LIC’s Jeevan Utsav

LIC’s Jeevan Utsav is a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan. This plan provides financial support to family in case of unfortunate death of Life Assured and survival benefits in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen for surviving policyholder.
LIC’s Jeevan Utsav is a non- participating product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to discretionary benefits like bonus etc. or share in Surplus.
This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms as well as Online directly through website www.licindia.in. However, it is not available for sale through Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC- SPV).

1. KEY FEATURES:

• Whole life insurance with limited premium payment
• Two options available at inception to choose the benefit under the plan
  1. Option I – Regular Income Benefit
  2. Option II – Flexi Income Benefit
• Guaranteed Additions throughout Premium Paying Term
• Flexibility to choose Premium Paying Term from 5 Years to 16 Years
• Benefit of attractive High Sum Assured Rebate
• Option to enhance coverage by opting for riders on payment of
  additional premium
• Takes care of liquidity needs through loan facility

2. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

Date of commencement of risk: In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at entry, risk will commence immediately from the date of acceptance of the risk i.e. from the Date of issuance of policy.

Date of vesting under the plan: If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

3. BENEFITS:

Benefits payable under an in-force policy shall be as under:

A. Death Benefit:

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 defined as higher of ‘Basic Sum Assured’ or ‘7 times of Annualized Premium’.

Where,

i. “Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

ii. “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk (as specified in Para 2 above) the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest.

B. Survival Benefit:

Survival Benefit in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen shall be as under:
Option I – Regular Income Benefit:

On survival of Life Assured, Regular Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year starting from the year as specified in Table 1 below, provided all due premium have been paid.
Option II – Flexi Income Benefit:

On survival of Life Assured, the policyholder shall be eligible for Flexi Income Benefit equal to 10% of Basic Sum Assured at the end of each policy year starting from the year as specified in Table 1 below, provided all due premium have been paid.
Policyholder shall have the flexibility to defer and accumulate such Flexi Income Benefits.
The Corporation shall pay interest on the deferred and accumulated Flexi Income Benefit at the rate of 5.5% p.a. compounding yearly for completed months from its due date till the date of withdrawal or
surrender or death, whichever is earlier. Fraction of months will be ignored for the purpose of calculation of interest.

Policyholder on written request can withdraw once in a policy year, a maximum of 75% of balance accumulated Flexi Income Benefit(s) including interest, if any, which has not already been withdrawn and the net amount after withdrawal will continue to accumulate as mentioned above.
The accumulated Flexi Income Benefit(s) due and not withdrawn along with interest, shall be payable on death or surrender, whichever is earlier.
Table 1 placed below indicates the policy year at the end of which first Regular Income Benefit / Flexi Income Benefit becomes due on survival of Life Assured.

Premium Paying Term	Regular Income Benefit / Flexi Income Benefit Start Year
5 years	11th policy year
6 years	11th policy year
7 years	11th policy year
8 years	11th policy year
9 years	12th policy year
10 years	13th policy year
11 years	14th policy year
12 years	15th policy year
13 years	16th policy year
14 years	17th policy year
15 years	18th policy year
15 years	19th policy year

The policyholder can change the option exercised by him at the inception of the policy at any time up to six months before the beginning of the policy year in which the first Regular Income Benefit or Flexi Income Benefit becomes due.

C. Maturity Benefit:

Maturity benefit is not available under this plan. D. Guaranteed Additions: Under an inforce policy, the Guaranteed Additions shall accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There shall be no further accrual of Guaranteed Additions after Premium Paying Term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy. Under an inforce policy on death of Life Assured during the Premium Paying Term, the Guaranteed Addition in the year of death shall be payable for full policy year.
In case of surrender of an inforce policy during the Premium Paying Term, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy is surrendered.

