addition (GA) Period and the option chosen, and may range from 40% to 75% of the Surrender Value, subject to policy conditions. Under the Flexi Income Benefit option, an additional loan on accumulated and unwithdrawn Flexi Income Benefits may also be available. Loan interest is charged at rates declared by LIC from time to time and any outstanding loan and interest shall be recovered from income benefits or claim proceeds, as applicable.

Grace Period

A grace period of 30 days from the premium due date is allowed, during which the policy continues to remain in force.

Free Look Period

The policyholder is allowed a 15-day free look period from the date of receipt of the policy document to review the terms and conditions and return the policy if not satisfied.