LIC Jeevan Utkarsh is basically a combination of protection and savings under which the risk cover is ten times of Tabular Single premium. The insured will have an option to select the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at entry of the life assured.t is very well said that prevention is better than cure.
LIC’s Jeevan Utkarsh is one such plan which makes your life easier. Jeevan Utkarsh Plan has been recently launched in the market. It is a single premium endowment policy which offers 10 times of your single premium along with loyalty addition. LIC Jeevan Utkarsh Plan is a single premium, non-linked, with-profits, savings cum protection plan.
Single premium life insurance is the one where entire insurance amount is paid in one year only. Because single-premium policies are paid at once, the money invested builds up rapidly, making for a potentially sizable benefit even in the event of the policyholder’s sudden death.
At matur,ity of the policy sum assured along with loyalty addition, if any is given to the insured. Here the sum assured is equal to the Basic sum assured.
Before the commencement of the risk, during the, first five years the single of the policy, single premium is refunded without any interest and is free from taxes, extra chargeable premium and rider premium. On death after the completion of five years but before the date of maturity sum assured on death is equal to 10 times the Tabular single premium along with loyalty addition.
Policies under this plan are eligible for loyalty addition at time of exit after completion of five years in the form of death during the term or maturity. Loyalty addition shall also be considered in special surrender value calculation on surrender of policy during the policy term, provided the policy has completed five years.
Optional benefits like LIC’s Accidental Death and Disability Benefit Rider are also available under this plan. They are available as optional rider by paying additional premium. This benefit is available at the time of commencement only. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of accident permanent disability, an amount equal to Accident benefit sum assured is paid in the form of equal monthly installments spread over a period of 10 years. If the assured dies before the expiry of 10 years, then the policy becomes a claim, the disability benefit installments which have not fallen due are paid along with the claim amount.
|LIC Jeevan Utkarsh - Eligibility|
|Minimum Age at entry||6 years (completed)|
|Maximum Age at entry :||47 years (nearest birthday)|
|Minimum Basic Sum Assured||75,000/-|
|Maximum Basic Sum Assured||No Limit|
|Basic Sum Assured shall be in multiples of:||A) Rs. 5,000 – if Basic Sum Assured is below Rs. 3,00,000
B) Rs. 20,000 – if Basic Sum Assured is Rs. 3,00,000 and above
|Policy Term||12 years|
|Premium payment mode||Single premium only|