LIC Jeevan Utkarsh

LIC Jeevan Utkarsh

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LIC Jeevan Utkarsh Plan

LIC Jeevan Utkarsh is basically a combination of protection and savings underwhich the risk cover is ten times of Tabular Single premium. Thinsured will have an option to select the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at entry of the life assured.t 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 is a single premium, non-linked, with-profits, savings cum protection plan.

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.

LIC Jeevan Utkarsh - Key Features

  • Single Premium Endowment Plan with a fixed tenure of 12 years

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

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

  • It is a close ended plan.  

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

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

  • High risk cover.

  • Tax free maturity amount

LIC Jeevan Utkarsh - Benefits

1. 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.

2. 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.

Benefits LIC Utkarsh Saral

3. 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.

4. 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.

LIC Jeevan Utkarsh - 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

LIC Jeevan Utkarsh - Eligibility

Minimum Age at entry 6 years (completed)
Maximum Age at entry : 47 years (nearest birthday)
Minimum Basic Sum Assured 75,000/-
Maximum Basic Sum Assured No Limit
Basic Sum Assured shall be in multiples of:
  • Rs. 5,000 – if Basic Sum Assured is below Rs. 3,00,000
  • Rs. 20,000 – if Basic Sum Assured is Rs. 3,00,000 and above
Policy Term 12 years
Premium payment mode Single premium only

LIC Jeevan Utkarsh - Additional Features

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.

LIC Jeevan Utkarsh - Surrender Value

During the policy’s tenure, you can surrendered the policy anytime whenver you want.The Guaranteed Surrender Value allowable shall be as under:

  • First year: 70% of the Single premium paid

  • Thereafter: 90% of the Single premium paid

Single premium option that is referred above will not include any form of taxes, extra amount because of underwriting decision and rider premium, if any.

The Company will provide Special Surrender Value as applicable on date of surrender offered the same is higher than Guaranteed Surrender Value. The Special Surrender Value is reviewable and will be determined from time to time after getting approval from IRDAI. It is advisable for policyholder to do a little reseearch about the same before surrendering the policy.

Policy Loan

Under this policy, you will be liable to get loan during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time.

The interest rate that would be charge for policyloan will be determined at periodic interval. For financial year 2017-18, the applicable interest rate is 10% p.a compounding half yearly. The maximum loan that can be granted under the same will be around 90% of the surrender value.

Any loan outstanding along with interest will be recovered from claim proceeds at the time of termination of the policy.

LIC Jeevan Utkarsh - Tax

Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional Tax Authority of India will be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of applicable taxes, as per the prevailing rates, will be payable by the policyholder on premiums payable under the policy, that shall be collected separately over and above in addition to the premiums payable by the insured.

For the calculation of benefits payable under the plan.

LIC Jeevan Utkarsh - Free Look Period

If the insured is not satisfied with the terms and conditions of the policy, the policy will returned to the company within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the company will cancel the policy and also return the amount of single premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.

LIC Jeevan Utkarsh - Settlement Option

Settlement option is basically am option to receive a claim amount which is also known as maturity benefit or death benefit in a few installments over the selected time frame that would be 5, 10 or 15 years in place of lum sum amount. You can go with this ooption for full or part of the death /maturity proceeds which is payble under the plan. The amount that is opted by the insured can be either in absolute value ot as a percentage of the total payable claims. Under the same, the investment will be made in advance on early or half-yearly or quarterly or monthly intervals, as opted for, subject to certain minimum installment amount.

This option can be exercised only by the insured with the age group of 18 and above. However, after the starting of installment payments against maturity benefit, the insured will have the option to commute the outstanding installments.

In case of death of the insured, the nsured can alter the option as exercised by the Life Assured and the amount of the claim will be paid as per the option exercised by the insured.

LIC Jeevan Utkarsh - Exclusions

There will be no benefits and the policy will get void in case where the insured commits suicide at anytime with the first year from the date of commencement of the risk, an amount that is higher of 90% of the single premium paid or Surrender Value shall be payable. The Company will not entertain any person or claim under this policy.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years i.e. if age of the Life assured is below 8 years on suicide single premium without interest shall be payable.

*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.