LIC’s Jeevan Utsav

LIC’s Jeevan Utsav

Overview: LIC’s Jeevan Utsav is a non-linked, non-participating, individual savings, whole life insurance plan. It 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, depending on the option chosen by the policyholder at inception. This plan guarantees fixed benefits irrespective of actual experience.

Key Features:

1. Whole Life Insurance with Limited Premium Payment:
   • Policyholders have the flexibility to choose the premium paying term from 5 to 16 years.
2. Two Options for Benefits:
   • Option I – Regular Income Benefit
   • Option II – Flexi Income Benefit
3. Guaranteed Additions:
   • Guaranteed additions are provided throughout the premium paying term.
4. High Sum Assured Rebate:
   • Attractive rebates are available for high sum assured.
5. Rider Options:
   • Additional coverage can be enhanced by opting for riders on payment of additional premiums.
6. Loan Facility:
   • The plan addresses liquidity needs through a loan facility.

Eligibility Conditions and Other Restrictions:

• Premium Paying Term: 5 to 16 years
• Minimum Age at Entry: Varies based on the premium paying term (from 90 days to 8 years)
• Maximum Age at Entry: 65 years
• Maximum Premium Ceasing Age: 75 years (nearer birthday)
• Minimum Basic Sum Assured: ₹5,00,000
• Maximum Basic Sum Assured: No limit (subject to underwriting decisions)
• Basic Sum Assured Multiples:
  • ₹5,00,000 to ₹24,00,000: In multiples of ₹25,000
  • Above ₹24,00,000: In multiples of ₹1,00,000

Policy Purchase:

• This plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms, and directly online through the LIC website. It is not available for sale through Point of Sales Persons-Life Insurance (POSP-LI) or Common Public Service Centers (CPSC-SPV).

Plan Benefits:

• Death Benefit: Provides financial support to the family in case of death.
• Survival Benefit: Regular income or flexi income benefits for surviving policyholders based on the chosen option.
• Loan Facility: Provides liquidity options during the policy term​.