LIC Jeevan Utsav Single Premium Plan 883

LIC Jeevan Utsav Single Premium Plan 883- 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 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 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.

• The single-premium plan provides a guaranteed addition period from 7 to 17 years.

• 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. 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.

3. 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.

4. 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 policy.

5. 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.

6. 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.

7. 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

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. 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

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. 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 each of the above Rider Sum Assured.

LIC Jeevan Utsav Single Premium Plan Details

Free-Look period

If the policyholder is dissatisfied with the policy’s 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 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, whichever is 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 policy or after 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 kills themselves 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 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.

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