LIC Jeevan Utsav

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 R0 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. 

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

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