LIC Jeevan Utsav Single Premium Plan 883

Read more to know about the LIC Jeevan Utsav Single Premium Plan 883 in detail.

LIC Jeevan Utsav Single Premium Plan 883?

The LIC Jeevan Utsav single premium plan 883, offered by LIC of India, is a non-participating, non-linked whole-life insurance policy. It is a unique plan that provides a death benefit, a survival benefit, and a maturity benefit. Besides these, features like guaranteed additions, optional riders, rebates, and loan facilities have been added to the plan, making it a comprehensive life insurance plan. Survival benefits are offered through a 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 and 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

• Life-Long Cover: The LIC Jeevan Utsav plan offers whole life insurance protection.

• Single Premium Plan: The LIC Jeevan Utsav Single Premium Plan 883 requires a one-time premium payment.

• Income Options: Select from Regular Income or Flexi Income benefits.

• Guaranteed Additions: Receive ₹40 for every ₹1,000 Basic Sum Assured throughout the GA Period.

• Lump-Sum Benefit: The Jeevan Utsav LIC plan provides a lump sum payment upon maturity or death.

• Premium rebates: These are available for eligible LIC customers with a higher sum assured.

• Optional Riders: Enhance your coverage with additional benefits.

• Loan Facility: Policyholders may access loans in times of financial need.

Eligibility Criteria of LIC Jeevan Utsav Single Premium Plan 883

The LIC Jeevan Utsav plan is for those who are searching for long-term protection with assured rewards. Here’s a basic explanation of the main eligibility of the LIC Jeevan Utsav Single Premium Plan 883.

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:

• Death Benefit:
  Under the LIC Jeevan Utsav plan, the nominee receives the sum assured upon death, along with any accrued guaranteed additions, if the life assured passes away during the policy term.

• Option to take Death Benefit in Instalment:
  With the instalment option of the death benefit, the policyholder can choose to receive that amount in instalments. It can be done in a chosen period of 5 or 10 or 15 years instead of lump sum amount. This option has be chosen by the policyholder, and it cannot be changed later by nominees.

• Maturity Benefit:
  If the policyholder survives until the maturity of the term, they get the sum assured along with accumulated guaranteed additions under the LOIC Jeevan Utsav Single Premium Plan 833.

• Settlement Option for Maturity Benefit:
  Under the Settlement Option, the maturity benefits can be received in instalments over a period of 5 or 10 or 15 years instead of lump sum amount. This option can be opted for by the policyholder for full or part of the maturity proceeds payable under the Jeevan Utsav LIC policy.

• Instalment Option: Policyholders also have an option for the instalment death benefit where they can let the nominee get the death benefits in instalments of over 5, 10 or 15 years.

• 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.

• 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.

• 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.

Sample Illustration Using LIC Jeevan Utsav Single Premium Calculator

With a Basic Sum Assured of Rs 5,00,000 and plans to be sold offline, the following is an example of a single premium for Survival Benefit Options and Standard lives:

This calculation can be simply done by using the LIC Jeevan Utsav Single Premium Calculator and providing the basic personal and policy details.

Optional Riders Available With LIC Jeevan Utsav Single Premium Plan 883

The Jeevan Utsav LIC 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

You can get LIC's New Term Assurance Rider as an extra rider by paying a higher premium when you first buy the Jeevan Utsav LIC policy. The benefit cover under this rider will last for 35 years or until the policy anniversary when the Life Assured is 75 years old, whichever comes first. If you choose this rider, the Term Rider Sum Assured on Death will be paid out when the Life Assured dies during the Rider Term. The total premiums for these life insurance riders cannot exceed 30% of the premiums for the base plan. The Basic Sum Assured under the Base plan must be less than or equal to each of the above Rider Sum Assured. Please see the rider brochure or call LIC's nearest Branch Office for more information about the riders listed above.

LIC New Term Assurance Rider

Under the Jeevan Utsav LIC Plan, you can get LIC's New Term Assurance Rider as an extra rider by paying a higher premium when you first buy the policy. The benefit cover under this rider will last for 35 years or until the policy anniversary when the Life Assured is 75 years old, whichever comes first. If you choose this rider, the Term Rider Sum Assured on Death will be paid out when the Life Assured dies during the Rider Term. In the LIC Jeevan Utsav Single Premium Plan 833 total premiums for these life insurance riders cannot exceed 30% of the premiums for the base plan. The Basic Sum Assured under the Base plan must be less than each of the above Rider Sum Assured.

LIC Jeevan Utsav Single Premium Plan Details

Free-Look period

If the policyholder is dissatisfied with the Jeevan Utsav LIC policy terms and conditions, they can return it to LIC within the 30-day free look period. Upon return during this period, the policy will be cancelled and the single premium paid will be returned after certain deductions such as stamp duty, pro rata risk cover, etc.

Rebates

Rebate for High Basic Sum Assured

Rebate under Online Sale

Rebate for existing Policyholder and Nominee/ Beneficiary of the deceased Policyholder

Policy Surrender

The LIC Jeevan Utsav policy can be surrendered by the policyholder at any time during the policy term. On surrender of the policy, the LIC will pay the Surrender Value, which is the higher of the Guaranteed Surrender Value or the Special Surrender Value.

Policy Loan

Loan can be availed at any time during the policy term, after three months from the date of issuance of the Jeevan Utsav LIC Plan or after the expiry of the free-look period, whichever is later.

Exclusion

The LIC Jeevan Ustav Single Premium plan 883 does not cover suicide.

If the Life Assured commits suicide within 12 months of the start of risk, their nominee or beneficiary will get 80% of the Single premium paid (not including taxes, extra premiums, and rider premiums other than Term Assurance Rider premiums, if any) or the Surrender value available on the date of death, whichever is higher. The Life Assured's nominee or beneficiary cannot make any other claims under the Jeevan Utsav LIC Policy. This clause will not apply if the Life Assured is less than 8 years old when they enter. In that case, the death benefit for the Life Assured will be paid.

Why Choose LIC Jeevan Utsav Single Premium Plan?

This plan is best suited for investors who:

• Prefer single-shot investment with lifelong benefits

• Want a steady, guaranteed income for retirement

• Seek wealth protection plus life cover

• Value tax efficiency and liquidity options

• Rely on LIC ‘s sovereign guarantee and trusted brand legacy

How to Buy LIC Jeevan Utsav Single Premium?

The LIC Jeevan Utsav Single Premium plan is a newly launched whole life insurance plan by LIC of India. It can be esily purchased offline and online.

Online Method:

Step 1: Go to the official LIC website.

Step 2: In the top right corner, click on “Buy Online”.

Step 3: Select LIC Jeevan Utsav Single Premium plan from the whole life insurance plans section. Scroll down and click on “Know More”. Then click on “OK”.

Step 4: Check the documents required and click on “Proceed”.

Step 5: Enter details such as your full name, date of birth, age, gender, email ID, mobile number, annual income, residential status, and whether the policy is for yourself or a family member to proceed with the LIC policy application. Click on “Proceed”.

Step 6: You will be required to provide an OTP. Then, proceed with paying the premium and purchasing the plan.

Offline Method:

LIC Jeevan Utsav Single Premium Plan can also be purchased offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms. However, it is not available for sale through Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV).

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