LIC Jeevan Utsav 771
LIC’s Jeevan Utsav is a Non-Par, Non-Linked, Individual Savings Whole Life Insurance plan designed to offer financial support to your family in case of your unfortunate demise. If you survive, it provides a steady income through either the Regular Income Benefit or the Flexi Income Benefit, depending on the option you select.
As a non-participating plan, LIC’s Jeevan Utsav guarantees fixed benefits upon death or survival, regardless of actual experience. This means it does not offer discretionary benefits, like bonuses, or any share in the surplus.
Description
LIC Jeevan Utsav is a Individual, Savings, Whole Life Insurance plan. Its Key features are:
- Whole life insurance with limited premium payment.
- Two options available at inception to choose the benefit under the plan
Option I – Regular Income Benefit
Option II – Flexi Income Benefit - Flexibility to choose Premium Paying Term from 5 Years to 16 Years.
- Guaranteed Additions throughout Premium Paying Term.
Benefits:
- Death Benefit: If the life assured dies after the commencement of risk, LIC will pay the Death Benefit, which is equal to the “Sum Assured on Death” along with accrued Guaranteed Additions, provided the policy is in force. This Death Benefit will be at least 105% of the 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 Benefit: Survival Benefit in the form of Regular Income Benefit or Flexi Income
Benefit as per the option chosen. - Maturity Benefit: Maturity benefit is not available under this plan.
- Payment of Premiums: The Policyholder can pay premiums regularly at yearly, half-yearly, quarterly, or monthly intervals (monthly premiums through NACH only), or through salary deductions.
- Grace Period: The policyholder will have a grace period of 30 days to pay yearly, half-yearly, or quarterly premiums, and 15 days to pay monthly premiums, starting from the date of the First Unpaid Premium.
- Free Look Period: If the policyholder is not satisfied with the “Terms and Conditions” of the policy, they can return the policy to the Corporation within 30 days from the date of receiving of Policy document. Upon receiving the returned policy, the Corporation will cancel it and refund the premium paid, after deducting the proportionate risk premium.
Eligibility Condition:
| Premium Paying Term | 5 to 16 Years | |||||||||||||||||||||||||||||||||||||||
| Minimum and Maximum Age at Entry |
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| Maximum Premium ceasing age | 75 Years (Nearer Birthday) | |||||||||||||||||||||||||||||||||||||||
| Minimum Age at the beginning of Policy Year in which first Regular Income Benefit/ Flexi Income Benefit becomes due as per Option | 18 Years (Completed) | |||||||||||||||||||||||||||||||||||||||
| Minimum Basic Sum Assured | Rs 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:
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