LIC Jeevan Utkarsh

LIC Jeevan Utkarsh

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LIC Jeevan Utkarsh Plan

It is very well said that prevention is better than cure. LIC's Jeevan Utkarsh is one such plan which makes your life easier. Jeevan Utkarsh Plan has been recently launched in the market. It is a single premium endowment policy which offers 10 times of your single premium along with loyalty addition. LIC Jeevan Utkarsh Plan 846 is a single premium, non-linked, with-profits, savings cum protection plan. This plan was launched on 6th of September, 2017 and is available till 270 days from the launch i.e. 31st March 2018.

LIC’s Jeevan Utkarsh is a single premium with a fixed maturity term of 12 years, Loyalty addition based and non-linked life insurance plan. At the time of the maturity, insured receives sum insured plus loyalty addition i.e. after completion of 12 years. In case of the death during policy term, a death claim amount is received which is 10 times single premium plus loyalty addition.

Single premium life insurance is the one where entire insurance amount is paid in one year only. Because single-premium policies are paid at once, the money invested builds up rapidly, making for a potentially sizable benefit even in the event of the policyholder's sudden death.

Features : Jeevan Utkarsh Plan

1. Settlement option of 5, 10 and 15 years i.e. the policyholder can go for an equated amount over a period of 5, 10, 15 years, if he does not wish to receive maturity or death claim amount in one go.

2. Single Premium Endowment Plan with a fixed tenure of 12 years

3. Loyalty Additions to be paid at the end of the policy term.

4. Option of selecting Accidental Death and Disability Rider along with the plan.

5. It is a close ended plan.

6. One can surrender policy at any point of time during the policy period depending upon the conditions.

7. Loan facility up to 90% of surrender value is available after 3 months of commencement of policy.

8. High risk cover.

9. Tax free maturity amount

Eligibility Criteria and Restrictions

There is an eligibility criterion which needs to be adhered to in order to avail this policy.

1. Minimum age- 6 years; maximum age- 47 years.

2. Policy term of 12 years.

3. Premium payment term- single premium.

4. Sum assured- 75000and above.

5. Surrender – 70% of single premium in the 1st year of policy and 90% of single premium from 2nd year of policy.

6. Loan- can availed up to 90% after 3 months of policy.

Benefits : Jeevan Utkarsh Plan

Maturity benefits

At maturity of the policy sum assured along with loyalty addition, if any is given to the insured. Here the sum assured is equal to the Basic sum assured.

Death benefits

Before the commencement of the risk, during the first five years of the policy, single premium is refunded without any interest and is free from taxes, extra chargeable premium and rider premium. On death after the completion of five years but before the date of maturity sum assured on death is equal to 10 times the Tabular single premium along with loyalty addition.

Loyalty addition

Policies under this plan are eligible for loyalty addition at time of exit after completion of five years in the form of death during the term or maturity. Loyalty addition shall also be considered in special surrender value calculation on surrender of policy during the policy term, provided the policy has completed five years.

Optional benefits

Optional benefits like LIC’s Accidental Death and Disability Benefit Rider are also available under this plan. They are available as optional rider by paying additional premium. This benefit is available at the time of commencement only. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of accident permanent disability, an amount equal to Accident benefit sum assured is paid in the form of equal monthly installments spread over a period of 10 years. If the assured dies before the expiry of 10 years, then the policy becomes a claim, the disability benefit installments which have not fallen due are paid along with the claim amount.

Policy Rebates

High Basic Sum Assured Rebate: Basic Sum Assured (B.S.A.) chosen under the policy Reduction in Tabular Premium (per Rs.1000/- Basic Sum Assured)
Rs. 75,000 to 1,45,000 Nil
Rs. 1.50,000 to 2,95,000 Rs.15.00
Rs. 3,00,000 to 4,80,000 Rs.20.00
Rs. 5,00,000 and above Rs.25.00

Benefits : Jeevan Utkarsh Plan

Loan facility - after the payment of premium for 3 months, loan facility is available under this plan subject to policy conditions.

Free Look period - The policyholder is provided with a free look period of 15 days, if he/she is not satisfied with the terms and conditions of the policy. For the same policyholder need to provide a proper justification and submit the policy to LIC with free look period.

Date of vesting - It is applicable only if the age of assured is below 18 years on the date of inception of the policy.

Suicide clause- If the policyholder commits suicide before 2 months from the date of commencement of risk, he/she can be returned with 90% of the premium paid without any taxes or extra premium.

Taxes - Taxes, if any, will be applicable as per tax laws and rate tax applicable from time to time.

Back dating - Allowed within the same financial year.

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