LIC’s Jeevan Utsav is a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan. This plan provides financial support to family in case of unfortunate death of Life Assured and survival benefits in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen for surviving policyholder. LIC’s Jeevan Utsav is a non- participating product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to discretionary benefits like bonus etc. or share in Surplus. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms as well as Online directly through website www.licindia.in. However, it is not available for sale through Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC- SPV).
LIC's Jeevan Utsav Plan Benefits
Death Benefit:
On death of the Life Assured after the date of commencement of risk, Death Benefit equal to “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable, provided the policy is in force. This Death Benefit shall not be less than 105% of total premiums paid up to the date of death.
“Sum Assured on Death” is defined as higher of ‘Basic Sum Assured’ or ‘7 times of Annualized Premium’.
Survival Benefits
Survival Benefit in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen shall be as under:
Option I – Regular Income Benefit:
On survival of Life Assured, Regular Income Benefit equal to 10% of
Basic Sum Assured shall be payable at the end of each policy year
starting from the year as specified in Table 1 below, provided all due
premium have been paid.
Option II – Flexi Income Benefit:
On survival of Life Assured, the policyholder shall be eligible for Flexi Income Benefit equal to 10% of Basic Sum Assured at the end of each policy year starting from the year.
Maturity Benefits
Maturity benefit is not available under this plan.
Guaranteed Additions:
Under an inforce policy, the Guaranteed Additions shall accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There shall be no further accrual of Guaranteed Additions after Premium Paying Term.
Under an inforce policy on death of Life Assured during the Premium Paying Term, the Guaranteed Addition in the year of death shall be payable for full policy year
In case of surrender of an inforce policy during the Premium Paying
Term, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy is surrendered.
Eligibility Conditions
| Premium Paying Term | 5 to 16 Years | |||
| Minimum and Maximum Age at Entry |
Premium | Minimum | Maximum Age | |
| Paying Term | Age | at Entry | ||
| at Entry | (Nearer | |||
| (Completed) | Birthday) | |||
| 5 | 8 years | 65 years | ||
| 6 | 8 years | 65 years | ||
| 7 | 8 years | 65 years | ||
| 8 | 8 years | 65 years | ||
| 9 | 7 years | 65 years | ||
| 10 | 6 years | 65 years | ||
| 11 | 5 years | 64 years | ||
| 12 | 4 years | 63 years | ||
| 13 | 3 years | 62 years | ||
| 14 | 2 years | 61 years | ||
| 15 | 1 years | 60 years | ||
| 16 | 90 days | 59 years | ||
| Maximum Premium ceasing age | 75 Years (Nearer Birthday) | |||
| Minimum Age at the beginning of Policy Year | 18 Years (Completed) | |||
| in which first Regular Income Benefit/ Flexi Income | ||||
| Benefit becomes due as per Op- tion | ||||
| Minimum Basic Sum Assured | 5,00,000/- | |||
| Maximum Basic Sum Assured | No Limit. However, the maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy. | |||
| Basic Sum Assured Multiples | The Basic Sum Assured shall be in multiples of amounts specified below: | |||
| Basic Sum Assured | Basic Sum Assured Multiples | |||
| Range | ||||
| 5,00,000 to ` | 25,000 | |||
| 2,400,000 | ||||
| Above ` 24,00,000 | 1,00,000 | |||