LIC Jeevan Utsav

LIC Jeevan Utsav- An Overview

LIC Jeevan Utsav policy is a whole life insurance plan that ensures financial support for the family in the event of your unfortunate demise and offers survival benefits through Regular Income Benefit or Flexi Income Benefit. This whole life insurance plan offered by the LIC of India comes with guaranteed additions throughout the premium-paying term, allowing flexibility in choosing the premium-paying term from 5 to 16 years. With attractive high-sum assured rebates, the policy also provides the option to enhance coverage through riders and addresses liquidity needs with a loan facility. Available offline and online, it offers a comprehensive solution for long-term financial security.

Key Features of LIC Jeevan Utsav

• Lifetime Protection with Limited Premiums: LIC Jeevan Utsav Policy offers whole-life coverage with the convenience of limited premium payments.

• Income Flexibility: One can choose between Regular or Flexi Income Benefits at policy inception.

• Steady Growth: Guaranteed additions throughout the premium payment term.

• Flexible Premium Terms: Choose premium payment terms from 5 to 16 years.

• Customizable Coverage: Enhance protection with optional riders for tailored benefits.

Eligibility Criteria of LIC Jeevan Utsav 771

To purchase LIC plan no. 771, the following criteria must be met. 

Benefits of LIC Jeevan Utsav

1. Death Benefit:

   • In the event of the policyholder’s demise, the Death Benefit, which includes the "Sum Assured on Death" along with accrued Guaranteed Additions, is paid to the nominee, ensuring financial support for the nominee.

   • The Death Benefit is not less than 105% of the total premiums paid, with the "Sum Assured on Death" being the higher of the Basic Sum Assured or 7 times the Annualized Premium.

2. Flexibility and Refund for Minors:

   • Premium payment flexibility with various options.

   • In the case of a minor Life Assured (age below 8 years at entry), if death occurs before the commencement of risk, the death benefit is a refund of premiums paid without interest.

3. Survival Benefit:

   • Option I - Regular Income Benefit: Upon the survival of the Life Assured, a Regular Income Benefit equal to 10% of the Basic Sum Assured is payable at the end of each policy year.

   • Option II - Flexi Income Benefit: At the end of each policy year, policyholders opting for the Flexi Income Benefit receive 10% of the Basic Sum Assured upon survival.

4. Guaranteed Additions:

   • Guaranteed Additions accrue at Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term, providing a consistent growth component.

   • No further accrual of Guaranteed Additions occurs after the Premium Paying Term.

5. Enhanced Protection with Riders

   The plan has several riders that allow the policyholder to enhance their coverage by paying extra premiums. The riders available are:

   • LIC Accidental Death and Disability Rider Benefit

   • LIC Accidental Benefit Rider

   • LIC New Term Assurance Rider

   • LIC New Critical Illness Rider

   • LIC Premium Waiver Benefit

What Is Not Covered Under LIC Jeevan Utsav Plan?

Suicide

1. In the event of the Life Assured (whether sane or insane) committing suicide within 12 months, the nominee will receive 80% of the total premiums paid, excluding taxes, extra premiums, and rider premiums, provided the policy is in force. 

   This exclusion doesn't apply if the Life Assured's age at entry is below 8 years.

2. If the Life Assured commits suicide within 12 months from the date of revival, the payable amount will be the higher of 80% of the total premiums paid till the date of death (excluding taxes, extra premium, and rider premiums), or the surrender value as of the date of death. 

This exclusion is not applicable if the life assured is below 8 years at the time of revival or for a lapsed policy without acquisition. 

Sample Premium Illustration of LIC Jeevan Utsav Policy771

Here are sample annual premiums for standard lives with a sum assured of Rs. 5,00,000 for policies available through offline channels:

You can use the LIC Jeevan Utsav 771 Calculator to easily check the premiums payable for your LIC Jeevan Utsav Policy. Additionally, it helps you estimate the maturity amount you’ll receive at the end of the policy term.

LIC Jeevan Utsav- Policy Details

Below are the LIC Jeevan Utsav Policy Details. Take a look to understand the plan better.

• Grace Period:

  LIC provides a grace period of 15-30 days for policyholders who have not paid their due premium, and if the payment is not made within this timeframe, the policy lapses.

• Free-Look Period:

  Policyholders have a 15-day free-look period from the policy initiation date, during which they can cancel the policy if dissatisfied with its terms and conditions.

• Policy Surrender:

  Policyholders can surrender the policy upon payment of premiums for two consecutive years, receiving a surrender value equal to the higher of the special or guaranteed surrender value.

• Loan Facility:

  LIC Jeevan Utsav offers a loan facility that allows policyholders to obtain loans to address financial emergencies.

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