4. OPTIONS AVAILABLE:

i. Rider Benefit:

The following five optional riders (or amended versions of these) shall be available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) or LIC’s Accident Benefit Rider (UIN:512B203V03) and/ or the remaining three riders subject to the eligibility as detailed below:

a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):

The benefit cover under this rider shall be available before the policy anniversary on which the age nearer birthday of the life assured is 70 years. This rider can be opted for under an in-force policy at any time within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is atleast 5 years but before the policy anniversary on which the age nearer birthday of the life assured is 65 years. If this rider is opted for, in case of accidental death (within 180 days from the date of accident), the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the Base Policy which is equal to Accident Benefit Sum Assured under the policy, shall be waived. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request.

b) LIC’s Accident Benefit Rider (UIN:512B203V03):

This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is atleast 5 years but before the policy anniversary on which the age nearer birthday of the Life Assured is 65 years. The benefit cover under this rider shall be available only during the premium paying term or up to the policy anniversary on which age nearest birthday of the Life Assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan.

c) LIC’s New Term Assurance Rider (UIN: 512B210V01):

This rider is available at inception of the policy only. The benefit cover under this rider shall be available for a term of 35 years or till the policy anniversary on which the age nearer birthday of the Life Assured is 75 years, whichever is earlier. If this rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the Rider Term.

d) LIC’s New Critical Illness Benefit Rider (UIN: 512A212V02):

This rider is available at the inception of the policy only. The benefit cover under this rider shall be available for a term of 35 years or till the policy anniversary on which the age of the Life Assured is 75 years, whichever is earlier. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.

e) LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03):

Under an in-force policy, this rider can be opted for on the life of Proposer of the policy; at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least five years. Further, this rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be outstanding premium paying term of the base plan as on date of opting this rider or (25 minus age of the minor Life Assured at the time of opting this rider), whichever is lower. If the rider term If this rider is opted for, on death of proposer, payment of premiums in respect of base policy falling due on and after the date of death till the expiry of rider term shall be waived. However, in such case, if the premium paying term of the Base policy exceeds the rider term, all the further premiums due under the Base policy from the date of expiry of this Premium Waiver Benefit Rider term shall be payable by the Life Assured. On non-payment of such premiums the policy would become paid-up.

The premium for LIC’s Accident Benefit Rider or LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Critical Illness Benefit Rider as applicable shall not exceed 100% of premium under the base plan and the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the base plan. Each of above Rider Sum Assured cannot exceed the Sum Assured on Death under the Base plan.
For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office. ii. Option to take Death Benefit in Instalment:
This is an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/ Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being as under:

Mode of Instalment payment	Minimum Instalment amount
Monthly	₹ 5,000/-
Quarterly	₹ 15,000/-
Half-Yearly	₹ 25,000/-
Yearly	₹ 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lump
sum only. For all the instalment payment options commencing during the 12 months’ period from 1st May to 30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than the 10 year semi-annual G-Sec rate minus 2%; where, the 10 year semi-annual G-Sec rate shall be as at last trading day of previous financial year. Accordingly, for the 12 months’ period commencing from 1st May, 2023 to 30th April, 2024, the applicable interest rate for the calculation of the instalment amount shall be 5.31% p.a. effective. For exercising option to take Death Benefit in instalments, the Policyholder during minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while in currency of the policy, specifying the net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

5. PAYMENT OF PREMIUMS:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions.

6. GRACE PERIOD:

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
The above grace period will also apply to rider premiums which are payable along with premium for Base Policy.

7. SAMPLE ILLUSTRATIVE PREMIUM :

The sample illustrative yearly premiums for Standard lives for Sum Assured of Rs 5,00,000 for policies to be sold through Offline are as under:

Premium Paying Term	10 Years	30 Years	50 Years
5	₹ 1,09,575	₹ 1,10,150	₹ 1,18,625
8	₹ 72,600	₹ 72,600	₹ 72,600
12	₹ 44,250	₹ 44,275	₹ 45,225
16	₹ 29,900	₹ 30,025	₹ 33,475

The above premiums are exclusive of taxes.

8. MODAL LOADINGS:

Mode	Loading as a % of Tabular Annual Premium
Yearly	Nil
Half- Yearly	1.75%
Quarterly	2.50%
Monthly	3.25%