| Plan | Entry age | Maximum age at maturity | Policy term | Sum assured | Premium payment | Premium payment frequency | Waiting Period |
| LIC’s Jeevan Utsav | 0 (90 days) – 65 Years | 75 | Lifetime | 3L- Maxium no limits | 15 – 16 Years | All | 6 Years, Minimum 3years |
| LIC’s New Jeevan Anand | 18 – 50 | 75 | 15 – 35 | 1L Maxium No limits | Actual Term | All | No |
| LIC’s Jeevan Umang | 0 (90 days) – 65 Years | 100 Years of age | Lifetime | 2L – Maxium no limits | 15/20/25/30 | All | No |
The key purpose of the LIC Jeevan Utsav plan is to secure the policyholder against any uncertainty of life and provide them with a second source of income if they survive the policy. Hence, if you purchase the Jeevan Utsav, you ultimately gain guaranteed financial security. Let’s understand the LIC Jeevan Utsav benefits in detail.
If the life assured dies during the premium paying term, the family receives the death benefit equal to the ‘Sum Assured on Death’ with applicable guaranteed additions. The death benefit is equal to,
The Sum Assured on Death is an amount not less than 105% of the total premium paid till the date of death.
If the life assured survives the whole premium payment term, they are eligible for the survival benefit as per the option selected at the time of policy inception. The policyholder can opt for the following two options and receive the benefits.
If the life assured chooses this option, in case of survival, they receive a regular income benefit equal to 10% of the Basic Sum Assured at the end of each policy year.
If the life assured chooses this option, in case of survival, they receive a flexi income benefit equal to 10% of the Basic Sum Assured at the end of each policy year. In this option, the policyholder can defer and accumulate the benefits per the suitability and requirements.
The survival benefits are payable at the end of each policy year, as mentioned in the table below.
Under the LIC Jeevan Utsav Plan, when all the premiums are duly paid, the Guaranteed Additions are added at the end of each policy year, only during the policy paying term. The rate of guaranteed additions is Rs. 40 per thousand basic sum assured
Listed below are the top benefits of this plan offered by LIC.
If the policyholder, however, dies during the period of the policy, then he/she will likely receive the final additional bonus and simple reversionary bonuses along with the sum assured on death.
For those who don’t know, the amount of sum assured on death is either;
125% of basic sum assured or 7X annualized premium
*The maximum of the above will be considered
On the other hand, if the policyholder dies after the end of the period of the policy, the family shall receive the basic sum assured.
A policyholder is likely to get a maturity benefit which is given to him/her at the end/maturity of the policy only if they had paid all premiums on time. The major highlight of the policy is that it allows you to receive the so-called “Maturity Benefit” in installments for 5, 10, or 15 years.
| Maturity Benefit = Basic Sum Assured + Final additional & simple reversionary bonuses |
The policyholder, alongside, will likely receive a final additional bonus and a simple reversionary bonus that would be an additional bonus.
The following benefits are extended under Life Insurance Corporation Jeevan Umang Plan:
If the policyholder survives the end of the premium tenure, a sum assured will be provided as the maturity benefits along with the vested Simple Reversionary Benefits and a Final Additional Bonus (if any).
