LIC Jeevan Utkarsh Plan No. 846 is the close-ended single premium non-linked with profit savings and investment plan.
Jeevan Utkarsh will be available for 270 days from the date of launch. The plan was launched on 6th September 2017. Last date: 31st March 2018
LIC Jeevan Utkarsh Features:
- Closed-ended Single Premium Endowment plan
- High-Risk Cover (10 times of Tabular Single Premium)
- Accident and Disability riders (Optional)
- Unique settlement option
- Loan on the policy after 3 months
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax-free under 10(10D)
Maturity Benefits:
On survival of policyholder i.e. completion of the 12-year term, maturity will be Sum Assured + Loyalty Addition.
Death benefits
On death during the First 5 Years of the policy:
- If the policyholder dies before risk commencement then the single premium amount will be refunded to the nominee without any interest or an additional premium.
- If Death occurs after risk commitment, then the death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
On death after 5 years of the policy but before maturity:
- The death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.
Jeevan Utkarsh Eligibility conditions
- Minimum age of Entry: 6 years (Completed)
- Maximum age of entry: 47 Years (Nearest Birthday)
- Premium type: Single Premium
- Minimum Sum Assured: 75,000
- Maximum Sum Assured: No Max. limit
- Policy Term: 12 Years
Note: Risk cover will begin immediately if the policyholder has completed the age of 8 years, but if you want to buy it for your child aged less than 8 years then risk cover will begin on one day before completing age 8.
Jeevan Utkarsh Special Surrender Value:
- 70% of Single Premium in 1st Policy Year
- 90% of Single Premium from 2nd Policy Year onwards
- If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.
Example:
If Mr. Pankaj Aged 25 years Buys Jeevan Utkarsh For Sum Assured Rs.5 lakh then he will pay to pay one-time premium Rs. 2,62,450 (without GST)
Scenario 1: Pankaj survives till the end of the policy Year 2029 Mr. Pankaj will get 5 lakh Sum Assured Plus Loyalty Additions: Total Approx 6 lakh to 7 lakh including LA.
Scenario 2: If Mr. Pankaj Dies anytime before the policy maturity date then his nominee will get Rs.26,24500/- And nominee will also get the loyalty addition if the policy has completed 5 years.
