LIC Jeevan Utkarsh (Table 846) – Review, Features and Benefits

LIC’s Jeevan Utkarsh is a non-linked, close-ended single premium, with profit- life insurance plan. It offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium. The policyholder will have an option to choose the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at the entry of the policyholder.

LIC Jeevan Ukarsh detailed review with its benefits and lots of features

Features of this policy – (Table 846)

  • Single-Premium Endowment Plan with a fixed tenure of 12 years
  • Loyalty Additions to be paid on maturity of the policy.
  • The loan facility is available against this policy.
  • One can select a rider plan with this policy by paying an extra premium.
  • Single premium paid is eligible for tax benefit u/s 80C of Income Tax Act, 1961.
  • Only once the Premium is to be paid in this policy.

Benefits of this policy –

a) Death Benefit

On death during the first five policy years:

  • Before the date of commencement of risk: Refund of single premium without interest.
  • After the date of commencement of risk: “Sum Assured on Death” shall be payable. Single-Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium if any.
  • On death after completion of five policy years but before Maturity Date: “Sum Assured on Death” + Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the highest of 125% of the single premium or Guaranteed Sum Assured on Maturity.

b) Maturity Benefit –

On maturity of the policy, the policyholder will receive Sum Assured on Maturity + Loyalty Addition. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

c) Rider Benefit –

The policyholder has the option of availing LIC’s Accidental Death and Disability Benefit Rider by paying an extra premium. The premium for this rider shall not exceed 30% of premium under the base plan and the rider sum assured shall not exceed the Basic Sum Assured.

Eligibility Conditions –

The below table shows the eligibility conditions of LIC Jeevan Utkarsh Policy.

Minimum and Maximum Age at Entry

6 years (completed) and 47 years (nearest birthday)

Minimum and Maximum Basic Sum Assured

Rs 75,000 and No Limit


Policy Tenure – 12 yrs.


Single Premium to be paid for the entire policy

If I surrender the policy, will I get any surrender value?

Yes, if the policy is surrendered during the policy year then the policyholder will get the surrender value on the policy. The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:

  • The 1st year – 70% of the Single premium paid
  • After 1st years – 90% of the single premium paid.
  • Single premium referred above shall not include taxes, extra amount chargeable under the policy due to underwriting decision and rider premium if any.

Can I get a loan against this policy?

Yes, one can avail loan facility against this policy any time during the policy term only after completion of 3 months of policy (i.e. 3 months from the date of issuance of policy) or after the expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time.

Is there any free look period in this policy?

Yes, a free look period of 15 days is available in the policy. If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reason of objections.

On receipt of the same, the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.

Are there any exclusions in this policy?

Suicide – The policy will become invalid if the Policyholder (whether sane or insane at the time) commits suicide within 12 months from the date of commencement of the risk. The corporation shall pay an amount which is higher of 90% of the single premium paid or Surrender Value. No other claim under this policy will be entertained at any cost.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years i.e. if the age of the Policyholder is below 8 years on suicide single premium without interest shall be payable.

Conclusion –

So, by now every one of you has come to know each and every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.


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