LIC Jeevan Utsav Plan 771

The Jeevan Utsav LIC plan 771 can be purchased offline and online. Read on to learn more about the LIC Jeevan Utsav Plan in detail.

LIC Jeevan Utsav Plan- An Overview

LIC Jeevan Utsav plan offered by Life Insurance Corporation of India (LIC) is a non-participating, non-linked whole life insurance policy. This means that the policy is not linked to the market and hence is not affected by uncertainty; however, it is eligible for bonuses since it participates in any profits declared by LIC. The Jeevan Utsav LIC plan is specifically designed to provide risk coverage and lifetime income. It has unique features like survival benefits, rebates, guaranteed additions, riders, premium paying flexibility and many more. Survival benefits are offered through Regular Income Benefit or Flexi Income Benefit. This life insurance plan provided by the LIC of India comes with guaranteed additions throughout the premium-paying term.

The Jeevan Utsav LIC plan is available for buying offline (through licensed agents, corporate agents, brokers, insurance marketing firms) and online. It offers a comprehensive solution for long-term financial security.

Key Features of LIC Jeevan Utsav Plan 771

• LIC Jeevan Utsav Policy provides whole life coverage along with a limited premium payment period for the convenience of the policyholders.

• Type: LIC Jeevan Utsav plan is a non-linked, non-participating plan.

• Survival Benefit: In case of survival, Jeevan Utsav LIC policyholders can choose between Regular or Flexi-Income Benefits at policy inception.

• Guaranteed additions: Guaranteed additions of Rs. 40 per Rs. 1000 of the basic sum assured at the last of each year of the policy during the whole premium paying term.

• Premium payment term: Under this Jeevan Utsav scheme you can choose premium payment terms from 5 to 16 years.

• Payment modes: The premium paying mode is flexible which allows premium payment at yearly, half-yearly, monthly or quarterly intervals.

• Riders: You can get protection with optional riders, such as Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, New Critical Illness Benefit, and Premium Waiver Benefit, which would allow you to personalize your benefits by simply paying an additional premium for each rider.

• Loan facility: The Jeevan Utsav LIC plan provides the policyholders with an option to have a loan against the policy to address their liquidity needs.

• Rebates on high sum assured: The Jeevan Utsav LIC plan offers attractive rebates on high sum assured amounts.

Eligibility Criteria of LIC Jeevan Utsav Plan 771

To purchase Jeevan Utsav LIC plan no. 771, the following criteria must be met.

Commencement of Risk:

• For individuals under the age of 8, the risk begins 2 years from when the policy starts or on the policy anniversary after the 8th birthday, whichever is earlier.

• For individuals above 8 years of age, risk starts immediately upon policy issuance.

Date of Vesting:

If the Jeevan Anand LIC policyholder is not an adult, i.e., 18 years of age, the policy ownership is not completely theirs. The Vesting period ends as soon as the policyholder turns 18.

Benefits of LIC Jeevan Utsav Policy

Following are the LIC Jeevan Utsav benefits that make it an attractive option for customers:

Death Benefit:
If the policyholder dies after the date of risk commencement, the Death Benefit, which is the amount of "Sum Assured on Death" together with any accrued Guaranteed Additions, will be paid to the nominee. However, the Death Benefit shall in no case be less than 105% of the total premiums paid. The "Sum Assured on Death" will be the greater of the Basic Sum Assured or 7 times the Annualized Premium.

Flexibility and Refund for Minors:
When the Life Assured is a minor (below 8 years at entry), if the child dies before the commencement of risk, the death benefit is the refund of premiums paid without interest.

Survival Benefit:
Option I - Regular Income Benefit: Option I, Regular Income Benefit: After the Life Assured survives, a Regular Income Benefit amounting to 10% of the Basic Sum Assured is made payable at the end of each policy year.
Option II - Flexi Income Benefit: Policyholders who have chosen the Flexi Income Benefit are given 10% of the Basic Sum Assured at the end of each policy year on survival. The payout amount under this option can be deferred and accumulated, compounded at 5.5% p.a. from the due date to the withdrawal date.

Guaranteed Additions:
Guaranteed Additions are given at the rate of Rs. 40 per thousand Basic Sum Assured at the end of every year of the policy for the Premium Paying Term, thus acting as a steady growth element. No more Guaranteed Additions will be added after the Premium Paying Term.

Maturity Benefits:
LIC Jeevan Utsav policy does not provide a maturity benefit.

• Option to take Death Benefit in Instalment:
  The LIC Jeevan Utsav plan provides an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of a lump sum amount when the policy is active and paid-up. This option can be exercised by the Jeevan Utsav LIC policyholder during the minority of the Life Assured or by Life Assured aged 18 years and above, during his/her lifetime; for full or part of Death benefits payable under the policy.

