Jeevan Utsav (771)
01
Cost-Effective Plans
PLAN 771: LIC's Jeevan Utsav Plan
DETAILS:
LIC’s Jeevan Utsav is a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan. This plan provides financial support to the family in case of the unfortunate death of the Life Assured and survival benefits in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen for the surviving policyholder.
💰SUM ASSURED ON DEATH:
Sum Assured on Death + Accrued Guaranteed Additions.
💰DEATH BENEFIT:
The Death Benefit shall not be less than 105% of the total premiums paid. The “Sum Assured on Death” is defined as the higher of the Basic Sum Assured or 7 times the Annualized Premium.
💰SURVIVAL BENEFIT:
On survival of the Life Assured, the policyholder can choose between two options:
Option I – Regular Income Benefit: 10% of the Basic Sum Assured is payable at the end of each policy year, starting from the year specified based on the Premium Paying Term (PPT).
Option II – Flexi Income Benefit: The policyholder can defer the income, which will accumulate with interest, and withdraw it as needed.
💡Maturity Benefit:
Maturity benefit is not available under this plan. Instead, the plan provides lifelong income through the chosen survival benefit option.
Example Illustration
📌 Age: 35 years | Sum Assured: ₹5,00,000 | Premium Paying Term: 10 years
Entry at Age 35:
- In case of Death at Age 40 (6th Policy Year):
- Income Benefit: 10% of S.A. i.e. ₹50,000 will be paid annually for life.
- At age 40, a total payout of ₹50,000 × Lifetime = Continuous Payout Benefit.
Additional Death Benefit If Term Rider and ADDB Rider of 5 Lacs each are opted:
- Natural Death: ₹5,00,000 of Term Rider will be paid immediately.
- Accidental Death: ₹5,00,000 of Term Rider and ₹5,00,000 of ADDB Rider will be paid immediately.
Eligibility & Policy Terms
📌 Entry Age: Min: 90 days | Max: 65 years
📌 Maximum Premium Ceasing Age: 75 years
📌 Premium Paying Term: 5 to 16 years
📌 Minimum Sum Assured: ₹5,00,000
📌 Maximum Sum Assured: No limit
Available Riders:
✔ Accidental Death & Disability Benefit (ADDB) Rider
✔ New Term Assurance Rider
✔ New Critical Illness Benefit Rider
✔ Premium Waiver Benefit Rider
Premium Payment Modes & Rebates
📌 Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (SSS & NACH)
📌 Mode Rebate:
- Yearly: 2% | Half-Yearly: 1%
📌 High Sum Assured Rebate:
- ₹5,00,000 to ₹9,99,999 → Nil
- ₹10,00,000 & above → 2% of Basic SA
Additional Benefits & Conditions
✔ Grace Period: 15 days (monthly) | 30 days (other modes)
✔ Policy Loan: Available after 1 full year of premium payments
✔ Surrender/Paid-Up Value: Available after 2 years
✔ Revival: Allowed within 5 years of First Unpaid Premium (FUP)
✔ Backdating: Allowed within the same financial year
Tax Benefits 💰
✅ Premium Paid: Deduction under Section 80C
✅ Maturity & Death Benefits: Exempt under Section 10(10D)
📢 Secure Your Family’s Future with LIC’s Jeevan Lakshya!
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