LIC's Jeevan Utsav
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LIC's Jeevan Utsav (Plan No. 871, UIN: 512N363V01) was a non-linked, non-participating, individual, savings, whole life insurance plan offered by the Life Insurance Corporation of India (LIC).
🔑 Key Features
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Policy Type: Non-linked, non-participating, individual, savings, whole life insurance plan.
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Premium Paying Term: Limited premium paying term between 5 to 16 years.
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Entry Age: Available for individuals aged between 90 days and 65 years.
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (via NACH), or Salary Deduction.
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Online Purchase Rebate: 10% rebate on premiums for policies purchased online.
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Grace Period: 30 days for yearly/half-yearly/quarterly premiums; 15 days for monthly premiums.
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Free Look Period: 15 days for offline purchases; 30 days for online purchases.
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Loan Facility: Available after 2 full years of premium payment.
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Surrender Value: Available after 2 full years of premium payment; higher of Special Surrender Value or Guaranteed Surrender Value is payable.
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Tax Benefits: Under Sections 80C and 10(10D) of the Income Tax Act.
💰 Benefits
1. Death Benefit
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On death of the Life Assured after the date of commencement of risk, the nominee receives the higher of:
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Basic Sum Assured, or
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7 times the annualized premium.
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Additionally, accrued Guaranteed Additions are payable.
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The total death benefit is not less than 105% of the total premiums paid up to the date of death.
2. Survival Benefit
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On survival to the end of the policy term, the "Sum Assured on Maturity" along with accrued Guaranteed Additions is payable.
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Where "Sum Assured on Maturity" is equal to 50% of Basic Sum Assured.
3. Regular Income Benefit
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On survival after the premium paying term, the policyholder receives a regular income benefit at the end of each policy year, starting after 3 to 6 years of the deferment period.
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The amount of regular income benefit is a percentage of the Basic Sum Assured, as specified in the policy terms.
4. Flexi Income Benefit
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The policyholder can opt for Flexi Income Benefit, under which a percentage of the Basic Sum Assured is payable at the end of each policy year, starting after 3 to 6 years of the deferment period.
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The accumulated Flexi Income Benefits due and not withdrawn along with interest (if any) are payable on death or surrender, whichever is earlier.
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LIC shall pay interest on such Deferred Flexi Income payments at the rate of 5.5% p.a., compounded yearly.