Tax Benefit:
Premiums paid for the LIC Jeevan Utsav plan, including any riders, may be qualified for tax benefits under the existing income tax laws. The premiums paid are eligible for a deduction under section 80C, and the death benefit is exempt from tax under section 10 10(D) of the Income Tax Act, 1961. These benefits are subject to the conditions laid down by the Income Tax Act and may be changed from time to time. Any applicable GST or other statutory taxes on premiums will be charged extra and are not included in the policy benefits.

Optional Riders Available With LIC Jeevan Utsav Plan

Jeevan Utsav LIC plan offers four optional riders that allow the policyholder to increase their coverage by paying additional premiums. Among the riders available, the customer is free to choose only one of the following:

LIC Accidental Death and Disability Rider Benefit
You can add this rider to an active Jeevan Utsav policy only if there are more than five years of premium payments left. It is a cover for accidental death or permanent disability. If the insured person expires within 180 days of an accident, the Accident Benefit Sum Assured is paid in a single payment along with the base policy's death benefit.

LIC Accidental Benefit Rider
The rider provides coverage for females only, and not for disability. In the event that the insured dies in an accident, the Accident Benefit Sum Assured is paid all at once, along with the base policy death benefit. It may be included at any time during the premium paying period if at most five years remain before maturity. It is accessible until age 70 and can be given to minors after they turn 18 upon request.

LIC New Term Assurance Rider
This rider is only sold together with the Jeevan Utsav policy is at the time of taking the policy and cannot be added at a later date. The New Term Assurance Rider will pay an extra sum assured if the life assured dies within the term of the rider. The coverage is for a maximum of 35 years or up to the age of 75, whichever is earlier.

LIC Premium Waiver Benefit
This rider can be attached to Jeevan Utsav policies wherein the life assured is a minor. In case of death of proposer during the policy term, the premiums of base policy payable in the future will be waived till the end of the rider term. If the base policy term is beyond that, then the child has to pay the remaining premiums.

Why is LIC Jeevan Utsav Plan 771 Unique?

• Compounding Benefit: Jeevan Utsav LIC policy’s Flexi-income benefit option allows 10% of the BSA to be carried forward as accumulated value, which is compounded at the rate of 5. 5% p.a.

• Entry Age: Jeevan Utsav LIC policy keeps the minimum entry age as low as 30 days, hence, the LIC 771 plan is an ideal choice for early financial planning.

• Guaranteed Additions: The Jeevan Utsav plan from LIC offers guaranteed additions over the policy term, increasing the policy value over time.

• Flexible plan options: The LIC Jeevan Utsav offers a regular plan and a single premium plan. The LIC Jeevan Utsav Single Premium plan 883 is a newly launched plan that offers lifelong protection, income options and a loan facility with just a single premium payment.

Sample Premium Illustration of LIC Jeevan Utsav Policy 771

This illustration of the LIC Jeevan Utsav plan details the premium amount after considering a sum assured of Rs. 5,00,000 and various premium paying terms. Here are sample annual premiums for standard lives in the Regular-income benefit option.

You can use the LIC Jeevan Utsav Calculator to easily check the premiums payable for your LIC Jeevan Utsav Policy. Additionally, it helps you estimate the maturity amount you’ll receive at the end of the policy term.

Read about the Jeevan Utsav LIC plan in Hindi.

What is LIC Jeevan Utsav Calculator?

The LIC Jeevan Utsav Calculator is a smart digital tool available on the LIC official website. The tool helps you understand the policy and determine the financial implications of your LIC Jeevan Utsav Policy. The LIC Jeevan Utsav plan calculator helps you plan your future finances by estimating premiums payable and calculating the final payout you will receive at the end of the policy term.

LIC Jeevan Utsav Policy Details

Below are the LIC Jeevan Utsav policy details. Take a look to understand the LIC 771 plan better.

Grace Period:
LIC provides a grace period of 15 days (monthly) - 30 days (quarterly/bi-annually/ annually) for policyholders who have not paid their premiums. If the payment is not made within this timeframe, the policy lapses. The policy remains active and covers the policyholder during the grace period.

Free-Look Period:
Policyholders have a 30-day free-look period from the policy initiation date during which they can cancel the policy if they are dissatisfied with its terms and conditions. If the policy is cancelled, the paid premiums are returned after deducting the pro-rata risk premium for the covered period of medical examination expenses, admin costs, and stamp duty charges.

Policy Surrender:
One of the most important LIC Jeevan Utsav policy details is policy surrender. You can surrender the LIC Jeevan Utsav policy after completing one policy year if one full year’s premium is paid. However, the policy will only get the Guaranteed Surrender Value (GSV) after paying at least two full years’ premiums. If you surrender the policy after this point, LIC will pay the surrender value which is in fact the highest of the Guaranteed Surrender Value and the Special Surrender Value.

