LIC Jeevan Utkarsh

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.