1. Death Benefit:

   • In the event of the policyholder’s demise, the Death Benefit, which includes the “Sum Assured on Death” along with accrued Guaranteed Additions, is paid to the nominee, ensuring financial support for the nominee.

   • The Death Benefit is not less than 105% of the total premiums paid, with the “Sum Assured on Death” being the higher of the Basic Sum Assured or 7 times the Annualized Premium.

2. Flexibility and Refund for Minors:

   • Premium payment flexibility with various options.

   • In the case of a minor Life Assured (age below 8 years at entry), if death occurs before the commencement of risk, the death benefit is a refund of premiums paid without interest.

3. Survival Benefit:

   • Option I – Regular Income Benefit: Upon the survival of the Life Assured, a Regular Income Benefit equal to 10% of the Basic Sum Assured is payable at the end of each policy year.

   • Option II – Flexi Income Benefit: Policyholders opting for the Flexi Income Benefit receive 10% of the Basic Sum Assured upon survival at the end of each policy year.

4. Guaranteed Additions:

   • Guaranteed Additions accrue at Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term, providing a consistent growth component.

   • No further accrual of Guaranteed Additions occurs after the Premium Paying Term.

5. Enhanced Protection with Riders

   The plan has several riders that allow the policyholder to enhance their coverage by paying extra premiums. The riders available are:

   • LIC Accidental Death and Disability Rider Benefit

   • LIC Accidental Benefit Rider

   • LIC New Term Assurance Rider

   • LIC New Critical Illness Rider

   • LIC Premium Waiver Benefit

What Is Not Covered Under LIC Jeevan Utsav Plan?

Suicide

1. In the event of the Life Assured (whether sane or insane) committing suicide within 12 months, the nominee will receive 80% of the total premiums paid, excluding taxes, extra premiums, and rider premiums, provided the policy is in force. 

   This exclusion doesn’t apply if the Life Assured’s age at entry is below 8 years.

2. If the Life Assured commits suicide within 12 months from the date of revival, the payable amount will be the higher of 80% of the total premiums paid till the date of death (excluding taxes, extra premium, and rider premiums), or the surrender value as of the date of death. 

This exclusion is not applicable if the life assured is below 8 years at the time of revival or for a lapsed policy without acquisition. 

LIC Jeevan Utsav- Policy Details

• Grace Period:

  LIC provides a grace period of 15-30 days for policyholders who have not paid their due premium, and if the payment is not made within this timeframe, the policy lapses.

• Free-Look Period:

  Policyholders have a 15-day free-look period from the policy initiation date, during which they can cancel the policy if dissatisfied with its terms and conditions.

• Policy Surrender:

  Policyholders can surrender the policy upon payment of premiums for two consecutive years, receiving a surrender value equal to the higher of the special or guaranteed surrender value.

• Loan Facility:

  LIC Jeevan Utsav offers a loan facility that allows policyholders to obtain loans to address financial emergencies.