Loan Facility:
The LIC Jeevan Utsav plan grants you the option of availing a loan which can help in the case of sudden financial problems. The loan can be availed after the policy has completed one year the full year’s premium(s) have been paid. The loan amount for active policies can be up to 75% of the surrender value.

Rebates on high sum assured:

Online Sale Rebate- 10% discount on the tabular premium.

Rebate for High Basic Sum Assured- Offered in three ranges: ₹10–24 lakh, ₹25–49 lakh, and ₹50 lakh & above. Higher the sum assured, bigger the rebate. However, the rebate is lower for longer premium payment terms.

Revival:
The LIC Jeevan Utsav policy will lapse if the premium amounts are not paid within the grace period. A plan that has lapsed can be revived for a period of 5 consecutive years since the 1st unpaid premium date.

Paid Up Value:
When a full year's premium has been paid and no further payments are made, the policy becomes a paid-up policy instead of terminating completely. It continues to be operative but with lesser benefits until the life assured dies or the policy ends. In the case of a paid-up policy, the Death Sum Assured and Basic Sum Assured are proportionately reduced based on the number of premiums paid to the original premium term.

Policy Termination:
The LIC Jeevan Utsav policy will terminate automatically when any of the following happens:

The death benefit (lump sum or last instalment) is paid

The surrender value is paid

For Option I, if the loan interest isn't paid and the total loan plus interest becomes more than the surrender value

For Option II, if the loan interest isn't paid and the loan plus interest becomes more than the surrender value plus any unclaimed Flexi Income Benefits with interest

The policy isn’t revived within the revival period and hasn’t acquired paid-up status

The free-look cancellation amount is paid

If the policy is forfeited due to false LIC policy details.

Exclusions Under LIC Jeevan Utsav Plan

Suicide

In the event of the Life Assured (whether sane or insane) committing suicide within 12 months, the nominee will receive 80% of the total premiums paid, excluding taxes, extra premiums, and rider premiums, provided the policy is in force.
This exclusion doesn't apply if the Life Assured's age at entry is below 8 years.

Suppose the Life Assured (whether sane or insane) commits suicide within 12 months from the date of revival. In that case, the payable amount will be the higher of 80% of the total premiums paid till the date of death (excluding taxes, extra premium, and rider premiums), or the surrender value as of the date of death.

This exclusion is not applicable if the life assured is below 8 years at the time of revival or for a lapsed policy without an acquired paid-up value.

LIC Jeevan Utsav Policy Download

Keeping a digital copy of your LIC Jeevan Utsav policy makes it easier to access important information whenever needed, whether for claims, verification, or simple record-keeping. If you’ve misplaced the physical document or just want to look at the LIC Jeevan Utsav policy details, LIC allows you to download the policy PDF directly from its online portal.

Steps to Download LIC Jeevan Utsav Policy

Via LIC

Step 1: You can log into the LIC Customer Portal with your registered user ID, mobile number, or email ID.

Step 2: In the "My Policies" section, you can see all your linked policies.

Step 3: From the list, choose your Jeevan Utsav policy.

Step 4: By clicking on the "Download Policy Document, " you can easily create the PDF and save it on your device.

Via Policybazaar

If you have purchased the LIC Jeevan Utsav through Policybazaar, here are the instructions to download the policy document:

Step 1: Go to the official site or app and log in with the right credentials.

Step 2: Click the Policies section to view the policies you have purchased.

Step 3: Select LIC Jeevan Utsav Policy and then hit 'Download Policy' to create and save the document on your device.

How to Buy LIC Jeevan Utsav Plan from Policybazaar?

LIC Jeevan Utsav plan 771 is available for purchase online on Policybazaar. Here are a few easy steps to buy LIC Jeevan Utsav plan:

Step 1: Go to LIC on Policybazaar.

Step 2: Fill in the form at the top right with your name and contact number. Then click on “View Plans.”

Step 3: Scroll to LIC Jeevan Utsav (Plan 771) and click “Get Details”.

Step 4: Go through the LIC Jeevan Utsav policy details and benefits. Proceed to pay the premium to purchase the plan.

Why Buy LIC Plans From Policybazaar?

With millions of customers and a decade of experience, Policybazaar is a reliable partner for purchasing and managing LIC policies. Here's why buying LIC plans such as LIC Jeevan Utsav through Policybazaar is a smart move:

• Know Plan Details: The buying process of LIC plans through Policybazaar will show you the details upfront. You can see the Key Features, Benefit Timeline and other LIC Jeevan Utsav policy details to get a better understanding of the plan before buying it.

• Investment Criteria: During the purchase process, you can see the criteria for investing in the plan, such as the age to start investing, the number of years until maturity, minimum and maximum premium amounts, etc.

• Comparison with other types of investments: Policyholders also have the option to compare the LIC plan investment with other forms based on returns, sum assured payout, tax deductions, etc.

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