LIC Jeevan Utsav Single Premium Plan 883

LIC Jeevan Utsav- An Overview

The LIC Jeevan Utsav single premium plan 883, offered by LIC of India, is a non-participating, non-linked whole-life insurance policy. It offers a death benefit, survival benefit, and maturity benefit, setting it apart as a distinct plan. Besides these, features like guaranteed additions, optional riders, rebates, and loan facility have been added to the plan, making it a comprehensive life insurance plan. Survival benefits are offered through Regular Income Benefit or Flexi Income Benefit. This plan is an extension of the LIC Jeevan Utsav Policy 771 with new features and benefits.

It is available for purchase offline through Licensed agents, corporate agents, brokers, insurance marketing firms and can also be bought online directly from the official LIC website. The Unique Identification Number (UIN) for LIC Jeevan Utsav Single Premium Plan is 512N392V01.

Key Features of LIC Jeevan Utsav Single Premium Plan 883

• LIC Jeevan Utsav Single Premium Policy offers whole-life coverage with just a one-time payment.

• It is non-linked and non-participating in nature.

• In case of survival, Jeevan Utsav single premium LIC policyholders can choose between Regular or Flexi-Income Benefits as a survival benefit.

• Guaranteed additions of Rs. 40 per Rs. 1000 of the basic sum assured during the Guaranteed Addition Period.

• Enhanced protection with optional riders, including Accidental Death and Disability Benefit and New Term Assurance riders for tailored benefits by paying additional premiums.

• The LIC Jeevan Utsav Single Premium plan 883 offers policyholders a loan against policy option to cater to their liquidity needs.

• The Jeevan Utsav one-time payment plan offers attractive rebates on high sum assured amounts.

Eligibility Criteria of LIC Jeevan Utsav Single Premium Plan 883

To purchase LIC Jeevan Utsav Single Premium plan, the following criteria must be met.

Benefits of LIC Jeevan Utsav single premium plan 883

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

1. Death Benefit:

   In the event of the policyholder’s demise after the date of risk commencement, the Death Benefit, equivalent to the "Sum Assured on Death" along with accrued Guaranteed Additions, is paid to the nominee of an active policy. The Sum Assured on Death is the higher of ‘Basic Sum Assured’ or ‘1.25 times of Tabular Single Premium.

2. Maturity Benefit: 

   On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions shall be payable. The “Sum Assured on Maturity” is defined as the higher of Basic Sum Assured or 1.25 times of Tabular Single Premium.

3. Survival Benefit:

   • Option I- Regular Income Benefit - 10% of the Basic Sum Assured, payable at

   • the end of each policy year, starting after 7 to 17 years as opted by the policyholder.

   • Option II- Flexi Income Benefit – Policyholder can opt for Flexi Income Benefit under

   • which 10% of the Basic Sum Assured payable can be accumulated and withdrawn

   • later, subject to the terms and conditions of the policy. LIC shall pay interest on such

   • Deferred Flexi Income payments @ 5.5% p.a., compounding yearly.

4. Guaranteed Additions:

   Guaranteed Additions shall be at the rate of 40 per thousand Basic Sum Assured and will be credited at the end of each policy year during the Guaranteed Addition Period.

5. Tax Benefit:

   Premiums paid for the LIC Jeevan Utsav single premium plan 883, including for any riders, may be eligible for tax benefits under the existing income tax laws.

Optional Riders Available With LIC Jeevan Utsav Single Premium Plan

LIC Jeevan Utsav single premium plan offers the following 2 optional riders that allow the policyholder to enhance their coverage by paying extra premiums.

LIC Accidental Death and Disability Rider Benefit

LIC New Term Assurance Rider

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