LIC Jeevan Utkarsh : Life Insurance Corporation
Organisation : Life Insurance Corporation
Service Name : Jeevan Utkarsh
Applicable States/ UTs : All Over India
Home Page : https://www.licindia.in/Home
Details Here : https://licindia.in/home
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LIC Jeevan Utkarsh
LIC’s Jeevan Utkarsh offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium.
Related : LIC New Jeevan Nidhi : www.statusin.in/19313.html
The proposer will have an option to choose the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at entry of the life assured.
In addition, this plan also takes care of liquidity need through loan facility. It is a close ended plan which shall be available for sale for a maximum period of 270 days from the date of launch.
Benefits
Death Benefit
On death during first five policy years :
** Before the date of commencement of risk – Refund of single premium without interest.
** After the date of commencement of risk – “Sum Assured on Death” shall be payable.
** Single Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.
On death after completion of five policy years but before the stipulated Date of Maturity :
“Sum Assured on Death” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the highest of
** 125% of the single premium; or
** Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured ; or
** “Absolute amount assured to be paid on death” i.e. 10 times of Tabular Single Premium
Tabular single premiums mentioned above shall not include any extra amount if charged under the policy due to underwriting decision or taxes and is before applying any rebate for high Basic Sum Assured.
Maturity Benefit
“Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.Where, “Sum Assured on Maturity” is equal to Basic Sum Assured.
Loyalty Addition
Depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit after completion of five policy years in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years.
Optional Benefit
** The policyholder has an option of availing LIC’s Accidental Death and Disability Benefit Rider(UIN: 512B209V01).
** The premium for this rider shall not exceed 30% of premium under base plan and the rider sum assured shall not exceed the Basic Sum Assured.
** For more details on the above rider, refer to the rider brochure or contact LIC’s nearest Branch Office.
Eligibility Conditions & Other Restrictions
a) Minimum Age at entry – 6 years (completed)
b) Maximum Age at entry – 47 years (nearest birthday)
c) Minimum Basic Sum Assured – 75,000/-
d) Maximum Basic Sum Assured – No Limit ( Basic Sum Assured shall be in multiples of Rs. 5,000 – if Basic Sum Assured is below Rs. 3,00,000 Rs. 20,000 – if Basic Sum Assured is Rs. 3,00,000 and above)
e) Policy Term – 12 years
f) Premium payment mode – Single premium only
Policy Loan
Loan can be availed under this plan at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time.
The interest rate to be charged for policy loan shall be determined at periodic interval. For financial year 2017-18, the applicable interest rate is 10% p.a compounding half yearly. The maximum loan that can be granted shall be 90% of the surrender value.