This plan is available for age starting from 90 days to 65 years. It gives guaranteed Life Long income and Life Long Risk Cover
FinTech BizNews Service
Mumbai, November 29, 2023: In tune with our market talk, Chairperson, Siddhartha
Mohanty, Life Insurance Corporation of India launched a new plan, LIC’s Jeevan
Utsav with effect from 29.11.2023. LIC’s Jeevan Utsav is Individual, Savings, Whole
Life Insurance plan. It is a Limited Premium plan with Guaranteed Additions
throughout Premium Paying Term. The Unique Identification Number (UIN) for LIC’s
Jeevan Utsav Plan is 512N363V01.
? This plan is available for age starting from 90 days to 65 years. It gives
guaranteed Life Long income and Life Long Risk Cover.
? The minimum premium paying term is 5 years and maximum premium paying
term is 16 years
? For each policy year for which premium is paid, the Guaranteed Additions @
Rs. 40 per thousand Basic Sum Assured shall accrue at the end of each
policy year during the premium paying term.
? On survival of the Life Assured after Premium Paying Term, the Policyholder
can choose from:
Option I- Regular Income Benefit - which is 10% of the Basic Sum
Assured, payable at the end of each policy year, starting after 3 to 6 years of
the deferment period.
Option II- Flexi Income Benefit – Policyholder can opt for Flexi Income
Benefit under which 10% of the Basic Sum Assured payable can be
accumulated and withdrawn later, subject to the terms and conditions of the
policy. LIC shall pay interest on such Deferred Flexi Income payments @
5.5% p.a., compounding yearly.
As the Policyholder is offered life cover for the whole life, the Death Benefit will be
payable as follows:
? On death of the Life Assured after the date of commencement of risk, Death
Benefit equal to “Sum Assured on Death” along with accrued Guaranteed
Additions shall be payable, provided the policy is in-force. This Death
Benefit shall not be less than 105% of total premiums paid up to the date of
death. “Sum Assured on Death” is ‘Basic Sum Assured’ or ‘7 times of
Annualized Premium, whichever is higher
? Maturity benefit is not available under this plan as Regular/Flexi Income
Benefits are continued for life as peer option exercised
? Additional Liquidity is available through loan
? Attractive High Sum Assured Rebate is available.
? This product satisfies the long pending demand of lower and flexible Premium
Paying Term.
? Five optional riders are available under this plan. The policyholder can opt for
either LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident
Benefit Rider and/or the remaining three riders, i.e. LIC’s New Term
Assurance Rider, LIC’s New Critical Illness Benefit Rider and LIC’s
Premium Waiver Benefit Rider are also available by paying additional
premium subject to the eligibility conditions.
? The Plan is a Non-Linked, Non-Participating Plan.
This Plan can be purchased Offline through Licensed agents, Corporate agents,
Brokers, Insurance Marketing Firms as well as Online directly through the
website www.licindia.in
