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LIC's Jeevan Utkarsh offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium. 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.
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.
"Sum Assured on Maturity" along with Loyalty Addition, if any, shall be payable.Where, "Sum Assured on Maturity" is equal to Basic Sum Assured.
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.
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.
(Basic Sum Assured shall be in multiples of:
In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age.
For those aged 8 years or more, risk will commence immediately.
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assur/ed.
The specimen tabular single premium rates for some of the ages per Rs.1000/- Basic Sum Assured are as under:
If Life Assured commits suicide within one year from the date of risk commencement, the policy will be cancelled and cannot claim death benefit. LIC will return the extent of 80% of the single premium paid excluding taxes and any extra premium paid.
If the Life Assured commits suicide within one year from the date of revival, the amount which is higher 80% of premium paid till the date of death (excluding taxes, any extra premium paid,rider premium) or surrender value if the policy in force will be payable.