LIC Jeevan Utkarsh Plan

Summary of LIC Jeevan Utkarsh Plan – Table No. 846

LIC Jeevan Utkarsh Plan is a Single Premium Endowment Policy which offers a life cover of 10 times the single premium paid. This is a traditional participating plan which offers Loyalty Additions which will be available on maturity.

LIC Jeevan Utkarsh Policy is available for purchase only till 270 days from the launch date. The plan was officially launched on 6th September, 2017.

Loyalty Additions

Accidental Death

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Single Premium Endowment

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LIC Jeevan Utkarsh Plan - Key Features

Single Premium Endowment Plan with a fixed tenure of 12 years

Loyalty Additions to be paid at the end of the policy term

Option of selecting Accidental Death and Disability Rider along with the plan

LIC Jeevan Utkarsh Plan - Benefits

Death Benefit

1. If death occurs anytime during the first 5 policy years:

If the death of the policyholder happens before the Risk ...

Maturity Benefit

On survival till the end of the policy term, the policyholder will get Basic Sum Assured + Loyalty Additions.

Income Tax Benefit - Very Important

As per the current income tax rules, Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year u...

Surrendering LIC Jeevan Utkarsh Plan

Since this is a single premium plan, it will have a Surrender Value from the 1st year itself. Of course you stand to lose some part of your money...

Loan against your LIC Jeevan Utkarsh Plan

You can avail a loan after 3 months of issuance of the policy.
The maximum loan value will be 90% of the Surrender Value
Th...

LIC Jeevan Utkarsh Policy Parameters

	Minimum	Maximum
Sum Assured	Rs. 75,000	No limit
Policy Term	12 years
Premium Payment Term	Single Premium
Entry Age	6 years	47 years

LIC Jeevan Utkarsh Plan Example

Let us understand this plan better with the help of an example.

Suppose Diwakar buys this plan with the following parameters:

Age - 30 years

Basic Sum Assured - Rs. 3,00,000

Policy Term = 12 years

So the Single premium will be Rs. would be Rs. 1,62,405 + Taxes.

Scenario 1 - Diwakar dies after 3 years of buying the plan.

Since Diwakar died within 5 years of buying the plan, the Death Benefit paid to the nominee would be the higher of the following:

125% of the Single Premium = Rs. 2,03,006
Basic Sum Assured = Rs. 3,00,000
10 times the Tabulated Single Premium = Rs. 16,24,050

So the nominee will get Rs. 16,24,050 as Death Benefit and the policy terminates.

Scenario 2 - Diwakar dies after 7 years of buying the plan.

Since Diwakar died after 5 years of buying the plan, the Death Benefit paid to the nominee would be the higher of the following:

Death Benefit - Nominee gets higher of the following:

125% of the Single Premium = Rs. 2,03,006 + Loyalty Additions
Basic Sum Assured = Rs. 3,00,000 + Loyalty Additions
10 times the Tabulated Single Premium = Rs. 16,24,050 + Loyalty Additions

So the nominee will get Rs. 16,24,050 + Loyalty Additions as Death Benefit and the policy terminates. Loyalty Additions will only be known as and when LIC declares the same.

Scenario 3 - Diwakar dies after 11 years of buying the plan.

Since Diwakar died after 5 years of buying the plan, the Death Benefit paid to the nominee would be the higher of the following:

Death Benefit - Nominee gets higher of the following:

125% of the Single Premium = Rs. 2,03,006 + Loyalty Additions
Basic Sum Assured = Rs. 3,00,000 + Loyalty Additions
10 times the Tabulated Single Premium = Rs. 16,24,050 + Loyalty Additions

So the nominee will get Rs. 16,24,050 + Loyalty Additions as Death Benefit and the policy terminates. Loyalty Additions will only be known as and when LIC declares the same.

Scenario 4 - Diwakar survives the policy term of 12 years.

Diwakar will get the Maturity Benefit.

Maturity Benefit = Basic Sum Assured + Loyalty Additions = Rs. 3,00,000 + Loyalty Additions. Loyalty Additions will only be known as and when LIC declares the same.