Jeevan Utkarsh (Plan 846)

LIC introduced new plan JEEVAN UTKARSH (Plan No.846).

A close ended plan for a maximum period of 270 days since its launch date. LIC’s Jeevan Utkarsh is a single premium, non-linked, with-profits, savings cum protection plan wherein the risk cover is ten times of Tabular Single Premium.

The benefits and other details of the plan are given below.

Benefits of Jeevan Utkarsh Plan 846:

• Death Benefit:
  • On death during first five policy years:
    • Before the date of commencement of risk: Refund of Single Premium without interest. Single Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.
    • After the date of commencement of risk: “Sum Assured on Death” shall be payable.
  • On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” equal to 10 times the Tabular Single Premium 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: On the Life Assured surviving to the end of the policy term, “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.

Eligibility Conditions

• For Base Plan:
  • Minimum Entry Age : 6 years (completed)
  • Maximum Entry Age : 47 years (nearer birthday)
  • Mode of premium payment : Single premium only
  • Minimum Basic Sum Assured : Rs.75,000/-
  • Maximum Basic Sum Assured : No Limit
  • Policy Term : 12 years
  • Basic Sum Assured shall be in multiples of:
    • Rs. 5,000 – if Basic Sum Assured under a policy is below Rs. 3,00,000
    • Rs. 20,000 – if Basic Sum Assured under a policy is Rs. 3,00,000 and above
  • Age at entry for the Life Assured is to be taken as age nearer birthday except for the minimum age at entry i.e. 6 years, where it is in completed years.Date of commencement of risk: 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.

Surrender Value: The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

• Guaranteed Surrender Value: The Guaranteed Surrender Value shall be as under:
  • First year: 70% of the Single premium
  • Thereafter: 90% of the Single premium.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision, rider premium, if any, and taxes.

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