LIC Jeevan Utsav

1. Ability to select a premium payment term with a range of 5 to 16 years

1. Assurance of additions during the premium payment term

1. Advantage of attractive high sum guaranteed rebate
2. Choice to increase coverage by adding riders for a higher premium

1. Manages liquidity requirements with a lending arrangement

LIC Jeevan Utsav Benefits

The various benefits of LIC Jeevan Utsav are mentioned below -

1. Death benefit - If the policy is still in effect, the Death Benefit equal to the "Sum Assured on Death" plus any accumulated Guaranteed Additions will be paid out upon the Life Assured's death after the date the risk began. Not less than 105% of the total premiums paid up until the death date will be awarded as the death benefit.

1. Survival benefits - The following will be the survival benefit, which will be either a regular income benefit or a flexible income benefit depending on the choice selected 

1. Regular income benefit- At the conclusion of each policy year, beginning with the year indicated in Table 1 below, a Regular Income Benefit equal to 10% of the Basic Sum Assured will be paid upon the survival of the Life Assured, provided that all required premiums have been paid.

1. Flexi income benefit- At the conclusion of each policy year, the policyholder will be eligible for a Flexi Income Benefit equivalent to 10% of the Basic Sum Assured if they survive life insurance.

1. Guaranteed additions - At the conclusion of each policy year during the Premium Paying Term, the Guaranteed Additions under an active policy will accrue at the rate of Rs. 40 per thousand Basic Sum Assured. Guaranteed Additions will not accrue again after the Premium Paying Term. Should the premiums be improperly paid, the policy's Guaranteed Additions will stop accruing. The Guaranteed Addition in the year of death shall be payable for the entire policy year under an in-force policy on the death of the Life Assured during the Premium Paying Term. In the event that an active policy is relinquished within the Premium Paying Term, the Guaranteed Additions for the policy year will be applied proportionately to the number of completed months for that policy year and the policy in question.

LIC Jeevan Utsav Eligibility Criteria

The eligibility criteria to apply for LIC Jeevan Utsav are mentioned below -

Policy Details of LIC Jeevan Utsav

All the details of LIC Jeevan Utsav are given below -

1. Free-look Period - After the policy's initiation date, policyholders have a 15-day window during which to cancel the policy if they're unhappy with its terms and conditions.

1. Grace period - For policyholders who have not paid their due premium, LIC offers a grace period of 15–30 days. If the payment is not made within this period, the insurance terminates.

1. Loan facility - Through the loan facility provided by LIC Jeevan Utsav, policyholders can get loans to help with unexpected expenses.

1. Policy surrender - Policyholders may surrender the policy and get a surrender value equal to the greater of the special surrender value or guaranteed surrender value after paying premiums for two years in a row.