LIC Jeevan Utkarsh Plan essentially incorporates the elements of savings and protection to offer the policyholder a policy that is all-inclusive in nature. The potential purchaser of an LIC Jeevan Utkarsh Plan will have the option from LIC to choose his/her basic sum assured amount.
Jeevan Utkarsh is a with-profit, non-linked policy, wherein the risk cover amount is ten times that of the tabular single premium amount. Additionally, under this plan, one can even choose to take care of his/her liquidity requirement by borrowing a loan.
What are the Benefits of LIC Jeevan Utkarsh Plan?
If the insured passes away during the initial five years of the plan, but prior to the risk commencement date, then a single premium (paid by the insured) is refunded without any interest. However, if the insured passes away after the risk commencement date has passed, the ‘Sum Assured on Death’ amount will be paid to the family members by LIC. In case of death of the insured after five years of the policy but prior to the stipulated maturity date, the sum assured amount is paid to the family members along with loyalty additions (if applicable).
When the policy matures, the insured receives a ‘Sum Assured on Maturity’ amount along with loyalty additions (if applicable). The ‘Sum Assured on Maturity’ amount is equivalent to the Basic Sum Assured amount.
This feature is wholly dependent on the Corporation’s experience with the policyholder. Loyalty additions will be provided by LIC to policyholders under certain conditions. A policyholder may receive loyalty additions post conclusion of five years of the policy, during the exit time, and while receiving death and maturity benefits. The terms and conditions and rates surrounding loyalty additions are predetermined by LIC.
Under Jeevan Utkarsh, a policyholder can purchase an add-on benefit (or rider) for Accidental Death and Disability. The rider premium does not exceed 30% of the base plan premium. Additionally, the sum assured guaranteed under this rider will not exceed the base plan sum assured amount.
What are the Eligibility Conditions Under LIC Jeevan Utkarsh Plan?
- Minimum entry age: 6 years
- Maximum entry age: 47 years
- Minimum sum assured amount: Rs.75,000
- Maximum sum assured amount: No limitation
Risk Commencement Date Under Jeevan Utkarsh
The risk cover in LIC Jeevan Utkarsh Plan does not commence immediately after the purchase of the policy. This factor depends on the policyholder’s age at the time of purchase. If the policyholder is less than 8 years old when the policy is purchased, the risk cover will only commence one day prior to the anniversary of the policy. The day will coincide either with or follow the completion of 8 years of the policyholder. However, if the policyholder’s age is 8 years or more at the time of the purchase, the risk cover will commence immediately.
Apart from the benefits offered under Jeevan Utkarsh Plan, an individual can also tend to his/her liquidity requirements by borrowing a loan. Policyholders can avail loans under this plan three months after the policy has been issued or when the free-look period expires, whichever is later. The terms and conditions revolving around this feature are predetermined by LIC.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.