LIC Jeevan Utsav

LIC Jeevan Utsav- 871 is a newly launched whole-life insurance plan designed to provide complete protection to your family members if something unfortunate happens to you. The plan comes with limited premium payment and offers Guaranteed Additions throughout the Premium Paying Term. 

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

LIC Jeevan Utsav- An Overview

LIC’s Jeevan Utsav is a whole life insurance plan that ensures financial support for the family in the event of your unfortunate demise and offers survival benefits through Regular Income Benefit or Flexi Income Benefit. This whole life insurance plan comes with guaranteed additions throughout the premium-paying term, allowing flexibility in choosing the premium-paying term from 5 to 16 years. With attractive high-sum assured rebates, the policy also provides the option to enhance coverage through riders and addresses liquidity needs with a loan facility. Available offline and online, it offers a comprehensive solution for long-term financial security.

Key Features of LIC Jeevan Utsav

  • Lifetime Protection, Limited Premiums: Whole life coverage with the convenience of restricted premium payments.

  • Income Flexibility: Choice between Regular or Flexi Income Benefits at policy inception.

  • Steady Growth: Guaranteed additions throughout the premium payment term.

  • Flexible Premium Terms: Choose premium payment terms from 5 to 16 years.

  • Customizable Coverage: Enhance protection with optional riders for tailored benefits.

Eligibility Criteria of LIC Jeevan Utsav 871

In order to purchase LIC plan no. 815, the following criteria must be met. 

Criteria Minimum Maximum
Entry Age 90 Days 65 Years
Maximum Premium Ceasing Age  75 Years
Premium Paying Term 5 Years 16 Years
Basic Sum Assured Rs. 5 Lakhs No limit

Benefits of LIC Jeevan Utsav

  1. Death Benefit:

    • In the event of the policyholder’s demise, the Death Benefit is paid to the nominee which includes the "Sum Assured on Death" along with accrued Guaranteed Additions, ensuring financial support for the nominee.

    • The Death Benefit is not less than 105% of the total premiums paid, with the "Sum Assured on Death" being the higher of the Basic Sum Assured or 7 times the Annualized Premium.

  2. Flexibility and Refund for Minors:

    • Premium payment flexibility with various options.

    • In the case of a minor Life Assured (age below 8 years at entry), if death occurs before the commencement of risk, the death benefit is a refund of premiums paid without interest.

  3. Survival Benefit:

    • Option I - Regular Income Benefit: Upon the survival of the Life Assured, a Regular Income Benefit equal to 10% of the Basic Sum Assured is payable at the end of each policy year.

    • Option II - Flexi Income Benefit: Policyholders opting for Flexi Income Benefit receive 10% of the Basic Sum Assured at the end of each policy year upon survival.

  4. Guaranteed Additions:

    • Guaranteed Additions accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term, providing a consistent growth component.

    • No further accrual of Guaranteed Additions occurs after the Premium Paying Term.

  5. Enhanced Protection with Riders

    The plan comes with several riders that allow the policyholder to enhance their coverage by paying extra premiums. The riders available are:

    • LIC Accidental Death and Disability Rider Benefit

    • LIC Accidental Benefit Rider

    • LIC New Term Assurance Rider

    • LIC New Critical Illness Rider

    • LIC Premium Waiver Benefit

Exclusions 

Suicide Exclusion Clause:

  1. 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.

  2. If the Life Assured commits suicide within 12 months from the date of revival, 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 acquisition. 

LIC Jeevan Utsav- Policy Details

  • Grace Period:

    LIC provides a grace period of 15-30 days for policyholders who have not paid their due premium, and if the payment is not made within this timeframe, the policy lapses.

  • Free-Look Period:

    Policyholders have a 15-day free-look period from the policy initiation date, during which they can cancel the policy if dissatisfied with its terms and conditions.

  • Policy Surrender:

    Upon payment of premiums for two consecutive years, policyholders can surrender the policy, receiving a surrender value equal to the higher of the special surrender value or guaranteed surrender value.

  • Loan Facility:

    LIC Jeevan Utsav offers a loan facility, allowing policyholders to obtain loans to address financial emergencies.

FAQs

  • Q: How do the Survival Benefits work in LIC Jeevan Utsav?

    Ans: There are two options for Survival Benefits - Regular Income Benefit and Flexi Income Benefit. Policyholders receive 10% of the Basic Sum Assured at the end of each policy year upon survival, providing a steady income component.
  • Q: How flexible is the premium payment term for LIC Jeevan Utsav-871?

    Ans: Policyholders can choose premium payment terms ranging from 5 to 16 years, providing flexibility in structuring their insurance plan according to their financial preferences.
  • Q: Can I enhance my coverage with LIC Jeevan Utsav?

    Ans: Yes, the plan offers riders such as Accidental Death and Disability Rider, Accidental Benefit Rider, New Term Assurance Rider, New Critical Illness Rider, and Premium Waiver Benefit, allowing policyholders to enhance their coverage with additional premiums.
  • Q: What happens in the unfortunate event of the policyholder's demise?

    Ans: In the event of the policyholder's demise, the Death Benefit is paid to the nominee, including the "Sum Assured on Death" and accrued Guaranteed Additions. The Death Benefit is not less than 105% of the total premiums paid.
  • Q: Is there a grace period for premium payments in LIC Jeevan Utsav-871?

    Ans: Yes, LIC provides a grace period of 15-30 days for policyholders who have not paid their due premium. If the payment is not made within this timeframe, the policy lapses.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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